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From Data to Wisdom: 20 Insights for 20 Years

February 1, 2021


If there is one thing that has remained constant over the past 20 years, it is change. Disruption may be a word that has come up more frequently in the past year, but the truth is that change has always been present: it is just a question of how it presents itself. As a result, the idea of “Adapt Evolve Thrive” has become a requirement for any business looking to find success and create a smarter, data-driven strategy.

 

After 20 years of experience in turning data into expertise, we have proven that there is enormous value and frequently untapped growth potential in leveraging data and analytics to inform intelligent decisions. In celebration of Analytic Partners’ 20th anniversary, we are sharing key insights we have found to be the most impactful in our “20 Insights for 20 Yearse-book and video. The video features members of our team from across the globe and one special guest star, marketing industry expert and virtual professor, Mark Ritson.

 

The topics covered range from organizational adoption and how to unleash the power of buy-in, to the critical importance of holistic measurement and simulating potential outcomes. These are insights that we have taken from theory into practice, with many laying the foundation for our own work, including the latest evolution in measurement, Commercial Mix Analytics.

 

These learnings are not only for those who are deeply embedded in the world of data and analytics. They are for every business leader committed to evolving their strategy and filling in the gaps that traditional measurement often leaves wide open. Read on for a sneak peak of the insights:

 

Unleash the incredible power of buy-in

You may have the greatest insights from the most pristine data and sophisticated analytics but without buy-in across your organization, the impact will be severely limited. In fact, our ROI Genome shows that organizations that drive buy-in and adopt data driven decisioning are able to achieve 5X the growth versus those that don’t. Unleash the incredible power of Buy-In for your organization by being relevant to the audience, investing the time to be transparent, educate and inform, and ensure cross-functional stakeholders are involved from the start to define goals and ongoing to demonstrate successes and deliver value continuity.

Source: Analytic Partners ROI Genome, 2020

 

Don’t get drowned in data

Data has never been in more abundance than today. However, it is very easy for businesses to become overwhelmed with managing the vast quantities of disparate data which need to be cleansed and connected to deliver real value. This has become an increasingly complex challenge with data deprecation given privacy concerns, government legislation and walled garden data access limitations. To address this challenge, it is critical to evaluate data for privacy compliance, robustness and accuracy and ensure it aligns to actions and decisions. Don’t get drowned in data, instead audit and augment your data to support your measurement and actionable decisioning.

 

Be present

We have seen change in consumer behavior and a strong lift in ecommerce vs. brick & mortar retail. The key difference in ecommerce today is that many brands are leveraging ecommerce to stay connected with their customers, and offer great flexibility with additional shopping options (buy online, pick up in store/curbside, etc). As a result of becoming more omnichannel, many businesses have strengthened their position by stemming losses or delivering growth and stronger ROI. In fact, our ROI Genome has identified and quantified that higher levels of physical or digital presence can lead to 32% higher returns. So whether you’re a retailer, a manufacturer, or a service provider, improving the quality of or access to your website, or adding delivery and/or pickup offerings all bring strong value to the business and can be quantified within your holistic measurement.

 

Source: Analytic Partners ROI Genome, 2020

 

Ready for more? You can access all 20 insights by downloading the e-book, or hear directly from our team by watching the video.

 

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