The potential for data just keeps growing, and to take full advantage of this, you need to ensure both analytics and data-driven decision making are heavily embedded into your strategic vision. After all, you can’t fix what you can’t measure, and you aren’t able to measure what you don’t understand. By harnessing data, businesses are able to make better, smarter and faster decisions, all the while understanding their business at a much deeper level.
The first challenge organisations can come up against is doing the hard work to overhaul and change existing systems. Many of these systems are managed manually, and you’ll find that data lives in a myriad of places and there’s no real governance or single source of truth.
The technical learning curve for businesses can definitely be steep, and the idea of advanced analytics systems and dashboards can fill many employees with dread. So there’s no doubt about it: adapting to a culture of data-driven decision making isn’t always so straightforward and it can be difficult to know where to begin.
As a starting point, businesses should endeavour to understand:
- The types of data currently recorded
- Where that data lives
- What is currently used to measure and analyse data and what would be best to use into the future
- How better analytics can affect the business’ bottom line
- Who you might need to turn data into gold – do you need data scientists? A data-driven marketing team? Data-enabled research assistants? Or business analytics experts?
And if you want to do this in a systematic approach, it’s wise to appoint the help of an experienced digital transformation agency to manage the process.
While investing in technology is one thing, what should naturally follow is developing the infrastructure and having the right employees to make the most of these investments. But a very important step, which is often overlooked, involves working on new business processes and getting cohesive organisational buy-in.
It’s not enough to simply invest in powerful technology and layer it over the top of existing business practices. All processes and technology need to work together for the best results, and this is a challenge that many traditional companies face.
When companies are able to nail this, that’s when they start seeing the most impact from their data and analytics programs.
Just few examples of how data can help you grow and increase revenue are outlined below.
- Data can help you pinpoint the areas that should be worked on for bigger wins, and redirect staff time to projects that have a bigger impact on your bottom line.
- Analytics can help you identify inefficient practices across a company, which helps you to streamline new services, making them more cost-effective and consumer-friendly.
- Data can help you to understand your users or customers more deeply, by making it easier to identify patterns that can help to inform how to communicate with them, when to communicate and how to structure services.
- Leverage data based models to predict business outcomes
To keep pace with change and digital transformations, contact us today.
About Prometix: At Prometix, we design implement and support Microsoft based technology solutions that help our client’s staff to more easily use and share information as individuals and in teams. We work with our clients to establish a structure that makes information easier to create, store, find and share with others. We’ve worked hard to understand how people want to access and share information.