One minute reads: getting value from data

Graphic of an open book which says 1 minute reads. 

One of the major technical revolutions in modern times has been the cost of storing information. Storing petabytes of information is now relatively cheap. This has led to a culture in digital teams to store and track everything. I’m not against this but the focus seems to be on creating data lakes, putting data in there and thinking the job is done.

There is no value in stored data, zero, none!

Data only has value when it is actioned. At Red Badger we take a Lean approach to product delivery. We often prove out and build the end-to-end journey for a simple customer, prove the value and then scale. This is exactly the approach I advocate for activating data. Sometimes the data that has been collected may be disparate, unconnected and poorly indexed, but there will still be value in there that can be activated. 

In a very simple case, being able to identify customers in data and attribute value to them. Not all customers have the same value to an organisation. Identify the high-value ones and engage with them is a great first step. Next, you could work out what the high-value customers do that lesser value customers don’t do. Developing strategies to get lesser value customers to perform higher value customer actions can then form part of your development roadmap. 

Another example: Within all the data you’re collecting will be information around what your users like and don’t like, what they interact with, how often they interact with your platform etc. The aim should be to give more users the content that interests them most of the time. The data and technology required to do this are not always complicated or expensive. You don’t have to take on all customers at once. Start simple, give returning users quick access to the content they last viewed, then build up the complexity.

If you’d like to discuss how your organisation can better activate data to begin getting value from it please get in touch and see if Red Badger can help.

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