Harnessing the value of data
Monday, 9th March 2015
Complimentary Whitepaper Download: Harnessing the power of data
There is more digital data available about customers than ever before. Customers protect their data when they don’t benefit from disclosure, but are happy to share to enjoy a more tailored, personal experience. When combined with other relevant data sources, marketers and analysts face a deluge of data.
What is in very short supply, however, is people with the skills to ask the right questions, manipulate the data, and extract meaningful insights quickly and efficiently.
This white paper identified four distinct skills needed to implement a data strategy effectively: marketing, analysis, coding and communication. These skills aren't commonly found in any one individual, however, they need to work together seamlessly for a business to use their data effectively.
Australian businesses have struggled to hire analysts with the right mix of skills. Few programs currently teach both analytical and marketing skills. Graduates therefore need additional training before they can fill existing vacancies, greatly increasing the lag between graduation and having the relevant experience required.
With few experienced analysts to go around, no one has time to train others. Businesses need these skills now, and can't wait for graduates to get up to speed.. Looking overseas for talent hasn’t provided a quick solution either, with governments tightening visa restrictions. Those organisations with talent on board are working hard to retain these highly-sought-after professionals.
Australian employers are thinking creatively about ways to fill the skills gap. Two solutions being used both involve cross-training people to develop analytical and marketing skills.
The first model is similar to that used by graduate intern programs; where staff rotate between analytical and marketing roles, getting hands on experience in both areas.
The second model provides data analysis using a federal structure. This scenario sees the data analyst sit both within the business and within a project office. They hone analytical skills as members of the project office, and learn about the business when they are assigned to projects.
Both models offer opportunities for learning from experienced professionals. By broadening roles to include detailed technical work, as well as bigger picture analysis, data analysts will be able to identify opportunities for business to learn quickly from the flood of data.
Although a talent shortage will persist for some time, cross-training employees through hybrid roles and merging marketers and analysts can help relieve the immediate shortage.
This whitepaper is a result of the experience, ideas and thought leadership generated by the ADMA data expert group.
The paper examines:
- What data looks like today
- The opportunities and challenges organisations face in extracting value from their data
- Where responsibility for data sits in an organisation, and how to create a data strategy
- Ways to activate your data
- How to leverage your existing assets, both IT and people
- The skills and experience needed by those implementing your data strategy
- Why there are so few data analysts and ways to get around the talent shortagy
- Ways to encourage a test-and-learn culture