Test Your Data Maturity Levels
How "mature" and "sophisticated" are you when it comes to using data? You're about to find out.
The Interactive Advertising Bureau (IAB) and its Data Center of Excellence have released a new benchmarking system, the IAB Data Maturity Model, to help brands, agencies, publishers and data tech vendors to determine where they (or their clients) rank in terms of data usage sophistication.
The IAB's Data Maturity Model provides four customized checklists for self-evaluation (broken into the different areas of the data lifecycle), revealing where strength and weaknesses lie).
1. Data Collection – A company’s ability to aggregate all relevant data points from all relevant channels in a timely and efficient manner
2. Data Processing – A company’s capacity to normalize and store data so it can be accessed quickly and easily for further research and analysis
3. Data Activation – A company’s proficiency in making relevant data points actionable across all systems and use cases
4. Organizational Readiness – A company’s internal awareness, structure, resourcing, and support for data-driven initiatives
“Sophisticated digital data collection and usage provides a competitive advantage in today’s digital media and advertising marketplace,” said Patrick Dolan, Executive Vice President and COO, IAB. “This model is a tool that industry leaders can use to help unlock the value of their data.”
Companies will receive a score based on their response to the questions in the checklists. If the organization receives less than 12 overall points, it signifies a low data maturity, while 12-20 denotes a medium level of maturity, and more than 20 indicates the company is at an advanced level. Once company leadership knows their level of data maturity; they can refer to the model to determine some steps for improvement.