3️ Signs you are on the right track with your data strategy
The power of data is undeniable, yet many companies struggle to use it effectively due to unclear strategies. Kristian Arvidsson, CEO of Geins, highlights the importance of a robust data strategy that delivers immediate value and scales for the future.
By now we all know the power data holds. Even more so, the power of data in the hands of the right people or an AI agent. But not many companies today aren’t using their data to its full potential. Why? Because they don’t have a clear strategy for handling their data.
From my experience, investments in data need to deliver value quickly and also be scalable for the future. Balancing these needs is tricky, especially when tech keeps changing in unpredictable ways.
Here are 3 signs that you’re on the right track with your data strategy
You can easily share data across the organization
When data meets human intelligence, better decisions happen. If everyone in your company has access to the same data, they’ll make decisions based on the same information.
For example, let’s say you have a team of buyers, and they have access to the same data as your customer service team. They can make better decisions about what products to buy because they can see what’s selling well, what’s not, and what’s being returned and why.
You use your data to find and test new business opportunities
Testing out different ideas based on hunches and experience is a great way to find new business opportunities. Mix those hunches with data, and you’ve got something powerful.
For instance, if you believe that customers who buy a certain product are likely to buy another product after some time, a solid data strategy lets you test this theory on the spot. If it works, you can start marketing the second product to those customers right away.
You own your data and its pipelines
You don’t rely on third parties to access your data. All the data your business generates can be saved to your data lake. This means you can start using your data immediately.
Imagine you’re a retailer and you want to analyze customer lifetime value. With your data saved in your data lake, you can easily access and analyze this information, allowing you to understand purchasing patterns, optimize marketing strategies, and enhance customer retention without relying on third parties.
So how does this all align with Geins?
We get it. We know how crucial a robust data strategy is for driving business success. Our API-first platform is designed to ensure you own your data, control its flow, and leverage it to create unparalleled business value. We help companies seamlessly integrate their systems and data, making it easier for you to stay agile and make quick, informed decisions.
Let’s harness the power of your data and create better customer experiences.
Author
Kristian Arvidsson
CEO
Fler inlägg
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