Success in business is hard won and easily lost, only a series of the right decisions will lead to success.
Any false turn and that degree of success wanes until it turns into outright failure.
As most insight experts know, the right decisions are made only by taking into account the right data.
But there is more to generating the right data than stakeholders might imagine.
What is an Immersive Data Strategy?
Firstly, data strategies are the key to attaining the right data, as well as managing the flow and protecting its use throughout its lifecycle within an organisation. But there are different levels of data strategies depending on the span of the strategy and how deep it reaches within the organisation. As a quick summary, a data strategy is the collection of all an organisation’s data processes and practices forming a solid foundation for data generation, security, and distribution within a business. It is a framework for success, outlining the people processes and technology needed to drive as many data-fuelled decisions as possible. Moreover the most basic data strategies will ensure that key stakeholders adhere to data security practices, make it harder for any misuse of personal data and increase the flow of data around the organisation all at the very least. This data strategy is the least invasive option while also enabling the organisation to pay due diligence to the data in their grasp, while acting as much as they can on that data. Then there is the opposite end of the spectrum, the more immersive data strategies that encompass all aspects of a business and helps to make data the central point of contact for all those who make decisions. Building on the premise of the basic data strategy by democratising access to data and market research, enhancing data generation processes for maximum efficiency without compromising on quality, and educating all stakeholders on the value of data at the very least.Minimising Challenges and Increasing Impact
While immersive strategies are more intensive, if created and implemented well they can be worth every ounce of effort and resource that was dedicated to it. The more data is understood and accessed by everyone within an organisation, the more informed they are when a decision does arise. With an increased knowledge, access to and engagement in data there comes a valuable increased knowledge of the business and consumer behaviour. This can only be of benefit to stakeholders across the organisation, as they’re able to make decisions based on what will help fulfil the needs of their customers and keep their business at the forefront of their industry. But that doesn’t mean there aren’t challenges to consider when choosing this extensive method. When creating a data strategy from the very beginning, the work it takes to create and implement a truly impactful immersive data strategy can be daunting - and for good reason.There is a lot to do in order to take the best shot in an organisation where there was previously nothing.
From conducting a full evaluation of the current state of the business and plotting a trajectory to the most desired future, taking into account technology, resources and the overall reception expected from the rest of the organisation. Creating this strategy will certainly take longer than anticipated, by which point the relevant contexts could have evolved. Starting from the very beginning is doable though, with a strong team able to cohesively tackle multiple points at once will be able to take positive steps forward in a timely manner. But that is for those organisations who have the time and resources available to dedicate to this endeavour.For those companies who do not have the resources to dedicate to this, or are unwilling to dedicate those resources, starting with a basic strategy is key.
This will get the ball rolling in the right direction, and with time they can build it up into a truly immersive strategy bit by bit, working with the other stakeholders and introducing change at a more sustainable rate to drive the most impact possible. One large challenge within this process is educating stakeholders on the value of research and data. Without their support, all the work will have not just no impact at all, but could introduce a negative impact - wasting valuable capital and time on a project that will not be well-received. Tackling this lack of understanding through practical steps is key to the success of any data strategy basic or immersive. There are ways of educating and engaging them in data that insight experts have found exceedingly useful for promoting insights activation - from reporting data and insights in specific ways to capture their full engagement to holding regular in-person sessions such as ‘lunch and learns’ to help answer any questions stakeholders have to help them maximise their use of the data given to them.Inspiring Data-Driven Decision-Making
Successful business starts and ends with data. The influence of good data cannot be overstated, and ultimately, employing an immersive data strategy is crucial for the success of a business. Streamlining the flow of data throughout an organisation to democratise access to data and research aids in increased knowledge of the business, of consumer behaviour and of the goings on within other teams within the business. This latter one particularly promotes transparency throughout the organisation, increased communication and teamwork between teams, and more impactful decisions made with all of this contextual knowledge behind them.Source: How immersive data strategies influence decisions | MyCustomer
