As I sat back and thought about what to write about for this post, I immediately thought of data. But what about it? We’ve discussed data in so many contexts this semester, but using data as an asset is one that I stuck out to me. A company can have the best data in the world, analyzed by the upper echelon of analyst, but if they aren’t creating valuable assets to drive their decisions, then it’s all pretty much pointless. Amazon dominates in several consumer categories because they have mastered how to use their vast amounts of data as a competitive advantage. Think about it, Amazon would be nothing without our data. They literally know the ins and outs of their customers’ search and buying behavior. All of the data they collect is leveraged to drive their strategies, in turn giving consumers a pleasant shopping experience.
Just yesterday, guest lecturer, Craig Bradley explained that even in his work, clients do want to be presented reports full of data anymore. The landscape is changing; clients want to know exactly what to do with the data that Ipsos- Shopper Insights collects. They want to know how the data can ultimately help their brand be the best of the best all while achieving the goals it set. Khanna (2017) explains that,”Having a clear understanding of the business objectives and aligning your data strategy with them is critical for business success”. So not only do companies have to clearly define goals, they must have the proper strategies in place that use the data to drive decisions.
Companies do not have to be giant powerhouses like Amazon with huge amounts of data to turn the data they do have access to into an asset. They just simply need a steady stream of unique customer data, a strategy, and the proper tools to remain competitive, innovative, and most importantly successful.
Do you think your company effectively transforms data into an asset? Why or why not?