With data generation increasing exponentially, companies who wish to flourish in the digital age have no choice but to be proactive and implement an effective enterprise data management strategy. The recent crackdowns on data protection regulations, in the form of CCPA and GDPR, make this even more vital for maintaining your reputation and avoiding regulatory fines.
There are many ways to build a solid foundation for data storage, protect the integrity of customer information, and extract maximum value from datasets to gain insight. Let’s explore further.
You will need to balance both offensive and defensive utilization of your datasets to maximize value and minimize risk.
Offense - This refers to the more aggressive analysis and extraction of insights from your data. Your business will be looking to increase revenues, profit margins, and customer satisfaction—naturally, you will rely heavily on data to drive these metrics.
This growth will be accomplished through a heavy focus on segmenting your customer base and building a predictive model around their shopping habits, for example. Such an approach would be a staple part of an offensive data strategy. You are trying to predict what your customers want, rather than being reactive and waiting for them to come to you. When you find similarities in customer habits, you can use that insight to create targeted marketing campaigns, offering personalized incentivization to increase sales.
You will typically find retailers using an offensive data strategy, as they process less sensitive customer information when compared to health providers or financial bodies.
Defense – With a defensive strategy, you understand the risks associated with storing said data, and focus on protection and compliance. Your reputation relies on solid data management and security, making aggressive analysis and insight less of a priority.
Rather than using personal information for analysis, you place emphasis on anonymized statistics to understand your customer base. You measure against your whole customer base, rather than pinpointing individuals, drawing broader conclusions to measure performance against your corporate objectives. This can be done through website traffic and performance reporting, measuring average webpage retention times, and click-through rates to determine the success of your current strategy.
Healthcare providers, financial institutions, and other businesses that handle confidential information will use a defensive strategy. The risks associated with security breaches are too high, and maintenance of a reputable brand image contributes more to growth than the acute understanding of customer habits.
Both offense and defense will lie on a spectrum, with businesses being responsible for balancing the benefits of each approach. It is still possible to incorporate some aspects of an offensive strategy into your data management as a financial institution, but you must perform stringent risk assessments to safeguard customer information and quantify the value generated by an offensive approach. In the same manner, a retailer would be missing out on valuable predictive insight through a predominantly defensive approach.
Many businesses encounter the issue of multiple data sources, with numerous versions. This can complicate data validation, particularly when the two sources consist of different attributes.
The consensus is that a single source of data improves data integrity and validation. Rather than individualized repositories for each department, all the data is stored in a single destination, with access controls in place to facilitate proper data protection. This dramatically simplifies database management through more secure and scalable centralized data access.
From this single source of truth, departments can create their own insight and understanding in congruence with their work demands. This is known as multiple versions of the truth, stemming from a central source of the truth.
Trianz is a leading enterprise data strategy consulting firm with a deep understanding of the complex world of big data. Throughout time, we’ve worked with thousands of clients, building a deep understanding of the requirements and potential of enterprise data strategy.
Our expert team of data strategy consultants can step in at any point in your upgrade process, performing in-depth analysis and contributing to development so that you can maximize the value of your growing data pool.
Get in touch with our data strategy team, and take steps towards maximizing your customer insight with Trianz today!
Contact Us Today
A comprehensive IT operations management (ITOM) strategy can do wonders for overall business performance against objectives. ITOM can be broadly regarded as the management of infrastructure, technology, and services by your IT department. By ensuring the availability, ongoing maintenance, and effective deployment of these services, you can maintain high IT service delivery standards in the long term.Explore
With such massive quantities of data being transmitted across the web daily, there is a growing requirement for enterprise data management executed at the highest standard. Most of the data we store is unstructured, leaving little room for insight. Structured data is the term for categorized and tagged information, which can be queried in a database for further analysis and extraction of insight.Explore
As more businesses move to the cloud, the standards for how we manage our IT systems evolve. By moving from legacy applications to cloud-native software, the processes and procedures that govern our existing workflows will need to be augmented in order to maintain high standards of security and efficiency.Explore
In the present day, many businesses are intertwining data management with their overall corporate strategy, to form a catalyst for sustainable growth. Strategic utilization of data offers significant benefits when compared to data management alone.Explore
Every business is built on its data. Regardless of how that data is created or what it represents, accurate, accessible, uniform, and consistent information is the keystone of a solid organization. A master data management (MDM) solution puts you firmly in control of the quality, accuracy, and governance of your organization’s data.Explore
The internet has become a staple part of daily life, meaning the amount of data we generate has never been higher. This unstructured data is challenging to analyze at-a-glance, and can significantly increase database storage requirements, driving up costs. By categorizing and cleansing your data, you can make information more accessible, which is great for employees, end-users, and overall enterprise compliance.Explore
Would you like to speak with an expert?x