Monetizing Data: Best Practices
Research reveals that companies leading in the use of predictive analytics and executing effectively across multiple channels have been able to increase top-line growth up to five times more than their less sophisticated peer group
A data-driven transformation isn’t a one-step trip; on the contrary, it is an ongoing journey with a series of destinations – each a staging post for the next
Improving data-driven organizational analytical sophistication requires a willingness to change internal processes and adopt a culture of fact-based marketing. Organizations need to recognize that this change goes beyond simply implementing new tool
Data-driven transformation is about reprocessing behavior and gaining new skills rather than merely restructuring and changing job descriptions. Based on our experience, successful companies achieve momentum by focusing on the questions that need answering rather than the data or platform. They drive change through a top-down approach in which managers “lead by example.” These companies appoint leaders who rely on fact-based decisions and can meet the challenges of grafting new practices onto old roots while eliminating inconsistencies. Many companies also appoint a board-mandated champion who can listen to both the front line and customers to unearth difficulties, contradictions, and dilemmas inherent in the change effort.