6 Strategies to Maximise Company Data ROI

Introduction

Did you know 56% of CEOs don’t trust their data? Imagine the impact that kind of distrust has on decision-making.

At Matatika, we understand that leveraging your company’s data effectively is key to staying ahead in today’s competitive landscape.  Through these six tactics below, companies are cutting costs as well as rapidly transforming their data availability, data accuracy, and cost-efficiency.

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Map out your strategy

A good strategy begins with a clear understanding of where you are now – Situational Awareness. Oftentimes, this understanding is most fractured between the technical and operational teams because they seem to speak different languages and seem to have opposing motivations. This is particularly challenging in data because of the invisible nature of the systems and dependencies involved.  In our experience, this one “where are we” communication device has a disproportionately positive impact on a company’s data strategy.

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Optimise your Data Supply

We constantly meet leaders who are struggling to justify their current data strategy with poor outcomes and high costs from analytics teams, data engineering teams, cloud resources such as Azure, and data warehouse resources such as Snowflake. Before buying yet another tool or launching into an overhaul, reconsider your company data objective and whether you have the seamless data supply needed to achieve it.

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Adopt a Platform Approach

The powerful benefits of seeing all your data in one place are quite obvious, but what’s not as obvious is the importance if  being able to manage all your data through one central system designed around accuracy and real-time collation. One solution for data management requirements such as ETL (extract, transform, load), with a robust and versatile set of  tools  to solve common and unique problems, reduces the potential for unique problems that distract your team. By removing custom code, custom scripts, and siloed solutions in favour of a platform approach – you create a far stronger foundation for accurate insights and growth-driven iteration.

We think it is vital that your chosen platform doesn’t end up becoming a limiting factor itself, for example, integration capability with your current and future tools is a key consideration and you don’t want your data engineers spending their time building platforms when technology solutions like Matatika exist in the market.

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Focus your data teams on the business

Focusing on a single version of the truth, where all company data is available and used to support strategic decision making, is a common goal amongst many business leaders.

The benefits of this approach are clear and manifold:

Improved Decision-Making
Leaders can make more informed decisions, identify trends, spot opportunities, and mitigate risks more effectively.

Enhanced Efficiency
A unified data view helps streamline processes by reducing data silos and ensuring that all departments are aligned.

Better Resource Allocation
By understanding the full picture of the company’s operations and performance, leaders can ensure that resources are directed towards the most impactful areas.

Increased Agility
With real-time data access, companies can quickly adapt to market changes and respond to new opportunities or threats.  This agility is crucial in maintaining a competitive edge.

Improved Customer Insights
A single view of data allows for a deeper understanding of customer behaviour and preferences – leading to improved
customer satisfaction and more effective marketing strategies.

Enhanced Compliance and Risk Management
Having all data in one place makes it easier to monitor compliance with regulations and manage risks. This reduces the likelihood of legal issues and financial penalties.

Boost Innovation
Access to comprehensive data can foster innovation by providing insights that lead to new product development or process improvements.

A common trend among leaders we speak with, is a move towards analytics teams responsibility in the line of business and IT responsibility for data supply. We think this is a very natural progression as data technology matures. Strategic cloud choice; Performance; Accessibility; Security and disaster recovery; Scalability: and Cost efficiency are all well understood in the IT organisation. Vice versa, the leaders and lines of business know the business best.

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Enhance business intelligence (BI) capabilities with AI

Interest in Generative AI technologies, such as Chat GPT, have grown tremendously throughout the past 18 months. Its utility in Business Intelligence is becoming more clear with question answering, data summarisation, and other unstructured data processing techniques already delivering significant benefits.

When considering your data strategy, we think its key to recognise that all AI initiatives rely on the availability of accurate data.

 

If you’re still on the fence about AI benefits, invest in your data accuracy. In addition to unstructured data processing, leading data platforms like Matatika allow you to bring generative AI to life within user applications such as the Matatika Human++ browser extension. We think assistants such as ours that are able to securely deal with your sensitive company data are leading the way for businesses to benefit from Gen AI technology.

• Quickly summarise information to research faster.
• Get intelligent suggestions to improve productivity and, for example, support efficiency.
• Integrate generative AI into your daily work – because it’s connected to your company data.

This is in contrast to standalone/disconnected versions of LLM’s like the freely available Chat GPT, which can’t reference your internal company insights.

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Collaborate with experts who ‘do it every day’

Finally, our last tactic is to collaborate with experts who specialise in data. In our view, there is simply no substitute for people who work on these problems day in, day out. These are just a few of the benefits you can expect from an expert:

Knowledge and experience
Professionals who work with ETL tools daily bring a wealth of knowledge and practical
experience. We are familiar with best practices, common pitfalls, and the latest advancements in the field.

Customised solutions
Experts like Matatika can tailor solutions to meet the specific needs of a business. We can design and implement ETL processes that align with the company’s data architecture, business goals, and regulatory requirements.

Risk mitigation
Experienced professionals ensure data quality, security, and compliance – reducing the likelihood of data breaches or regulatory issues.

Time and cost efficiency
We can quickly identify and address issues, streamline processes, and avoid costly mistakes.

Scalability and future-proofing
Experts design ETL solutions that are scalable and adaptable to future needs – ensuring the data platform can grow with the business and accommodate new data sources and technologies.

Focus on your core business
By outsourcing data platform optimisation to experts, businesses can focus on their core competencies and strategic initiatives. This allows internal teams to concentrate on driving business growth rather than getting bogged down in technical details.

We believe data is the most valuable asset a company has, but only if it can be made accessible to authorised parties, trusted by all stakeholders, and understood by anyone.

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