Business data analysis — unlocking the potential in your data

Today, data is an incredibly high-value asset. Almost all companies process, manage and use business data to some extent. But far fewer understand their own data’s capabilities, and the potential it has for driving significant growth.

To help more businesses uncover hidden potential in their data, our consultants are delivering a new auditing service; Data Requirements Analysis (DRA). But which types of businesses have the most to gain from DRA, and why?

Here are three insider tips from our data experts:

1. Disparate data holds the most potential

Businesses with a glut of data sitting across multiple systems have the most to gain from DRA.

“Often, companies that have grown organically operate a number of disjointed systems that do not effectively talk to each other,” explains Matt Paine. “Merging disparate or duplicate data across these systems has the potential to deliver far more effective marketing campaigns or craft tailored buyer journeys.”

“To help our clients unlock this potential, we visit and assess which systems hold data, and for what purpose. For example, are there booking platforms, customer service databases and email marketing platforms in use?”

“Next, we investigate how this data can be extracted from these systems. This enables us to understand how it could be brought into the data warehouse, matched and unified.”

2. Transparency delivers compliance

Tailored buyer journeys aren’t the only benefit of BDRA, it also facilitates data transparency — namely what information the business holds, where it is held, and why.

“The main benefit of data transparency,” says Tom Eburne, “is a much more accurate brief to internal departments or external suppliers tasked with building a data warehouse or a single customer view database.”

He also explains, “this level of insight also helps our clients identify which CRM journeys can be improved, what business intelligence reports can be generated, and how to mitigate the risks of GDPR non-compliance.”

3. A single customer view boosts loyalty

Finally, upon completion of a site assessment, Data HQ’s consultants deliver a report that allows businesses to track the data they hold, understand how these data sources relate to each other, and how they can be optimised.

“Our reports provide the client with options for how their data can be used to its greatest potential,” concludes Tom Eburne. “Whether that is to create a data warehouse or ultimately build a Single Customer View (SCV) database.”

“An SCV allows businesses to hugely boost customer loyalty and deliver personalised experiences. But whatever the business’ objectives, the output outlines how these new data assets can be used to meet them.”

For more information about using your business data more strategically or building a SCV database that gives you a holistic view of your customers, speak to one of Data HQ’s database experts.