refine data for value

The primacy of data and the need for analytics is undisputed. Digital data is an amazing resource, and like any natural resource it must be gathered, refined, and shaped. This is why it is crucial to any business to collect, organize, and understand their data. Let’s take a closer look at data in each step of the process.

Gather the data (Data Quality) Almost without fail new client conversations start like this: “I don’t even trust the data we are getting, and we don’t know what the reports mean.” Data you can’t trust is data you can’t use. Data you can’t understand is data you can’t leverage for decision making. This is why it is crucial to spend time and effort making sure the data being collected is accurate and that you are gathering the right metrics. The process of doing this is in two parts, knowing what data to collect and being able to collect it accurately.

Refine the data (Data Meaning) Unless your business is online only; then there is another translation layer that must be applied to web metric data you gather and report on. When I apply data to a problem I need to understand the connection that the metrics have to the problem at hand. To bring value the data or metrics from the web must be translated up into the business. If my main value is revenue then I need to understand the mapping of my metrics to revenue. If my metric is new customers then I need to associate my web metrics to the likelihood that the web visitor will become a customer or remain one.

Shape the data (Data Usage) A great dashboard communicates what is going on quickly and efficiently. The dashboard consumer then uses their expertise and domain knowledge to ask questions about the current state to form a hypothesis for risk mitigation against loss or a hypothesis for new action and incremental gain. It is these hypotheses that form the seeds of insight and future business improvement. Only by properly applying the data to current business opportunities can the data so carefully gathered and refined be used to improve business outcomes.

At Search Discovery our passion is to see data used well. We translate that passion into each of the data process steps. For data quality it is a combination of our experience with measurement and our technical capability. We audit and fix what is broken in the current data collection process, and bring to life new measurement capabilities, (sometimes things never thought possible) by using best in class tools like Adobe Dynamic Tag Management. We refine the data by working with the business to present the data in a way that can be understood easily. Then we educate and create common understanding of the metrics and their relationship to how the business actually operates. Finally, we use the data to learn and grow and then grow more. We have many years of experience doing analysis and testing in partnership with our clients, growing their businesses.  Our experience leads to prioritization of what to improve, and giving insight into how to increase conversion and ROI.

What can data do for you? We would love to help you find out.

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