~By Paul Harris, Sales & Marketing Assistant
Recently, Global-Z had the unique opportunity to speak with Gary Palmer, Director of Information Alchemy ltd, an independent marketing information consultancy and services provider which helps organizations take control of their data resource and extract from it maximum value through data-driven marketing and customer insight.
Gary works in the United Kingdom, and he has twenty years of experience in getting real business value from data resources. He spoke with us about the impact of bad data quality, information management and the future of data-driven business decision making.
We hope you enjoy our interview with Gary.
Global-Z: Why do so many organizations have a hard time starting a data governance program?
Gary: Part of the problem is that data is pervasive, and responsibility for it diffuses. Very few organizations have assigned a clear accountability for managing data. What they should be doing is finding the particular functions within the context of their own company and industry who stand to gain most or suffer worst according to the state of the data. Then they should back this vested interest with a strong official mandate to establish and maintain governance over this vital resource.
Global-Z: Has the European economy had a negative impact on businesses ability to finance and focus attention on data quality issues?
Gary: It has been proven enough times that firms who maintain marketing budgets are the ones that assume strong positions as the recession ends. Good data quality can enhance and unleash one of the few remaining sources of unique competitive advantage. After all, only you have your customer data. Sadly, the economic conditions have become an easy out for organizations wary of what is, to be fair, a relatively new discipline. The brave few acting now will reap the benefits.
Global-Z: Let’s pretend you are a CEO of a large direct marketing company, where would a data quality initiative fall in your list of business priorities?
Gary: Poor data quality is invariably a symptom of broken business processes – so fixing that would have to come pretty high. Then an initiative to leverage the potential of the cleaned data set to deliver unique customer insights has to lie at the core of strategy for any direct marketing driven organization.
Global-Z: In the future, how do you think data analytics and tracking will affect the consumers experience when buying products and services?
Gary: In the past, marketers have had a bad habit of using analytics to spot the next opening for launching new promotions or products. This is like talking to a person who is mentally rehearsing their next utterance rather than actually listening to what you are saying.
In the future, I hope we will see a switch to using tracking and analytics to genuinely listen to customers with the aim of readying the organization to service their expressed needs.
Global-Z: What is the most challenging part of your job?
Gary: The most challenging part of my job is overcoming the idea that data is arcane, nerdy, boring or not worthy of anyone’s attention.
Data is a resource inevitably generated by all organizations that can be a source of friction or fuel, heat and light. When data is used properly, it can turbo charge any organization.
Global-Z: What do you like most about your job?
Gary: I like seeing organizations discover and use new capabilities based on the clean, well maintained data resource they have after I finish a project with them!