Managing your Data, the right way

The importance of managing your data and why you need it

In our previous blog post, we talked about Channel Conflict and we mentioned something of great importance – data is worth its weight in gold. Data’s importance can easily be compared to gold as data isn’t that valuable in its raw state. To obtain value from gold, it first needs to go through many different steps of processing to become a desirable product for consumers that will drive business profit. Data is, you might say, valueless when it’s raw and that’s why it needs to be handled the right ways to extract its value.

“When you develop your opinions on the basis of weak evidence, you will have difficulty interpreting subsequent information that contradicts these opinions, even if this new information is obviously more accurate.”
Nassim Nicholas Taleb

In today’s digital world, it’s possible for every organisation to start collecting a lot of data and, in most cases, not know what to do with it. In this sense, the true value is in big insights rather than in big data itself. Although, of course, gathering information is vital, only expert analysis and extracting smart and working insights enable companies to gain benefits and make a profit.

To extract the value from the sheer amount of data requires experienced people who can add the most value to the raw material. Only after that, when you have quality data, will your business be able to create reliable models which can generate high quality insights.

Research from Deloitte and the CMO Council finds that 56% of “growth CMOs” prioritise data and intelligence analysis as the top skill to help them evolve their growth agenda, with 50% citing market insights and knowledge as the top priority, and 49% developing a holistic view of the customer journey.

Investment in the necessary technology and people is paramount to success. The whole point of data collecting and managing is to get closer to your customers – to understand their needs and preferences, their pain points, the user experience, and their buying journey.

If you want to cross multiple borders around the world or already have that opportunity to reach customers anywhere while being on multiple marketplaces you need to know how to handle data and how to manage it. When information is dispersed and disconnected – as it often is through dozens of applications and databases – it becomes almost impossible to connect the dots and look for patterns in meaningful and creative ways. To have the ability to make informed decisions and keep your company competitiveness in the future, you should invest in the technologies and the people who can connect it, analyse it, and extract value from it. This way you’ll also keep your business clear of duplicate data, corrupt data or outdated data as you will have what it takes to detect it, leading to optimal results.

According to Statista and Shopify, the expected retail ecommerce sales worldwide by 2021, is $4.8 trillion, with 85% of the world’s purchasing power outside of the United States.

Data is the foundation for decisions. To make the most advantage of opportunities in borderless markets, you must have the most accurate information extracted from your data and use it in your favour, either by creating the local experience for your shoppers online or by having world-class customer support on your side to take care of your customers. Check our blog post “Avoid Data Decay”.

ecommotors is a trusted provider of consumer optimised B2C dаta to brands, manufacturers, distributors and resellers.  If you want to know more about how to manage your data, or for a no-obligation introductory discussion, please contact us.

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