Wealth_GeneratingMany companies are striving to gain the edge by harnessing the hyped-up power of Big Data.

But Is it as easy as just collecting data and watching it create us a fortune?

Obviously not, but integrating Data into a successful commercial businesses strategy has several challenges to overcome – Cultural, Operational, People and Attitudinal changes – none of which are either cheap nor simple to achieve.

Each of these factors requires change within conventional companies to compete against the industry giants such as Amazon, Netflix, and Uber. It has been suggested that for every pound invested in technology requires ten pounds to integrate it effectively. These industry disruptors all had data built in from the word go, and hence it is part of their culture, operations, and attitude. They naturally look to their data for historic analytics, but also for predictive analytics and essentially are prepared to react to the findings and continually strive to improve.

Companies that recognise the need to catch-up could mistakenly assume that changing the technology they use will resolve the issue, but unless their people are prepared to look for answers and be ready to act on the results, the investment could be ineffective.

Management of the company data and extrapolating insightful information from within it is a task for skilled analysts and data scientists. This trusted group of experts are pivotal in the process of continual improvement.

Although BI systems are essential to the monitoring and management of the business, access to the data needs to be opened for company-wide (read) access to allow strategic assessment at all levels and to encourage openness and the free-flow of information and opinion.

Businesses need to keep up with the ever-changing development of business models and technology to prevent being outdone by their competitors.

XCM’s Analytics and Development team provide the technology and skills to host, manage and analyse marketing data, together with their advanced tools and reporting skills provide access for a company-wide view of the structured data.

XCM’s Director of Client Development, Hellena Crompton said “Functionality and data don’t magically result in an all singing, all dancing customer experience. There is much to consider and with all this complexity you can’t go far wrong by turning your attentions to your customers.”  Hellena suggests that the following should be asked “How are they different? How can you communicate more effectively with them? What do they want or need from you? Where are they in their life stage? What message will resonate with them?”

Hellena advises that “Data and technology give us a lot of options so at XCM we look for that sweet spot of maximising the use of the data with achieving the maximum response. When it comes to creating a campaign, you may find that you are better investing effort into developing a few well-understood customer segments with a few dynamic variations. This is in terms of both the response from the customer and the amount of effort required to write content, source photos, and track success.”

Yes, Big data can bring you wealth but not without planning, discipline, and marketers keeping themselves up to date.

So, that is the technology effectively covered, now you only need to focus on the change in Culture, Operations, People, and their Attitudes so you can release the floodgates to incredible wealth.

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