It’s not analytics that challenges marketers, rather it’s data. And specifically, data management and data mining.
IDP delivers data-driven marketing solutions that focus on ‘invasive’ data management and deep-dive data mining. These are the foundations to data-driven marketing and the tools that empower marketers to anticipate and engage customers; to reward loyalty; and to retain loyal customers longer.
It’s an absolute myth that you can send an algorithm over raw data and have insights pop up. — New York Times, Aug 2014
Deep-dive analytics are the crown — the tip of the analytics iceberg. Supporting the crown are largely hidden data management processes that represent 75% of the analytics process. These include joins, sorts and aggregations, that easily include several hundred million data rows — significantly impacting the time required to generate analytics. If the analytics process takes eight hours, then analysts spend six hours preparing data; and only two hours on actual analytics.
Data Management — Challenges
Effective use of customer and transaction data is a competitive weapon. And marketers rely heavily on specific-purpose analytics for targeted campaigns. And yet, marketers fail to get the deep-dive analytics they need. Both the volume and velocity of data challenge marketers. It’s also true that many marketers aren’t even sure of the data they have. They don’t believe they have the data they need; and much of what they have, they question the quality. Or they can’t access.
Far too much handcrafted work — what data scientists call ‘data wrangling’, ‘data munging’ and ‘data janitor work’ — is required. Data scientists spend from 50% to 80% of their time mired in this mundane labor of collecting and preparing unruly data, before it can be explored for useful nuggets. — New York Times, Aug 2014
Another challenge stems from business analysts who lack data management skills. They’re not trained in deep-dive data mining, or managing complex data. So they create error-filled or incomplete reports. The roadblock isn’t analytics, but efforts needed to integrate data into actionable analytical data sets –- data sets used to generate analytics. And there are tons of roadblocks: data is fragmented; there’s no linking data across channels; data quality is poor. And, of course, data management is ‘janitor work’!
Vendors are pushing ‘Data Lakes’ and ‘Data Reservoirs’ but in reality, many organizations end up with ‘Data wasteland’ or ‘Data puddles’ of non-integrated siloed datasets. — ET Tech, Nov 2017
As a result, marketing executives lose confidence in both the reporting and the supporting data.
Data Management — IDP
IDP removes the requirement that business analysts manage large data volumes or complex data structures — bridging the gap between data management and analytics — so analysts focus, not on ‘data munging’, but on making business recommendations from analytics.
A problem marketers run into is that they don’t have the skillset to understand and manage data… — Forbes, Oct 2015
At IDP, we manage those large data volumes with complex structures and integrate disparate data sources to build rock-solid analytical data sets. And we always collaborate with marketing to generate the right analytics that produce actionable, marketable results.