We live in the data age. Every self-respecting digital business now has more information than ever about its activity, its customers and its environment. And all that information is the engine behind many innovations and decisions that translate into more sales and better results.
But so much information can also be a burden. At least for those companies that don't have a good data strategy to actually get value from it. This seemingly trivial problem is one of the biggest obstacles most digital businesses face: their data overwhelms them.
Collecting, managing and analysing data is no small matter. Although it may seem straightforward, it hides many dimensions that need to be handled strategically. And that requires proper preparation.
Today we want to talk about exactly that — Data preparation. For us at Boost, it's the foundation of any effective data strategy. A preparation that needs to be just as strategic, if not more so, than the decisions that will be made from it afterwards, and that needs to be managed carefully. We explain all the key points in this article.
When we talk about Data preparation we're referring to all the initiatives and actions taken to lay the groundwork for a good data strategy. In short, it's the sum of the different decisions a digital business makes to bring order to its data and establish the foundations of a solid strategy.
Data preparation doesn't take a single specific form. It's a strategic process completely adapted to the needs and reality of each business. The preparation required for one company's data can be entirely different from another's. But one thing is certain: every Data preparation has implications for the business.
In the digital world, simply having data is not enough. It's essential to know how to use that data and make sure it actually adds value to the overall business strategy. And that's precisely why Data preparation is so important:
More relevant data and analysis — Laying a strong strategic foundation through data preparation is key to truly understanding the analytical needs of your business. Which metrics matter? What should your results reports look like? Data preparation helps you design a system 100% tailored to your needs.
More accurate data and results — Good data preparation also increases your confidence in your data. In fact, this process can help ensure that the information you rely on truly represents reality and is trustworthy for your business.
More strategic and impactful decisions — If you lay the foundations of a good data strategy, the decisions you make will have greater impact on your business. When your data is relevant and trustworthy, it will genuinely add value to your day-to-day work.
Everyone who works in the digital world knows what preparation implies: time. Time to review our current processes, time to evaluate the quality of our data and, above all, time to design a truly useful strategy.
Although each business's Data preparation is different, any preparation worth its salt must follow these stages without exception. All of them are key to making the whole process genuinely beneficial:
Where does your data come from? Who is providing you with that information? Can you trust it? The way you collect your data is more important than many people think. The well-known Data collection defines the overall success of your data strategy because that's where everything starts.
To ensure your data is trustworthy, it's essential to analyse its origin in detail. Although we all tend to trust the tools we use (or our own data), many of us would be surprised to find that this data isn't always reliable.
In summary, the first step in preparing your data is to stop and analyse what data you currently have and where it comes from. This will allow you to know whether the attribution is correct or whether you're basing yourself on something imprecise.
Now that you've analysed and evaluated the origin and reliability of your data, it's time to start examining each piece of data individually: are these really the metrics that matter for your business? Are they properly integrated with each other? Is there anything that doesn't add up?
Data exploration involves investigating the suitability and usefulness of your data for your business, as well as its quality. We often rely on data that, deep down, isn't optimal for the nature of our business. And it's up to us to change perspective and start thinking about a different kind of data.
There are 4 key criteria for knowing if your data is of quality and useful for your business: reliability, relevance, accuracy and coherence. Every time you review the information at your disposal you should measure it against these four criteria. If they pass, you can trust them!
In order to progress in your Data preparation you'll need to learn to let go of a lot of data that doesn't add value to your overall strategy. We often tend to accumulate information "just in case" and in reality we waste resources and time with that mindset. That's why Data cleansing is so important.
The process of eliminating inconsistencies and duplications is extremely important for your analytics. Less is more, and the more precise you are about the data you keep and prioritise, the better results you'll get when making decisions. That's been proven.
And we arrive at the final step: turning your data into useful and valuable information for your business. Part of preparing your data also involves finding a way to "translate" raw data into insights for making strategic decisions.
The way you integrate your data, combine different metrics and visualise them is vital for your business. If you're genuinely able to make your strategy reflect your company's reality in an actionable way, that's when you'll truly be able to make decisions with a positive impact.
Designing a good analytics dashboard will help you do exactly that: combine key metrics and clearly and intuitively visualise what's happening in your business (and any emerging trends). That's precisely the ultimate goal of any data strategy.
It's time to bring order. It's time to start thinking about your Data preparation before jumping into new strategies or data analyses. The first step towards your business continuing to grow is to lay the foundations of a reliable, quality data strategy.
At Boost we're experts in Data preparation. In fact, we design strategies and solutions tailored to each business, identifying those areas for improvement in the way they handle their data.
If you also want to start building on a solid data foundation, why not reach out and let's get to it?
You have approved the budget, designed an incredible ad on Meta or Google Ads, and the CTR (click-through rate) is the envy of the industry. But when you...
You have invested thousands of euros in acquisition campaigns. You have made the user fall in love with your product, add it to their cart and... at the...
Artificial intelligence has gone from being a technological promise to becoming a key element in many business decisions. When AI enters the...
