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Ben Kentzer

Head of Data Engineering

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News & Views / Transforming Data into an Invaluable Asset
14 May 2024

Transforming Data into an Invaluable Asset

One of the greatest assets for an organisation is their first party data. This data is becoming more and more important with the ongoing extension of privacy and data protection laws. Companies that harness this invaluable resource can unlock deep insights into customer behaviour, market trends and, ultimately, gain a competitive advantage over their rivals. Those who fail to leverage this asset risk falling behind, trapped in a cycle of uncertainty and missed opportunities.

Understanding what data you have is the first step in any successful data strategy. Many organisations have legacy systems where no one fully knows what is held there. Perhaps your data specialists have all moved on, and the documentation is woefully out of date. Beyond understanding the “what”, you need to understand the context. Much of the documentation available for systems is simply “what” at a point in the past, giving little understanding of what the data is telling you now.

But there’s another problem. Data doesn’t stand still. New information is constantly becoming available, and volumes of data are increasing. As a species, we are creating more data now than ever – harnessing this is a non-negotiable tool for business success.

With great data, your decisions are based on more information – your insights are sharper, your strategy more robust, and your shot at success is significantly increased. Yet, in a study by Capital One, a staggering 76% of respondents said they found it difficult to understand their data.

A data audit from an organisation like Jaywing can help you understand exactly what data you have, and benchmark this against the expected information for your industry. This enables you to understand the gaps as well as the content – leading to a strategic plan to continually enhance your data.

Our audit is a step-by-step process where our data management specialists work across functions and departments, alongside your experts and stakeholders, to fully understand your data landscape. We understand the heavy workload shouldered by business leaders – so our approach is meticulously designed to be as light touch as possible. The process consists of:

  • Gather.
  • Document where you are now.
  • Define where you could be.
  • Present, discuss.
  • Collaboratively build your roadmap.

Once you understand your data better, you understand your customers better. Sending the right message at the right time to the right customer significantly increases the likelihood of achieving your desired outcome.

Imagine trying to sell a brand-new car to a customer who just bought one. Now imagine if they’d just bought it from you…

Experian found that 85% of respondents cited poor quality contact data negatively impacted operational processes and efficiency, with 39% indicating that this negatively impacted customer experience.

Every organisation needs a data strategy to succeed in today’s data-driven world. Central to this strategy is ensuring that your data is being managed effectively. Jaywing’s data audit dives beyond a mere assessment, we also consider your data management processes, reviewing critical areas such as data quality and data governance – paving the way for continuous improvements and business growth once the audit is complete.

Ready to unlock the full potential of your data?

Contact Jaywing’s specialists to find out more about our data audit, and take your first step towards data-driven success.