Data-forward strategy to boost business with data
Posted: Tue Jan 21, 2025 4:58 am
Participating in the data economy has enormous potential, and to do so, it is necessary to develop a data-forward strategy. We tell you how to do it. Data Strategy 2023: How to create value for the organization, customers and society?
Becoming a company at the forefront of the data economy requires multiple efforts, from democratising access to information and adopting new technologies to fostering a data culture and developing a strategy that empowers the entire organisation. So, how can you take the first steps towards making your business data-led?
HubSpot BLOG
Among the greatest uses of the data economy by employment database are identifying risks and preventing fraud (42%) , launching new pricing or revenue models (41%) and discovering new opportunities in the market (40%) .
Source: Snowflake
Data strategies within the company and how to implement them
Data strategies create opportunities to acquire knowledge that provides business value. This path begins with the formulation of a specific business objective or the search for a solution to a problem that will be addressed with all the information that can be obtained from various sources.
For example, let’s say a company wants to increase the lifetime value of its customers and ensure customer retention. To do this, it seeks to improve customer engagement with targeted actions and tools. Data utilization comes in the form of funnel reporting, retention reporting, and advanced audience segmentation features using machine learning to obtain predictions about customer purchases and, based on those models, run reactivation or engagement campaigns.
HubSpot BLOG
Over the past three years, 77% of data economy leaders have seen annual revenue growth, compared to just 36% of data economy laggards, the term we use for organizations at the other end of the spectrum.
Source: Snowflake
Data forward-business: how to get started?
To intensify the use of data and undertake the transformation towards a data-driven company, there are four fundamental lines of action:
An active role in the use of data by the organization's top management and its executives through supporting data strategies with suitable people to implement them.
Checking that the data solution is suitable for each purpose and its future use. For this, it is essential to choose a cloud data platform that can
store, integrate, access and analyze different types of data.
Empowering CDOs to influence the organization’s data culture and promote data-driven decision making. Building a data management roadmap with best practices ensures that objectives are consistent with the overall business strategy.
Becoming a company at the forefront of the data economy requires multiple efforts, from democratising access to information and adopting new technologies to fostering a data culture and developing a strategy that empowers the entire organisation. So, how can you take the first steps towards making your business data-led?
HubSpot BLOG
Among the greatest uses of the data economy by employment database are identifying risks and preventing fraud (42%) , launching new pricing or revenue models (41%) and discovering new opportunities in the market (40%) .
Source: Snowflake
Data strategies within the company and how to implement them
Data strategies create opportunities to acquire knowledge that provides business value. This path begins with the formulation of a specific business objective or the search for a solution to a problem that will be addressed with all the information that can be obtained from various sources.
For example, let’s say a company wants to increase the lifetime value of its customers and ensure customer retention. To do this, it seeks to improve customer engagement with targeted actions and tools. Data utilization comes in the form of funnel reporting, retention reporting, and advanced audience segmentation features using machine learning to obtain predictions about customer purchases and, based on those models, run reactivation or engagement campaigns.
HubSpot BLOG
Over the past three years, 77% of data economy leaders have seen annual revenue growth, compared to just 36% of data economy laggards, the term we use for organizations at the other end of the spectrum.
Source: Snowflake
Data forward-business: how to get started?
To intensify the use of data and undertake the transformation towards a data-driven company, there are four fundamental lines of action:
An active role in the use of data by the organization's top management and its executives through supporting data strategies with suitable people to implement them.
Checking that the data solution is suitable for each purpose and its future use. For this, it is essential to choose a cloud data platform that can
store, integrate, access and analyze different types of data.
Empowering CDOs to influence the organization’s data culture and promote data-driven decision making. Building a data management roadmap with best practices ensures that objectives are consistent with the overall business strategy.