According to our most recent research study, 92 percent of business leaders have invested in data management in the last 12 months. Yet, 74 percent of those surveyed also admitted that there's a strong need to improve their data management initiatives within the next year to experience financial growth and remain competitive within their field. While investing in your data management strategy is the first step, following through with a plan to maximize your ROI is what will ultimately help you reap the most benefits from your efforts.
Not sure how to get started? Below, we'll explore what your business's data management plan should focus on while outlining some of the best practices you'll want to prioritize to reap the maximum return on investment from your data management program.
How is your business leveraging data?
If there's one thing businesses leaders have learned in the aftermath of the COVID-19 pandemic, it's that investing in data management is necessary for any business that wishes to remain competitive in the face of uncertainty and today's rapidly growing realm of digital business operations. But, even though your data management strategy may currently be top of mind, you may have some uncertainty about where to centralize your focus or how to get started.
Over the past year, businesses have noticed an increased growth in the importance of the following data:
Does your business currently leverage these insights? Optimizing your consumer insights and data will play a pivotal role in your ability to establish a firm data management plan. Once you begin to focus on the right set of data, you can begin to strategize the steps that will help you reap the highest financial gains from your data approach.
3 ways to increase your data management strategy and maximize ROI
In today’s digital-first environment, having a data management program is a step in the right direction towards company growth and success. To ensure you reap the highest return on investment on your actions, remember to keep the following best practices in mind:
1.) Prioritize widespread data usage and knowledge
While having a data management plan in progress is beneficial for your bottom line, it’s crucial to make sure that your initiatives are widespread throughout the business. One mistake business leaders often make when it comes to their data management efforts is limiting which employees utilize data insights in their everyday operations. In reality, data engagement should be a widespread effort throughout an organization if a business is to reap the maximum ROI on its initiatives.
As your data management program unfolds, the need for additional data literacy programs and educational resources grows with it. In fact, our research shows us that 87 percent of business leaders say operationalizing data literacy will help their organization leverage higher quality data and more quickly see ROI from data initiatives. Consider curating an educational program to support collaboration across various channels. Investing in the proper software is a step in the right direction for an optimized data experience that will generate a higher ROI, too.
2.) Leverage reporting and analytics
In our most recent research study, we found that half of the organizations surveyed anticipated an impact on their analytics and reporting due to their increased investment in data management. How optimized are the insights and reports used in your data management program? If there's room for improvement, remember that effective analytics and reporting are crucial for decision-making and financial growth.
When possible, use the insights generated from your data management program to inform your marketing and operational decisions. When you have the data to back your actions displayed in easy-to-digest reports and analytics, you're more likely to understand these insights and leverage them appropriately to increase your business's ROI, too.
3.) Partner with the right data vendors
Prioritizing data is crucial—but ensuring the accuracy and maturity of the data you're focused on is even more pressing. Varying departments, such as finance, sales, and marketing, rely heavily on data to inform their everyday strategies. Even with the best data management plans and collaborative efforts in place, you’ll fall short of missing your intended financial gains if the data entering your system is lacking in any way or inaccurate.
Invest in reliable vendors and partners to curate a seamless data experience within your company. Partnering with trustworthy data management businesses means you’ll have access to the valid insights necessary for accurate reporting and decision-making.
Explore data management practices to achieve financial growth and success
Starting discussions surrounding data is typically the first step for leaders looking to take their business to the next level. The next step is curating an informed data management strategy that leverages your necessary data insights to connect with your consumers, grow your brand, and maximize your bottom line.
Ready to learn more? Explore our most recent research study to gain access to the data insights your business needs to improve performance levels and reap ultimate financial success.
