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Article VOC Strategy

The Power of Your Data Ecosystem

What is your company’s relationship with its data?

Think about that question for a minute. Does it surprise you? Is there an underlying tone to it that seems different?

There is something different happening. Data is no longer an inanimate thing — it’s a living breathing element that’s part of a larger ecosystem that companies have to keep healthy. (just like natural ecosystems need to be kept healthy for good balance and thriving life within it).

No longer a side project, data is now central to competitive advantage.

For almost any business to lead its industry, one 'must' is a living ecosystem of data from which insights can constantly be drawn over time.

No longer simply a decision tool at the strategy level, data has many purposes in the ongoing operations of business:

  1. Targeting customers in real time
  2. Personalization based upon relevant variables ranging from real time factors like geolocation and present status to longer term demographic factors.
  3. Trend and progression analysis
  4. Dynamic pricing and loyalty offers based upon progression of customer LTV and spending patterns.

The big mindset shift

Data has many lives and needs to be kept active — constantly being available so it can be combined with data from new sources and old as it comes in.

Feeding the data ecosystem

1. Creating a culture where data is both worshipped and cultivated

2. Constantly feeding and fertilizing data with new enhancing to make more useful in combination of newly acquired data

3. Never allowing data to expire (ie. become inaccessible or unusable) — too much will be lost without a full data history

Establishing strong leadership for the cultivation of your data ecosystem

There are a lot of enemies of your data ecosystem in your organization:

  1. Legacy systems and poor storage technology.
  2. The ‘Data Mafia’ — those who limit the flow of data from their functional areas in an effort to exert control and limit influence of senior and crossfunctional team leads
  3. Data apathy — the failure to actively recognize and ‘solidify’ data sources.

This is just the start of this conversation between us and you. We just wanted to get you thinking about the current status of your data and whether an ecosystem even exists at present and whether its healthy and thriving or sick and dying or was never alive in the first place.

Jul 20, 2015  
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