As data sources grow, 70% of brand executives agree that mining performance data is very or extremely important. Yet, only 2% say it is having a noteworthy positive impact. These well-proven strategies can drive improved results.
* Align Key Metrics With Business Objectives
Establishing metrics to support key growth drivers is essential. Every piece of data should serve a specific purpose, and every report should inform your tactical plans. Define success criteria across stakeholders, before key metrics are established to ensure collection of the right data.
* Break Down Silos
Transparency into data across functional areas is key to aligning on priorities. This often requires intentional moments of collaboration and planning informed by key insights.
* Pursue Improvement Relentlessly
Successful teams have a rigorous methodology in place to track, assess and generate performance improvements. They hold each other accountable for progress.
Data is the oil of the future. Like oil, it needs to be extracted, refined and distributed effectively and efficiently to deliver its maximum ROI.