We have more data available than ever before. It used to be that data wasn’t accessible, it required a level of time and resources, that meant it was preserved for few major companies with deep pockets.
Today data has been democratised. Every company from global giants to one person start-ups are working with data. We have market reports, insight studies, we can do our own online surveys, we measure website traffic, bounce rates, newsletter opening and conversion rates, customer journeys, customer life cycles, and many other perspectives and variables.
Lots of data can create very nuanced and granular understanding of markets, audiences, and performance rates. But more often than not it can also entail lengthy processes and a high level of external costs. Gathering, keeping, analyzing, reporting, and paying for data often takes more resources out, than the results they provide in return. Not just because the exercise in aligning the findings across data from very different sources and based on very different preconditions is demanding. Often it entails departmental rivalry. But, also because more often than not the overall perspectives are inconclusive and therefore the plan of action, still after all the data gathering, is up to the opinion and interpretation amongst a few individuals.
Thorough, granular and lengthy processes don’t necessarily lead directly to assertive decision and action, which is what is required in order to grow in todays connected global markets. In most categories there is no Return on Consideration. Unless the considerations and data foundations are remarkably brilliant it is often those who act first that wins the most.
It is critical to remember, that unless data is what you’re selling, then data is never the goal. It’s the action it can lead to. It doesn’t matter how much data you have or how clever your insights are. If they don’t translate into action, they are more likely to be damaging than rewarding. Because the time you spend considering, could have been spend doing something, that your customers would appreciate.
Some of the requirements you should be setting for your data is, that they should be fast, simple, dynamic, and actionable.
Factive is committed to making change in the world removing doubts as the barrier for doing. We want to challenge the current realities of the status quo with imagination powered by technology and data to create more meaningful and useful relationships between people and brands that lead to growth. We help business grow by creating dynamic and predictive datasets, that are more accurate, more cost effective and faster processed than any other approach. Learn more at:
https://factive.io
