Strategic Data Management is a methodology that embraced by the most successful companies in the world. This approach is considered the most effective solution to managing the increasingly vast amount and diverse data that is available in today’s society. More importantly, Strategic Data Management allows organizations to successfully leverage this big data to gain a competitive advantage over companies within their industry. The key to this ultimate success lies within the development and refinement of an organization’s core competencies.
In order to fully realize the success that can be achieved with Strategic Data Management, an organization must understand and employ each of the processes associated with this methodology within the boundaries …show more content…
Companies have celebrated successes in form of increased profits, decreased costs, and mitigated risks due to this initiative. According to the Information Age survey referenced in “The Data Asset: How Smart Companies Govern Their Data for Business Success”, 32% of companies cite risk mitigation as the primary reason for enabling quality data management within their organization. Secondary to that, cost control received 24%, revenue optimization was at 14%, and other reasons captured 24% of the respondents vote chief reason to implement Strategic Data Management . Each of these areas can prove to be a key differentiator amongst the …show more content…
One area that is likely to see an increase in their return on investment is the marketing department. Marketing can be one of the most significant core competencies for an organization. Since the onset of the information age and digital revolution, a multitude of industries have experienced increased competition due to lower barriers to entry. However, companies that are able to successfully market to their target demographic can see an increase in the number their new and loyal customers. With an increased number of competitors in the same industry, who are able to offer similar products or services, the only thing that will allow an organization to become an industry leader is their ability to remain relevant within the market. This relevancy is developed through successful marketing campaigns that are able to target the appropriate demographic with offers that are customized to their needs. This process can only be achieved through Strategic Data Management. The marketing business unit needs to have clean customer data that enables them to reach their target without overwhelming the recipient with multiple offers or offers that are not applicable to
In order to fully realize the success that can be achieved with Strategic Data Management, an organization must understand and employ each of the processes associated with this methodology within the boundaries …show more content…
Companies have celebrated successes in form of increased profits, decreased costs, and mitigated risks due to this initiative. According to the Information Age survey referenced in “The Data Asset: How Smart Companies Govern Their Data for Business Success”, 32% of companies cite risk mitigation as the primary reason for enabling quality data management within their organization. Secondary to that, cost control received 24%, revenue optimization was at 14%, and other reasons captured 24% of the respondents vote chief reason to implement Strategic Data Management . Each of these areas can prove to be a key differentiator amongst the …show more content…
One area that is likely to see an increase in their return on investment is the marketing department. Marketing can be one of the most significant core competencies for an organization. Since the onset of the information age and digital revolution, a multitude of industries have experienced increased competition due to lower barriers to entry. However, companies that are able to successfully market to their target demographic can see an increase in the number their new and loyal customers. With an increased number of competitors in the same industry, who are able to offer similar products or services, the only thing that will allow an organization to become an industry leader is their ability to remain relevant within the market. This relevancy is developed through successful marketing campaigns that are able to target the appropriate demographic with offers that are customized to their needs. This process can only be achieved through Strategic Data Management. The marketing business unit needs to have clean customer data that enables them to reach their target without overwhelming the recipient with multiple offers or offers that are not applicable to