Driving bold business decisions based on strong data governance
Last year, Vogue made some bold changes to their model, blending in e-commerce and content not traditionally associated with their brand. According to Digiday, Sally Singer, Vogue creative digital director, explains why they made the decision: “We found that our coverage of street style content was among our most engaged with content, and not just in the major cities like New York, Paris and London. We wanted to bundle more of that together and amplify it by making it shoppable.”
What we've seen is media organizations who have strong data governance -- which is to say, teams whose data is centralized and well-governed create a foundation of hard facts with which to back up their hypotheses.
What's the correlation? When good data governance is in place, teams gain new capabilities. For example, by combining revenue, audience and inventory data from across the business, executives can drive revenue optimization goals based on predictive patterns. This is because key business questions (e.g. which audience segments and regions earn the most money during the Academy Awards vs. the Golden Globes?) can now be answered speedily and without large technical effort.
Furthermore, executives don't need to assign resources to manually cobble together data from disparate sources to get those insights. And skilled team members can focus their time on understanding the business instead of performing manual reporting work.
If your data is not unified or centralized, how are you making revenue-driven decisions? How can you know if your decisions are correct if you don’t have the data to back it up? And, what opportunities might you be missing by not having good data governance?