Data has transformed how businesses operate as data provides valuable insights that helps in various aspects of a business. It is absolutely crucial for companies to leverage on data to gain advantage over their competitors especially in the digital age which we live in now. To secure a future success, here are the things you need to prepare your company to embrace data:
1. Incorporate data and analytics into core strategic vision
Get your teams determine which data are vital and relevant to your business, as well as which department to act as the primary manager for a certain set of data. The teams should also think through the roles of data will play in the business and how it affects and used by other departments to ensure synergy between departments.
2. Use tools and technology based on the use case and planned use of data
Data is easily captured and stored with modern digital devices. If your company still collects data the manual way, consider upgrading systems to capture data with ease and start discovering the value lies in the data and analytics as soon as possible.
3. Make sure the leadership believes and leverage on data
Whilst data collection can be done at the lower levels in the company, but the top management has to support the data use and impact. Data should be used in analytics so the management can act upon the findings, and not treating it solely as an activity.
4. Hire analytics professionals
Build a team of analytics professionals with extensive business experience to quickly surface an actionable insight for sound business decisions. However according to Business Higher Education Forum (BHEF) survey, in near future, basic data science and analytics skills would be expected from staffs in managerial roles.
5. Share and collaborate data across departments
Silo data after collection is not the best way to utilize data. Build cross-functional processes to share and collaborate data will bring better value to a company as hidden insights are unravelled.
6. Improve customer service using data
As customer experience gains importance in maintaining brand image, leverage on data to know how your customer use and don’t use your products and services. With data in hand, it’s easier to react to feedback faster, predict what customer may need or wants and offering it to them faster. The McKinsey Global Institute indicates data-driven companies are 23 times more likely to acquire customers, 6 times as likely to retain customers and 19 times as likely to be profitable.
7. Make data collection a primary activity across departments, empower employees with analytics and measure and reward adoption
With analytics and data available to employees, they are likely to be more engaged with their work. The involvement in contributing to a greater purpose results in better employee satisfaction and motivates them.
8. Learn and invest in machine learning
Machine learning will complement the data driven environment with speed and insights.
9. Learn and invest in the Internet of Things
The Internet of Things has enabled data to be easily captured using sensors and mobile devices over the internet. According to a Retail Systems Research report, 80% of retailers worldwide says the IoT will drastically change the way business is done in the near future.
Learning the knowledge and importance of data and analytics is the first step to secure your success. See how Performance Plus helps your business to embrace the power of data and analytics.