Are you getting the most out of your data?

In an era where data shapes marketing strategies, leveraging all your available data to the fullest is not just a competitive edge—it's a necessity. Companies that harness the power of their data effectively can unlock substantial growth potential, as evidenced by those we've partnered with who have seen revenue increases of up to 20%. However, one of the often overlooked yet critical elements in achieving such results is data harmonization—the process of aligning and integrating data from disparate sources into a cohesive, actionable format.  

In this blog, we delve into why understanding and implementing data harmonization is essential for optimizing marketing performance, ensuring that your insights are both accurate and impactful. Without it, even the most useful data sources cannot be connected for combined insights, leaving valuable opportunities untapped. 

Leveraging combined data for superior insights 

The integration of data from diverse sources—such as brand equity, pricing, assortment, new markets, distribution, and media—unlocks deeper insights that provide us with a better understanding of market dynamics.  

Let’s consider the topic of Promotion evaluation. The most basic analyses use sell-in data for the promotion period and perhaps a comparison to baseline sales. But to more effectively analyse if a promotion had the desired effect, we would also need to include market information (sell-out) data to compare the performance of competitors. Another source might be internal financial data with information on profit margins for each SKU; indeed, there are multiple sources that could be included, from marketing support (flyers) to external data such as macro-economic events or seasonal holidays. Many analyses can be improved by combining data sources however this can create challenges of its own. 

Connecting data sources onto a single platform

The importance of data harmonization 

When you know you want to combine different data sources, you need to think about how to do this – starting with data harmonization. 

Data harmonization is the cornerstone of any successful data strategy. This process involves integrating and standardizing data to ensure consistency and comparability. When data is harmonized, the accuracy of insights is significantly enhanced because it reduces errors and discrepancies that often arise from inconsistent data sources. Additionally, harmonized data simplifies operations by streamlining data management processes, saving valuable time and resources that can be redirected towards strategic initiatives. 

A practical example is that not all data sources have the same time periods. Let’s say your sales data is weekly, but your marketing spend internal data is on a calendar month basis. You will need to align and harmonize the data sources so that the combined view of both sources uses dates in a correct way. If this is not done, you risk data discrepancies which can result in incorrect, unreliable conclusions. 

Overcoming digital data challenges 

You would think that in the current day and age – with a lot of data being digital – that digital data challenges would be easy to tackle – but nothing is further from the truth. The increasing volume and complexity of digital data present significant challenges for businesses. 
 
For example, how do we manage different data pipelines? Who governs those data pipelines? Where is the data stored and how? How do we make it available for (end) users and with which interfaces? How do we prevent ‘mushrooming’ (building more and more data views) and instead focus on the ‘single source of truth’ and achieve the best insights? 

Even combining E-commerce data sources, which can be from different retailers with varying formats and standards, is not so easy without properly having thought out a data structure. Even with forethought and planning, businesses must ensure that they are continuously optimizing their strategies, so that they evolve in response to changing market conditions, changes in data sources as well as the needs for data exposure to platforms such as Tableau and PowerBI. Seamless system connectivity and robust data governance are also crucial, as they ensure that data flows smoothly across the organization and that its integrity is maintained at all times. 

Data Pipeline

Has your company thought enough about harmonizing its data sources? 

Connecting your data sources and effectively harmonizing your data is a strategic imperative for any business aiming to thrive in today’s data-driven world. By embracing a robust data framework and leveraging advanced analytics, you can unlock the full potential of your company’s data, driving better insights, optimized strategies, and improved performance. 

We invite you to join us for our upcoming podcast: How to get the most out of your data where our industry experts will explore these topics in greater depth and demonstrate how our solutions can help you maximize your revenue. Don’t miss this opportunity to take your data strategy to the next level - register here to get notified when the podcast is available.

Our robust data framework 

ScanmarQED solutions offer a robust data framework designed to optimize data management and analytics. We start by cleansing and enriching raw or processed data to ensure that it meets the highest standards of quality. This cleansed data is then fed into our automated pipelines, which enable near real-time processing, ensuring that insights are both timely and relevant. Leveraging advanced analytics techniques, such as machine learning and artificial intelligence, our framework delivers high-performance analytics that empower businesses to make smarter decisions faster. Additionally, our solutions are designed to integrate seamlessly with existing systems and popular third-party tools like PowerBI and Tableau, ensuring that businesses can maximize the value of their data without disrupting their current workflows.