Data collection and analysis is critical in business in 2022. Data drives everything from product launches to marketing decisions. The challenge many organizations face is how to turn raw data into actionable intelligence. Collecting data is the easy part. Data analysis takes more skill and precision.
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Enter disruptor Lars Grønnegaard, founder and CEO at Dreamdata, who explains to Karla Jo Helms, host of the Disruption Interruption podcast, that data isn’t useful until it is.
Lars spent decades working in product management, where he saw how business leaders apply data to operations. One thing he noticed was that data without context isn’t saying what it seems to say. Leaders were getting the wrong message from the data. Then he said, “THAT’S IT — I’M DONE WITH THE STATUS QUO,” and started his own analytics firm. Now Dreamdata is revolutionizing data analysis and presentation.
Key takeaways:
- Old-fashioned sales numbers aren’t enough information: 70 to 80% of the buying process happens before buyers even talk to the company. Customers prefer a self-serve model of research before they’re ready to buy. Organizations need to track what happens before the customer reaches out to sales.
- There are no snap decisions: The customer journey from interest to purchase can take up to nine months. Finding out what inspires the journey and what steps customers take is critical data.
- Marketing drives revenue: Marketing teams today do the work that sales reps did in the past. They know the product, speak customer interest, and draw customers along with additional interactions. Their work drives purchasing decisions.(1)
- Data is more complex than you think: Looking at raw numbers isn’t enough to understand customer behavior. You have to apply context to the data to understand what it really means.
- Human analysis is key: Machine learning data analysis is a growing trend, but it isn’t right for every company.(2) AI is a great tool for data analysis if you’re doing a huge number of transactions. AI doesn’t do a good job of understanding organizations that rely on fewer deals with bigger payoffs.
- Data can be packaged: Dreamdata does the work of analyzing all the key data and returning it to the client in a useful format.
- A passion for pizza: In addition to data, Lars’ current obsession is making the perfect pizza in his apartment’s wood-fired pizza oven.
Disruption Interruption is the podcast where you’ll hear from today’s biggest Industry Disruptors. Learn what motivated them to bring about change and how they overcame opposition to adoption.