What does Digital Transformation really mean? In post five of our series, learn to balance the needs of IT and marketing — a task essential to effective analytics.
Big Data expert Bernard Marr recently shared some interesting tidbits about the volume of information generated — and how we use it — with Forbes:
- 1.7MB of new information will be created every second for every human being by the year 2020
- More data has been created in the past two years than in the entire previous history of the human race
- Access to just 10% more of their data can mean an additional $67.5 million net income for a typical Fortune 1000 company
- Currently, less than 0.5% of data is ever used or analyzed
So, what are marketers, who are under pressure to leverage the mountains of data at their disposal and turn it into actionable insight, to do? Knowing which data are critical and which are noise amidst today’s Big Data hype and analytics buzz is a good place to start.
Not being data scientists, nor wanting to have to become data scientists, business users need information provided in an easily decipherable form they can use to create better applications and refine the customer experience. They need insight about the different channels customers use to gain a deeper understanding about the broader customer journey. While IT owns the physical infrastructure used for the data, business users understand it. They know the relationships and have the ability to create insights across data points or applications. IT needs this insight as well, so business users — although they’re not data scientists — need to be actively involved in their organization’s data strategy.
Collaboration Between IT and Marketing is Essential
Again, in what is becoming a recurring theme to success in today’s digitally disruptive environment, collaboration between marketing and IT is essential. Marketers need to realize that the data integration and connectivity to achieve actionable Big Data insights remains a top challenge for many IT organizations. IT not only has to determine how to manage data but how to share it safely and securely. Creating a data access layer is a solid foundation from which to begin. It enables the organization to leverage the strength of its diverse data sources without burdening application developers or business users.
More than two-thirds of senior data and IT decision makers in large organizations report that analytics have a significant and positive impact on revenues. With the right tools and connectivity, your data can truly be a revenue-generating asset, not just an obstacle to integration.