Over the last few years, all of us in the data industry have witnessed an ever-increasing expansion of data tracking, as well as some contraction in certain instances as well. In this webinar, MetaRouter's Carlos Calderon and The Data Touch's Penelope Bellegarde discuss the changing landscape of data and how every team in a business should look to the leverage the data that is being collected. Both Carlos and Penelope have been exposed changes rocking the content, marketing and advertising space (and beyond), and offer their perspective on how data collection, insights and activation should be considered.
Start with What Needs to Be Answered
Spend time at the beginning to understand exactly what questions should be answered by your data. Jumping straight into the data can cause unnecessary noise and confusion around what you are actually looking to solve. If you have an hour to solve a problem, Einstein thought you should spend 55 minutes thinking about the problem and 5 minutes thinking about solutions. Think more about the problem you're trying to solve, and then put the right data into action to solve it.
Define Your KPIs
Be careful to not confuse Key Result Indicators (KRIs) like sales and revenue with Key Performance Indicators (KPIs) that are more specific to your problem. The difference between KRIs and KPIs is that KPIs give you an idea of what you might need to change in the future. KRIs, on the other hand, simply analyze a previous snapshot in time. Don't rely on the "typical" KPIs for your industry. Your KPIs need to be highly specific to the problems you are trying to solve. If you haven't figured out what problems you are looking to solve, spend more time on your key problems and not on KPIs.
How to Make Data Operational within Your Business
To make data highly operational within your organization, involve everyone right at the start. Make sure nobody is afraid of failure, either. It's normal to not hit KPIs at first. Data is a journey, and the key is make sure you are improving over time. Then, level everyone up in data, and don't over-rely on data analysts and scientists to bring data to the table. Each team is intimate with their own problems and can be empowered to understand what data is available to them and how they might leverage that data to solve problems. Once you're ready, start small and don't get overwhelmed by massive data sets. Focus on very specific problems, rather than trying to solve everything at once.
For more tips on evangelizing your data across your organization, watch the full webinar! If you would like to know more about how MetaRouter can unlock data control throughout your business, fill out our contact form below.
