In-house or external analytics? That is the question

 

By Kari Mastropasqua

What happens in an internet minute? The amount of data collected is staggering. Does your organisation have what it takes to monetise?

The speed of transactions really forces you to think differently about the data and analytic approach.

A cycle in time of 3 months to an outcome is no longer accepted in this fast paced digital age as the relevance of the data decreases the longer you take to build an outcome.

It is through vision, planning, measurement and being market-led you can take step changes toward a better customer understanding.

These four key data pillars drive business fundamentals to get, keep and grow market share.

Broaden your data focus

The biggest challenge for even data savvy businesses is to make sure your data architecture can realise its full potential in light of the ever-increasing need to broaden its predictive and prescriptive focus.

There is no getting around it. In order to drive engagement you need an accurate and complete view of the customer, their behavioural characteristics, life stage and demographics.

The answer is found in the powerful meeting of insights when you blend your data with third-party information. The basic concept is that a view of the total market provides move value than a single slice of the market.

Find analysists with foresight, not hindsight

The market is moving to deeper connections and deeper insight. Historically we’ve relied on hindsight to drive our strategies. More and more, big-data offers a foresight view. Traditional analysts are out. We need new masters to harness this power.

In this rapidly changing market we need analytical minds with technical sophistication, soft skills and business acumen. We see them better connect the data dots and tell a story from raw data points.

The brave new world of analysts come from varied backgrounds. They are experienced with open source software, the former stomping ground of engineers and computer programmers. They are aligned to the widening use of analytics to solve key business questions.

Make IT and data analysists best friends

IT functions and data analytic functions should be joined at the hip. It is critical for success. It takes time and education on both sides. Components of the relationship are formalised and some are informal.

The traditional model is very tech centric with a long development path. Analytics were also very separate end users. In the modern world, greater cross over means more customer-centric data architecture.

It’s the whole team that gets you there

As analytic needs rise, company culture is more critical. Things are moving too fast to operate in silos.

While there are so many different personas – sales, analytics, IT and product – analytics dovetails into them all.

You need to be connected to your people, determine the environment in which your team can thrive, by understanding what truly drives them.

You need to create an environment that is fun, empowers, encourages innovation and is engaging – that’s when the team and the business truly thrives.

Kari Mastropasqua, is the General Manager for Analytics at Equifax. Kari commands a team to enable clients to be customer centric through data and analytics.