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Getting Data Strategy Right
Having an (R4) Data Management Strategy that delivers Better Business Intelligence is the cornerstone to unlocking powerful insights and opportunities that can drive growth and efficiencies for today’s intelligent businesses.
Read on to learn how one FMCG client’s journey navigated the intricacies of aligning data management objectives to business goals; ensuring data acquisition and utilisation links to and improves business decisions to foster growth, efficiency, and gives a competitive edge; all while saving £5 million per year on data spend.
A multinational FMCG client was grappling with significant challenges when it came to utilising the data they bought from the likes of Nielsen, IRI/Circana, IQVIA, and countless smaller local and speciality (e-commerce) data providers.
Despite the corporate mandate of being a data led organisation and to ensure data is the centrepiece for strategic decision making, costs were escalating, complexity increasing, and even getting basic reporting ‘right’ in a timely manner seemed almost insurmountable. All while there was an ever increasing onslaught of data from (big and small) providers alike.
“We had more data than we knew what to do with… we were data rich but insight poor…” – No one was happy with the data and value that we received from the expenditure. Simply put, there was not a very good return from a very significant investment.
Disappointedly, there was…
Implementing the Wessex Data Management Strategy began with a comprehensive approach starting with understanding the business ‘objectives’ to determine appropriate data ‘objectives’
Understand business objectives to determine data objectives
Conduct comprehensive data audit in each market
Review markets where a change of supplier is possible
With a fact- and needs-based Data Management strategy emerging, we conducted a comprehensive full ‘audit’ in each market to ‘know’ precisely what we had and didn’t have, data wise.
A ‘review’ of data suppliers market by market helped illuminate where changes to, and with providers might be possible in the short-, mid-, and longer-term.
OBJECTIVES: In-depth discussions to understand in practical terms the business objectives by brand, category, business unit, and ultimately corporate-wide, were undertaken with key personnel at local, regional, and global levels.
Delving into the similarities and differences in objectives across the various teams gave us a comprehensive understanding, as well as an independent assessment of alignment.
Engagement and involvement with the Country Managers, Finance teams, and Regional and Global leadership were key to inputting and crafting a now informed ‘data framework’ that became an integral part of the overall Data Management Strategy. This strategy reflected the real needs of the business – no more, no less!
AUDIT: Armed with this insight, we audited data availability, granularity, frequency, delivery, and a host of other aspects to provide a thorough and panoramic view of the current data subscriptions; highlighting where there was too much and/or too little.
REVIEW: We reviewed data suppliers market by market, and rolled up to Categories and Business Units, as well as Regionally and Globally. Looking at the most granular levels, our review helped us identify where and when we could begin implementing our Data Management Strategy. Ultimately, we made some hard decisions on priorities, based on both strategic and financial importance across the various business levels.
Perhaps most importantly, there was the justification for each data dimension and how it linked to and supported the various business objectives. Reviewing the data availability and contract terms against the overall objectives culminated in strong fact-based strategic changes, that put us on our way to Better Business Intelligence, as well as saving £5 million in data costs.
By enhancing the relevance and quality of data purchased from data providers, now aligned to business objectives, we ensured the right data was delivered in a timely and accurate manner. Our client was then able to swiftly assess the strength of a key new product launch in the market; identifying which of the SKUs were achieving initial expected trial and repeat, and which were not. This was incredibly helpful and directly impacted the decisions to quickly drop the ‘dogs’ and redirect spend behind the ‘stars’, contributing to achieving the growth objectives for this flagship brand line extension.
An end-to-end solution to getting ‘Data Management’ right for Better Business Intelligence – (R4):