In today’s data-driven world, organisations recognise the importance of leveraging data to drive commercial success.
Two decades ago, less than one third of the UK population was online, but by 2016, internet adoption had reached 95%, leading to increased touchpoints between businesses and customers, presenting valuable opportunities.
However, many businesses face significant challenges when it comes to harnessing the full potential of their data. We’ve grouped these struggles into four core themes.
Breaking down silos for a unified data strategy
One of the key challenges organisations face is data fragmentation. Different teams and departments often have access to different data sources, resulting in siloed information and limited insights. It’s important to break down data silos and implement a unified data strategy. From data governance and data sharing practices (not just leaving it to the data scientists!), to the adoption of technology solutions, there are steps to overcome data fragmentation to create a holistic view of data.
GDPR and first-party data hurdles
Navigating privacy regulations for effective data management
The introduction of GDPR and other privacy regulations has brought new challenges to data management. Organisations must navigate the complexities of obtaining explicit consent, managing first-party data, and ensuring compliance. GDPR has had an impact on data utilisation and the ability to connect with customers in more engaging ways, and customers often encounter those pesky consent pop-ups focused on data collection rather than benefits.
Unlocking the power of customer-centric data analysis
The use of devices creates a digital trail of user behaviour, providing valuable data for companies. However, many businesses have not transitioned from aggregated data to a customer-centric view. Understanding individual customer engagement can be crucial for encouraging future transactions, especially in categories with irregular purchases.
Not being data-driven
Cultivating a data culture and empowering decision-making
There’s a big difference between having data vs. being data-driven. Successful companies put data and analytics at the heart of everything they do, enabling them to become more customer-centric. They can make better business decisions that improve customer experiences, driving acquisition and retention.
Overcoming data challenges and maximising the commercial value of data is crucial for organisations seeking success in a data-driven world. By addressing data fragmentation, navigating privacy regulations, and unlocking deeper customer insights, businesses can unlock the hidden potential of their data. With a unified data strategy, effective data management practices, and customer-centric analysis, organisations can drive commercial success, make informed decisions, and stay ahead in a competitive landscape.