Today, in the era of global digitalization and cutting-edge technologies, out of 85% of companies using big data, only 37% of them have been successful in data-driven insights. As a “digital capital” at the heart of digital transformation, data itself becomes a critical capability and pathway to realizing value from it. The time has come for every industry to start moving towards data-driving strategies, to unlock and capture information in a totally different way. The strategy of leveraging actual insights and intelligence from the already existing data via actionable data in order to generate value is gradually penetrating all company levels.
But how can we define “actionable data”?
Actionable data is accurate, insightful information that can provide an organization with insights that improve overall operational performance, reduce risks, enable faster decisions making, better real-time customer experience, and lead to better optimized business processes. By extracting real business value from the data it creates, collects and stores, the companies got the chance to look for the data they specifically need to generate the required value and, therefore, to fill their intelligence gaps.
Travel, warehousing, retail, finance, hospitality are among the key industries, where the leaders rely on actionable data to innovate, grow and gain competitive advantage. With these newfound and timely insights, businesses across industries do their best to fine-tune operational performance, build better customer experiences, as well as to lift sales and revenues to the completely new heights.
The main traits of actionable data
Accuracy. The data elements are correct, legible, and valid;
Accessibility. This data condition revolves around data/device modalities and user proficiency;
Liquidity. Data exchange and availability that ensure interoperability;
Quality. This category encompasses security, completeness, and data organization;
Organization. The ‘actionable’ dimension of the data that involves context, logic, semantic consistency, and updated taxonomies across organization.
What are the key characteristics of actionable data?
Actionable data is standardized, which means that it’s cleansed and features common terminology, making its analysis process less complex and more homogeneous. It’s predictive, illuminating patterns from the past that can foresee trends in the future. Preventive by nature, actionable data provides the foundation of evidence-based forecast. With it, the experts are able to find out which decisions and business solutions are the best and most cost effective ones. Actionable data is comprehensive. In other words, actionable data includes not only specific case data, but multi-sourced data from different departments, which allows for a more detailed picture of the business operations.
When leveraged wisely, the companies can considerably benefit from the actionable data use. Thus, in the field of marketing and sales, actionable data promotes deep and consolidated customer intelligence and allows complete funnel visibility, providing prompted insights for quick reaction. By ensuring seamless data flow across areas (OT, IT), it also contributes to the personalization at scale in consumer-facing businesses. As for operations and production, it can facilitate streamlined process for a greater efficiency and cost reductions, as well as boost innovations triggered by unveiled product flaws, just to name a few.
Ever-evolving innovative technologies help companies smoothly collect actionable data and generate valuable insights that, in their turn, enable them to adapt to the constantly transforming needs of the client's data projects and the volume requirements by capturing technology that ensures the data veracity. Likewise, actionable data helps the businesses meet with the velocity needs and provide continuous monitoring and real-time alerts.