Seizing the Opportunities That Big Data Bestows
Everyone at the conference echoed this message: The clock is ticking. If we don’t leverage the power of the huge amount of data at our disposal and derive insights from it soon, our competitors will! However, as Baruch Sachs says on UXmatters, the reality is: “Most companies have the data, they just don’t possess the will, time, or money to make it work elegantly for someone who is trying to access it.”
In response, I’d like to share with you the top challenges and potential pitfalls that the U1 Group has identified and our experience working with clients to establish insight frameworks within organizations.
Navigating Myriad Technical Considerations
Big data, in essence, is all about harnessing data from a multitude of sources and interactions. The aim is to form a clearer understanding of customers—their activities, desires, and motivations—and with this in mind, develop strategies to better satisfy their needs.
The challenge here, however, is how to sort the wheat from the chaff. With the plethora of technical considerations that exists, including software for CRM (Customer Relationship Management), CMS (Content Management Systems), and analytics, deciding how best to invest time and resources is overwhelming.
Choosing the right technology is just one part of the overall planning-and-implementation picture. Making the most of available data—and working out what is missing—requires tying strategic reviews directly to specific business goals.
It’s crucial to evaluate the business value that data tools offer and to keep your long-term objectives in mind. At U1, we recommend a broader business-needs consultation that includes engaging with stakeholders at different levels to understand business goals. By conducting this research, we can identify business needs at a granular, or divisional, level and, therefore, can prioritize these needs appropriately.
Single source of truth echoed throughout the conference, addressing data accuracy and integrity. (In other words, it is paramount that all stakeholders in an organization are singing from the same songbook.) This requires incubating cultural change and ensuring that decisions are based on appropriate and measurable insights—as opposed to other, less clear criteria. The degree to which knowledge transfer occurs and internal stakeholders become aligned underpins an organization’s success.
Organizations must appropriately provision capability, capacity, and governance to maintain an effective insight framework. Agreeing on roles and responsibilities is essential. Implementing an organization-specific RACI model helps to ensure that proposed frameworks align to business goals.
In the past, we have facilitated such an approach for Telstra. To find out about this, take a look at the presentation we gave at the 2014 NG Customer Experience Summit and 2014 UX Australia. It covers our collective effort, implementing an operationalized customer insight governance structure around customer advocacy.