This is the third episode in our special series celebrating 100 episodes of Hub and Spoken, the original data podcast.
Data is the new oil. This cliche is often repeated and doesn’t do data justice. With the rise of data science and analytics in recent years what is clearly evident is how important data is in our fast-paced digital world. More than ever before organisations are looking for ways to leverage their data assets in order to drive better business outcomes. But what does “delivering business value” really mean in the complex world of data? Host, Jason Foster, delves into highlights from 100 episodes and shares the answers.
Listen to this episode on Spotify, iTunes, and Stitcher. You can also catch up on the previous episodes of the Hub & Spoken podcast when you subscribe.
For more on the oil analogy read Jason’s blog: Data is NOT the New Oil.
Data is an important part of any business’ arsenal. Whether it is to gain insights into business operations, or assist with customer decision making. There is no doubt that data when used correctly can help drastically improve a business.
[01:20] How data is an asset within a business, and not an extra cost
[01:46] Wisdom from Robert Barham from Gousto on the importance of demonstrating the value of data to stakeholders
[08:05] Advice from Jose Murillo from the Banorte Group, on how he provided over a 250X return on the investment made on his department
[14:52] How data can be used to assist not just with operations, but with customer decision making too, with Jeremie Jakubowicz from ManoMano
[22:48] Sarah Moore, from the streaming service of Sky Network, NOW TV, on how data is incredibly powerful when used to gather information across different markets all over the world
[29:15] Advice from Jamie Head from Ocean Spray on how they use data to source cranberries, forecast demand, and for business growth innovation
Data is changing the way we do business. It’s no longer an optional extra, but a necessary component of every decision. Data can be thought of in two major types: structured and unstructured data. Structured data includes things like customer records, inventory logs, financial reports, etc., while unstructured data includes emails, social media posts, phone conversations and more.
A company that values information will find ways to ensure that they get the most out of their structured and unstructured data, and extract value from it in order to deliver intelligence-driven insights to make better decisions.
Innovation in data is a constant challenge. Sometimes the best way to innovate is not to reinvent the wheel, but to find ways to use existing tools, resources and people more efficiently.
It’s possible to put innovation into your data strategy without the need to start from scratch with every problem or new project – and you can take lessons from other organisations doing similar things.
When it comes to data, the first step is always working with business stakeholders to understand how they will use the information you have. From there, you can plan and build a team that has members from across your entire organisation. The next steps are about determining what kind of questions you want answered by your data, and then how those answers should be delivered so that they solve problems for people in your company or community.
Sometimes, it can be too easy to get caught up in all the bells and whistles of data science. However without a clear connection between how you use data and how this ties into improving the business, it becomes a waste. This is particularly true in the field of data where data implementation and analysis can become costly very quickly.
To avoid overspending, try to implement a small pilot project where a data team can create a proof of concept for stakeholders before going ‘all-in’ on a project.
Data is an integral part of business today. It has become a crucial resource for companies to understand their customers and improve sales, marketing, customer service, and even operations. However, too often data is not used to its full potential – and its value is easily lost if resources are being wasted on things that don’t directly improve the business.
To avoid this, invest in learning, and understand the goals of a business before you produce a data strategy. Businesses that see success also invest in people who can analyse, manage resources, and communicate with stakeholders to ensure data is being used to the best of its ability.
If you would like to review the full episodes of the podcasts included in this special episode, you can find them here:
Episode 75, Embedding data to drive the growth of Gousto with Rob Barham
Episode 88, Turning Banorte Financial Group into a data-enhanced bank with Jose Murillo
Episode 89, Create Scalable Systems in the World of E-commerce with Jérémie Jakubowicz
Episode 83, Data Analytics in the World of Television, with Sarah Moore
Episode 47, The role of data in business and digital transformation, with Jamie Head