Big data offers opportunities for businesses, but it can create big problems. According to the Big Executive Survey 2017 by New Vantage, more than 85% of executives say their firms have started programs to create data-driven cultures, but only 37% report success so far. A data analytics team can enable your organization to realize the full potential of big data. They can uncover insights that lead to better decisions, smarter strategies and profitable growth. But how do you know your team is well-positioned in today’s data environment?
Here are four strategic questions to help identify if your business is on the right track with its data analytics efforts-and when you may need some outside help.
1. Is your data easy to use?
To get maximum value from your data, you need to be able to make sense of it. Basic housekeeping such as data cleansing, sorting, matching and storing is vital to getting data to a useable state—which means your systems and tools must be able to keep up with the volumes of data you process and level of analysis you require.
If your data is organized and accessible, your organization is off to a good start. But if your analysts are spending more time on data hygiene tasks than strategic activities, it is time to explore ways to automate and improve your data acquisition or ingestion processes. Getting an expert opinion on how to do this effectively can save you a lot of time and money in the end.
2. Do you have the right resources when you need them?
It takes people with the right skills to sift through what could otherwise be a heap of meaningless data, make sense of it, and use it to gain insights into customer behaviour and preferences. Your data analytics team probably does not have unlimited resources.
And even if resources aren’t a constraint, using the knowledge and skills of experts can add value. External consultants can bring a fresh, ‘big-picture’ perspective to a business problem, give an informed opinion on data trends and market movements, or simply provide those extra hands on deck to increase the team’s capacity and efficiency.
3. Does your data tell the full story?
Limited data can limit your insights. Take the example of a credit card issuer with a portfolio of millions of customers and detailed records on their monthly spend. How much more valuable would it be if the business could also understand consumer spend on the other cards in their wallet?
Your in-house data will get you only so far. Additional data from external sources provides a multidimensional view of prospects and customers, and broader context to understand behaviour and make decisions. With trended credit data from products such as TransUnion CreditVision®, businesses can understand consumer behaviour and gain valuable insights that go beyond your proprietary data.
4. Can you predict and prepare for changing trends?
Our era of data processing is about both understanding our customers’ behaviour and getting better at predicting it, allowing businesses to pre-empt rather than react to change.
You know your team is delivering when they’re identifying new problems or solutions. They can focus on understanding what’s to come and how to prepare for it. Sometimes it can be hard to keep up with market trends—connecting with outside individuals and organizations can help you stay current.
Industry publications such as TransUnion’s quarterly Industry Insights Reports provide insights into economic, industry and consumer credit trends. Combined with the expertise of our consultants and account representatives, businesses can gain a deeper understanding of market dynamics. These resources can provide the perspective needed to make proactive decisions.
Get the most value from your data
If your analytics work is not ticking all the boxes, consider augmenting your capabilities by working with an external consultant that can bring both data and analytical power to the table—something TransUnion specializes in. Our team of consultants and analysts have deep expertise in adjudication, risk, lifecycle management, marketing and more.
With over 60,500 business customers worldwide, we have expertise in different industries and geographies, and experience in solving problems of varying complexity. We have access to a vast array of data, including 30 million Canadian files, including over 15 million annual inquiries and 25 million trades.
TransUnion’s Data Science and Consulting Team sees information differently—not just for what it is, but also for how it is interconnected and what it can help you do. If you need to ramp up your resources or expand your expertise, we have the skills to assist.
Visit us to find out more: transunion.ca/solution/analytics