How to unlock trapped value with a data audit

Use data to make it easier for decision-makers to understand gaps and opportunities

The following is an excerpt from our latest eBook. Download the full version here.

Digital leaders understand that collecting, managing, and analyzing data is key to shaping effective business strategies. But here’s the challenge: getting real value from data can be tricky if it’s not easily accessible or properly used.

A big roadblock? Data silos. According to a McKinsey study, 80% of organizations admit that some of their departments work in silos. This makes it tough to align business and product decisions due to inconsistencies and errors in data. And it’s not just a problem for large organizations—any company, no matter the size, can experience data silos. When information from different tools and platforms—like CRM data, web analytics, and customer service logs—doesn’t flow freely between teams, valuable insights can get lost.

So what can businesses do to unlock more value out of data and align teams? Start with a data audit. Here’s our step-by-step guide for cross-functional teams to review data and determine business priorities:

Action 1: Begin with an overview of existing data analytics

Review web analytics, call center logs, CRM data, employee surveys, and other key channels to identify patterns such as top-performing pages, platforms with the best ROI on spend, and common customer experience issues. 

Real-world example of unlocking trapped value with data:

MissionSquare Retirement, a financial services company specializing in retirement benefits for public sector employees, noticed that its SEO was performing poorly and wanted SEO and analytics help to better improve its overall discoverability. Following a comprehensive site audit, Modus recommended SEO-driven content development and implemented analytics. The results? The number of organic sessions rose 34% and keyword rankings continue to improve, ensuring that the company’s services are more visible to customers looking for them. 

Action 2: Review the current state of user research

Web analytics only tells you the “how” of customer behavior but not the “why.” While web data is useful for understanding leading indicators such as top converting pages and top referral sources, this data doesn’t shed light on why one page or source is more effective than others. And it certainly doesn’t explain why people need a particular product in their lives or how they choose a product over others in the market.

Delve into any existing user research to find answers to your team’s questions about customer behavior and note any gaps in knowledge. These deficits are good fodder for follow-up research, which may give further insights into potential product ideas.

Action 3: Evaluate whether your current tech stack meets your data needs

With 89% of global IT professionals reporting that they waste time each week wading through their current tech stack, software bloat interferes with the ability of employees to work efficiently. After doing an inventory check of the current state of your data, it’s time to audit your tool stack to assess whether changes need to be made. Are there unexplored features, AI or otherwise, that could help raise productivity? Are there tools that can streamline inefficient workstreams? Are there any redundant tools you could trim out to reduce noise and improve reporting?

Want to keep reading? Download the Adaptable by Design PDF today and start adapting for what’s next!