Data Democratisation: Why it’s Important
Data democratisation is one of those phrases you’ve probably heard bandied about over the last few years, but do you know what it really means? While you might not realise it, data democratisation is one of the most important marketing developments of the 21st century and it has the potential to transform any organisation or marketing strategy if you understand the implications.
What is data democratisation?
Back in the day, data used to be accessible only by analysts who would crunch the numbers from an organisation’s interactions and then come up with their insights, which would then be used to make changes in an organisation. Nobody would know whether these changes were effective until the next set of numbers came in and were analysed and the results presented.
These days, we can all gain access to data and much of the analysis side of things is carried out by software platforms, in real time. The ability for everyone to have equal access to data has given rise to the idea of data democratisation in organisations.
Why is data democratisation important?
No longer is data in the hands of the select few, it’s accessible to everyone and this allows anyone to make informed decisions on behalf of their organisations. Data is especially important for marketing organisations as there’s now no need to wait until a campaign is finished before finding out the results, you can track your progress in real time and make changes on the go, maximising your chances of success.
With the development of analytics platforms, anyone can interpret data and make sense of it in a very real and practical way. Most importantly, this means that data can be used as a tool by every member of your organisation, not just the select few.
Benefits of data democratisation
Data democratisation has a number of benefits for marketers and marketing organisations. Here are just a few of them:
- Better insights into your customers. Knowing your customers is the cornerstone to any successful marketing strategy and with the right data you can gain more in depth insights into your target audience than ever before.
- Improve your customer experience. Offering a memorable experience for your customers is essential for the success of your organisation and using data helps you create a tailored customer experience that exceeds their expectations.
- Act quickly on information. Giving everyone access to real time data means that problems can be identified and rectified sooner rather than later, leading to a better quality of customer experience and more effective marketing campaigns.
- More cross-departmental co-operation. Better data from different departments makes it easier to facilitate co-operation between them. Greater transparency and co-operation in turn leads to greater effectiveness and better results for your organisation.
- Better cross platform and cross channel marketing. To be effective, marketing these days needs to be streamlined across different channels. The availability of data lets you easily see what is going on across different channels and ensure a consistent experience for your customers.
If you haven’t thought about how your organisation uses data, now is the time to consider the many and varied benefits of data democratisation. Across all platforms and different departments, data democratisation is a great tool to improve communication, market more effectively and create a fantastic customer experience.