4 Ways the Tandem Theory Data Sciences Team Enables Smarter, Data-Driven Business Decisions
There is an unfathomable amount of data generated every second. So much data is being produced globally that the IDC forecasts the Global Datasphere will grow from 33 zettabytes in 2018 to 175 zettabytes by 2025. Translation: That’s more than four times the amount of data that exists now. It’s basically the equivalent of 1.75 trillion movies in 4K resolution.
According to a Streetfight article, marketers will spend $15 billion on data in 2019 alone, equaling about $50 per American.
With this proliferation of consumer data and dollars spent on it, organizations need to make sure they have an elegant analytics solution in place that places them at the forefront of this data analysis movement, positioning them to take full advantage of it.
That’s where we come in. Let’s talk about some common misconceptions – and conspiracy theories – surrounding data, and how our Data Sciences Team addresses them:
Conspiracy Theory: Our organization doesn’t have proper access to our own data.
Tandem Truth: We believe in transparency. Your data is yours.
Your data is your data – simple as that. And even the most actionable data is a waste if its owners don’t have transparent access to make use of it. That’s why we’re not in the business of concealing results or hiding data in black boxes. Because with so much consumer information becoming available, turning it into actionable insights won't be possible if there's a lack of transparency occurring.
Conspiracy Theory: Agencies share results infrequently.
Tandem Truth: We give you real-time, 24/7 access to results.
Consumers are embracing real-time, personalized engagement and resetting their expectations for data delivery. They expect products and services wherever they are, over whatever connection they have, and on any device. They want data in the moment, on the go, and personalized. IDC predicts by 2025, 30% of the Global Datasphere will focus on real-time interactions.
Brands looking to provide superior customer experience and grow share must have data infrastructures that can meet this growth in real-time data. According to The Digitization of the World, today over 5 billion consumers touch data every day. By 2025, that number will be closer to 6 billion, or 75% of the world's population and each connected person will have at least one data interaction every 18 seconds.
That’s why we don't just give you access to data when we're on a weekly or monthly reporting call. We give you real-time access, all the time so you can better meet your customer at their point of need.
The era of spreadsheets is over. You deserve more than reports delivered on static spreadsheets and slides. Having real-time access to results helps decision-makers move quickly on strategic and testing initiatives.
Conspiracy Theory: Data is too difficult to understand, so I can’t reliably create personalized offers for my customers based on it.
Tandem Truth: Our tools empower your team to explore, understand, and apply insights.
Knowing how to leverage insights from customer data is important because it allows you to offer added value to your customer. It helps you understand them, and the best way to communicate, market, and advertise to them. Once you understand their needs and wants, you can effectively craft offers to entice them, and thus boost sales.
This personalization is morphing into consumer expectation. Salesforce discovered that 62% of consumers expect companies to send personalized offers or discounts based on purchase history.
In order to deliver these insights to you, we do the heavy lifting on the back end so you have the space to explore opportunities on the front end. With real-time, uninterrupted, transparent access to data, your decision makers will be empowered with rich datasets and visualizations needed to make impactful and efficient business decisions.
Conspiracy Theory: More data means more insights.
Tandem Truth: Relevant, deep customer data leads to valuable insights.
The Economist Intelligence Unit surveyed 600 executives and found 85% of them thought the biggest hurdle to unlocking value from data was analyzing and acting on it – not grappling with the sheer volume. Gleaning the insights from the data is what makes data valuable.
At Tandem Theory, we’ll help you gather the right data, then explore and make sense of it. Whether through testing recommendations, insight sessions, advanced modeling techniques, or other analytical pursuits, our Data Sciences team is ready to help you answer the most pressing questions about your customers.
For more details on how Tandem Theory can help your business transform and accelerate your marketing analytics, send us an e-mail at firstname.lastname@example.org.