Our Take on Common Data Challenges
It’s almost the end of 2021 and if we have all learned anything since the COVID-19 pandemic started is that reliability on digital systems, data, and artificial intelligence has proven to be not only effective but critical for businesses to survive and overcome the ongoing challenges emerging from new technologies and the increasing pressure for business to remain competitive.
I founded Predictive Data Lab in 2019. We were just getting our startup off the ground when unexpectedly, COVID-19 started to spread across the globe a few months later. Like many other businesses, we had to shift our business model and adjust, however, little did we know that this environment would represent an opportunity for us to use our intelligence tools as a helping hand for our clients to do the same.
Because of COVID-19, we have been able to help other businesses to modify their strategies analyzing data, transitioning into e-commerce, and building customer profiles to target the right audiences and evaluate market opportunity segments allowing them to thrive in the midst of a “new normal”.
However, we are not here to talk about ourselves but to share a few of the most common challenges we have seen while working with our clients when it comes to data and how we have been able to help them.
1. Insufficient Data
In some instances, we work with small and medium businesses that don’t necessarily have sufficient data available to evaluate their target market or build their customer ideal customer profiles. However, that doesn’t necessarily represent a problem for us. When we work with these kinds of clients, we use what we call our “Intelligence Hub” which is a unique tool we have created with more than 10,000 data points feeding on different third-party data sources in real-time. Using the Intelligence hub, we can build a database specific to the client needs and customer base from scratch to develop buyer personas, customer segmentation studies, and identify key attributes and customer behaviors.
2. Data Paralysis
If not having enough data sounds like a problem, now let’s talk about having too much data. This is also a pain point we see quite often with our clients. When this is the case, we can take the client’s data, sort it and store it in one place where it can later be enriched with our data as an additional layer of information so we can have a comprehensive picture of that particular market and produce an analytical dashboard to visualize the data in a way that is easy for the client to use and understand.
3. Dirty Data
If you use a CRM system or any other database system, which you probably do, you know how challenging can be to maintain accurate and timely data. Dirty data refers to duplicate records, non-integrated data, missing information, non-formatted data, or any other form of inaccurate data that can skew the way you analyze and understand your data. In these situations, we can help the client by sorting and cleaning up their data externally as part of our segmentation study, allowing us to uncover any gaps.
4. Data Integration
This is a big one. With so many different apps and sources collecting data, clients sometimes get overwhelmed and don’t know how to merge everything in a way that makes sense to track KPIs and measure specific metrics. In these cases, we help the client to see the big picture by gathering all their data sources and creating what is known as a data lake, which is essentially a storage repository that holds a vast amount of raw data in one place. From there, we can analyze and visualize massive amounts of information more effectively.
5. Lack of Knowledgeable Professionals
Finally, to run these modern technologies and large Data tools, companies need skilled data professionals. These professionals will include data scientists, data analysts, or data engineers to work with the tools and make sense of giant data sets. Because data handling tools have evolved rapidly, companies need to take actionable steps to bridge this gap.
If you are experiencing any of the challenges above, perhaps you should consider hiring an analyst to join your team or use a company such as Predictive Data Lab to outsource this portion of your business into the hands of experts who can help you navigate the world of big data and analytics.
For more information about working with Predictive Data Lab and the services we offer, don’t hesitate to contact our team today. We’ll be happy to discuss any questions you have and help you to achieve your goals in the upcoming months.
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Carlos Casas De La Garza
CEO & Principal Analyst
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At Predictive Data Lab, we are passionate, data-driven professionals who love to find solutions to complex problems. We focus in providing key solutions in your data, research and analysis. At our core, we are educators and partners.