The Best Way To Utilize Your Underutilized Data Assets

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The Best Way To Utilize Your Underutilized Data
Assets
Most organizations that are marching ahead in
their data journey have invested in a variety of
tools and technologies. These tools are used to
analyze data to arrive at a decision, and those
decisions lead to different outcomes. But imagine
if there was a way to reverse this process. What
if you could start with the outcome, determine
what decisions you need to make to arrive at this
outcome, and then choose the data you must act
on?
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Not All The Data You Have Is Important, Relevant,
Or Needed! Lets face it. There is so much data
being generated from so many different devices,
processes, and people today. But not all of it is
clean, useful, or significant. Unfortunately,
not many organizations realize this. Data is
wonderful, but it can also be very useless.
Lets take an example. Imagine you have tools in
place that act on customer service data to
analyze their past behavior, determine their
current preferences, and assess their future
needs. But a lot of this data is very
transactional. From product information to price
details, invoices to returns, and more. Although
it is important to collect all this data, most of
it is deadweight and might never generate
relevant business outcomes. Investing in cloud
solutions to store this humongous volume of data
and then allocating a skilled team of data
scientists to unearth value is not only futile
but also extremely costly. There is also another
side to this. Customers interact with brands
today via many different channels. If you make
your decisions only based on the data from one
channel, say your customer service desk in this
scenario, you might never get your hands on data
that is being generated from other channels for
instance, your social media interactions or
website chat, or your sales executives. Ignoring
these underutilized but extremely critical data
assets can lead to skewed decisions, which can
eventually impact customer experience and
loyalty. The data tools you use cannot help you
solve everything unless you have a very specific
purpose. Even if the data is relevant or useful,
it is also timebound.
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• If you are still using your tools to analyze
  customer data from a year ago when, in fact, you
  have data at your disposal from a month ago the
  decisions you make and the outcomes you generate
  would not be accurate. Your customer base has
  likely evolved in the past year, and their
  preferences and behaviors have changed,
  eventually invalidating your data set.
• Separating Noise From Meaning Is Key
• When you have billions of bytes of customer data,
  millions of transactions, thousands of data
  points, and hundreds of attributes, using your
  data tools on all this data could be useless. An
  enormous amount of time (and resources) is
  required to pre-process this data and make it
  usable for training machine learning models.
• In todays world of amazing customer experiences,
  separating noise from meaning becomes crucial.
  You need to develop customer insights for the
  whole journey. Focusing on siloed interactions
  and one-time transactions will never help you in
  painting a picture of the whole experience.
• When there is so much data at hand, you need to
• First, evaluate what you have in terms of data
  (and information) and identify assets that would
  lead you to your desired outcomes.
• Identify untapped data sources that are a
  treasure trove of information and uncover useful
  ways to build a competitive advantage.
• Make a connection between the information you
  have and the actions you can take with that data
  to drive specific business outcomes.
• Invest in data quality tools that can help you
  cleanse data and ensure the trustworthiness and
  accountability of data assets.

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• The EnFuse Advantage
• With the volume of data flowing from different
  sources (customers, products, sales, and
  vendors) constantly growing, it has become
  imperative for businesses to efficiently manage
  and maintain this data and leverage analytics to
  make decisions and take actions to realize
  desired business outcomes.
• At EnFuse Solutions, we approach data as a
  strategic asset that can drive better
  decision-making and business outcomes. By
  assembling the right team, developing a data
  management system, and using analytics to extract
  meaningful insights, we unlock the full
  potential of data assets and achieve better
  business outcomes.
• We help businesses identify data that is
  important while also improving its accuracy,
  integrity, and quality. Instead of simply
  collecting and analyzing millions of data
  points, we work with organizations to understand
  the results they are looking to drive.
• For example, we can
• Help you identify the outcomes you want to
  achieve, such as reducing operational costs or
  improving customer engagement.
• Work backward to identify the data assets and
  analysis needed to support that objective.
• Alternatively, we can help you evaluate your
  existing data assets and identify opportunities
  for improvement, then work forward to identify
  the outcomes you can achieve by leveraging that
  data. We then work our way back to list down
  decisions that would lead to those outcomes and
  accordingly collect and analyze data.

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By capturing high-quality data and resolving gaps
and errors along the way, we help you ensure
your actions are tied to desired outcomes. We
leverage technology to ensure data is available
in real time to expedite critical business
decisions and accelerate growth. We also make
sure to identify underutilized data assets and
glean as much value from them as possible.
Explore our range of analytics and decision
support services to seamlessly integrate,
transform, and improve data and use it to make
the right decisions and drive the right
outcomes. Read More Streamlining Data
Management With Digital Asset Management (DAM)
A Practical Approach