Establishing digital intelligence for a modern brand is crucial in an increasingly tech-focused landscape. Wide-reaching data capture is more feasible than ever before, but without effective methods of extracting insights, this data can become a speed bump rather than an accelerator. Digital intelligence empowers companies to transform into insights-driven businesses, leveraging the implicit connections between data points to expedite effective decision-making. But the shift to becoming a digital insights-driven business isn’t always easy. Three challenges often impede businesses on the way to digital intelligence.
Measuring interesting data, not actionable data
Focusing too much on statistical anomalies or irrelevant customer activity may be interesting, but this data shouldn’t inform future business activities. Instead, establish KPIs early on, then determine which data points offer statistically significant information to influence decision making. Measurement and data management strategies should align to KPIs that influence business objectives so teams can spend less time reporting and more time analyzing performance.
Working off an incomplete view of your customer
Transforming from digital marketing to integrated marketing requires companies to evolve from web and campaign analytics to a holistic 360-degree view of customers across all touchpoints. Well-captured customer data, omni-channel analytics, and AI-enabled personalization is key in upleveling marketing efforts. Without this rounded view of your customer and their interactions across all versions of your brand, it’s impossible to deliver the personalized marketing and user experiences that both B2B and B2C buyers demand from modern brands.
Adhering to outdated processes and governance
Blindly following entrenched processes that no longer serve a company’s strategic goal can derail forward momentum. The fast influx of incoming data presents companies with the opportunity to develop strategic roadmaps rooted firmly in fact, but only if they’re able to evaluate, analyze, and decipher digital data quickly and effectively. As the digital landscape and subsequent data collection methods continue to transform rapidly, it’s important to evaluate and reevaluate processes and governance to determine if the existing structures are still the best. Companies must embed analytics-based decision making into the corporate culture, creating an environment where teams embrace data as an essential tool that challenges established thinking and enriches their decision-making. Strategic planning and change management can empower companies to achieve their KPIs through effective data analysis. Companies like JLL and Brunswick have accelerated their performance by activating data-driven strategies. Looking for help in building your digital intelligence and analytics capabilities? Learn more here.