Strategic Data Management
Data management is a process of well-executed data collection, analysis, storage and use.
Types Of Data
There are 4 main kinds of data that businesses collect:
Descriptive data is qualitative. It describes what or who. For example, buyer personas are a type of descriptive data in business that describes your customers — their demographics, buying habits, behaviors, attitudes, or other characteristics. If a business wants to understand its target audience, it might collect quantitative and qualitative data about the people it wants to reach — such as demographic information or purchasing behavior.
Diagnostic data is the information you must have to understand a phenomenon. It's typically collected through analysis of metrics or KPIs and often quantitative data. It can highlight correlations, patterns, and relationships so that you can better understand causes and effects of a phenomenon.
Predictive data, while not a magical crystal ball, is helpful when it comes to providing guidance. Predictive data combines machine learning with quantitative analysis to provide insights into future performance based on past trends. Some useful examples may include predictions of market trends, consumer behavior trends, or data indicating the effectiveness of a marketing campaign.
Prescriptive data helps a business identify what steps it needs to take next. This can be either knowledge from predictive analytics or true truths about things like market segments and consumer psychology. Content intelligence and experience optimization are two examples of the customer's needs or wants being satisfied without them asking.
Value Of Strategic Data Management
The world of business has changed dramatically. We now have access to more data than ever about our customers and the world around us. Our understanding of business and consumer behaviors is more sophisticated than ever before. For instance, we understand how people behave based on various conditions and market conditions.
When data is organized, it becomes accessible and easier to understand. Accessible data is an incredible way for businesses to make smart decisions. A solid data management regimen protects data integrity while also making it easier for companies to make predictions.
The more data you have, the greater your visibility is — which means you'll be able to get a much better idea of how your business is doing. That will help you make better decisions about what parts of your business to scale up and what parts to scale down.
Companies must have access to the right data and insights in order to reach their customers digitally. Personalization -- which increases revenue by 15 percent and market-spend efficiency by 30 percent -- can only be achieved when companies understand their customers ahead of time.
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