Whilst manipulating and investing in data has its’ own benefits, there are certain pitfalls that organisations need to watch out for. For example, if your proposal isn’t focused on business value, then people will quickly lose faith, and whatever investment you have will quickly be lost. The implementation of data strategies can take up to three years to build, and lots of companies don’t have the long-term investment focus to really build the foundation, infrastructure, skills and capabilities that is needed for a project of this size.
For instance, one of our clients did a brilliant and wonderful job of building out a fantastically detailed planning dashboard that was being used right up to the senior leadership level, but it was being fed by 250 individual spreadsheets in the back end. Much like a swan, the tool was beautiful and sophisticated on the outside, but there was a lot of frantic swimming going on underneath the surface. If you don’t have the right foundations in place, it could easily become something that will trip you up on your data journey.
Additionally, you will need to ensure that you have the correct processes in place to ensure that the data is handled in a regulatory compliant way, in accordance with GDPR and other data laws. If you do not have sturdy and law-abiding practices, you could face serious consequences. Whilst you’re on your journey towards utilising and manipulating data, ensure that you’re aware of the regulatory requirements throughout all steps of the process.
By considering the above guidance and adopting the correct strategies early, your organisation could benefit massively by integrating the use of data into your business plans and practices. It could result in a better understanding of the market you are selling in, the consumers you’re selling to and which products are the most successful and where.
If you would like to join the next ‘Future of’ in the TMT sector event, please email Sarah.Noel@KPMG.co.uk who will add you to the invitation. The events occur monthly and will cover different relevant topics each time.