Unlock new insights with integration of internal and external sources into customized data and analytics
Leverage our fast access to third party data sources (free or paid) and deep understanding of the options best suited for your business problem
Fast time to value
Rapid prototyping of data solutions, delivered into familiar end user tools
Getting from data noise to data-driven decisions
In your business today you’re probably experiencing the results of noisy data – experiences such as:
- Low marketing conversion rates as a result of low quality lead information
- customer satisfaction issues due to challenges in building a holistic picture of their relationship with the company
- third party data sources that you’re paying for but don’t really meet your needs – it’s just the best available.
At dmi, we help clients address these problems, by building solutions that truly leverage both internal and external sources of data and improve business outcomes.
Taking the plunge into data-driven decision making
Few people enjoy spending money without a clear idea of the benefit it brings. In business, when we have a process that kinda, sorta works, the idea of investing in data to take it to the next level can seem like a risk not worth taking. However the risk and return need to be looked at together - here’s a few ideas to inspire you to take the plunge.
Consider the return opportunity
For the business process you are looking at, evaluate the potential return in hard dollars of a small, medium or large improvement in the outcome. For example:
- In marketing, if you increased your funnel leads by 10%, and improved conversion by 1% at each stage, what’s the incremental revenue benefit?
- In physical retail and events environments, how much more efficient could you be in staffing decisions if you had a higher certainly of weather and road conditions, or competing events in the vicinity on a particular day?
- In sales, if you could more quickly and accurately identify the drivers that resulted in a shorter sales cycle, how much more new revenue could you bring into the organization?
Consider the investment bet with which you are comfortable
Life doesn’t get better without taking a few risks, and with a picture of the return opportunity in your mind, consider how much of that upside you’re prepared to risk to see if you can do it better with data. Would you spend 20% of the upside to generate the return? 50%?
Identify a discrete standalone opportunity that you use to test your hypothesis. Trying it out on a small sample basis allows you to improve your confidence in the likely outcomes without betting the farm. The return on a small scale may be lower (there’s efficiency with scale), but with the learnings from the initial project you will feel emboldened to take a step to the next stage.
Work with a partner to reduce risk
At Data Markets Inc, this is the process we work through with our clients. Often they face what feel like intractable business problems that they accept as the friction of doing business. With our resources and knowledge of data and data technology, we help them test new ways of doing business that gradually moves them to a data-driven environment.
We’d love to help you too. Contact us to find out how we can help you with your specific challenge.