Publication: Silicon India
Unlocking The Potential Of Your Data-Fuel Profitability & Growth
Businesses welcome additional information about their operations, customers, and the outcomes of plan implementation. The only difficulty is that once they have it, they might not know what to do with it all. As a result, a large amount of potentially useful data goes unanalyzed and unutilized.
To make sense of unused data and draw meaning from it, data must be broken down and analyzed in order to create value. Data-driven insights are an important role in modern decision making. Companies must drive and optimize business choices across industries as data-driven insights become an increasingly important competitive differentiation. A data-driven culture is a strategic approach to finding new business opportunities, improving customer service, increasing revenue, and optimizing processes. It lets companies to make educated decisions and appropriately plan to achieve their goals by leveraging evidence-based data..
Many industrial and manufacturing organizations now use equipment that collects massive amounts of sensor data. Unfortunately, these same corporations are not making appropriate use of that data. One costly area they should focus on is downtime, which can occur unexpectedly and have a significant impact on production. Companies that use data to foresee downtime can prepare accordingly and preserve, if not boost, production.
You'll need data to fuel your growth and design new marketing strategies whatever industry you're in. This law applies to small and medium-sized firms and large corporations. On the other hand, the latter have long understood the value of data and do not need convincing. But how do we use data to fuel profitability and growth? Well, to derive better meaning and decisions from your data you need to:
Look at objectives to prioritize:
When looking at data, you may not be able to derive any conclusions immediately away, but you may still obtain a general idea of what is going on in your firm. Decision makers should be aware of what is going on in the business, whether it is sales or marketing, in order to gain insights on how things are going. This allows firms to gain more control over their operations. There are various types of compliances that firms must observe and implement in their operations. Businesses must ensure that the specified standards are followed, whether they are industry compliance, government standards, or internal business standards, and they may readily deduce the status of the compliances inside a data-driven culture.
Find and aggregate relevant data
Data is housed in silos in the age of digitally transformed enterprises. Organizations use several systems that are segregated in terms of data. This means that there are several data sources containing important information that can influence decision making. ERP/CRM systems, Excel workbooks, marketing databases, and other similar sources can be used. Multiple sources of data can be consolidated into a single data warehouse to boost efficiency and value. Data warehouses assist firms in mapping their business decisions and evaluating the efficacy of day-to-day company activities such as marketing campaigns, sales, and lead generation.
Identify patterns and draw conclusion for this data
When data is aggregated into a useful data model, it can assist decision makers in determining business trends that aid in the analysis of previous data. Businesses require this data in order to identify patterns in the data, such as numbers rising higher or connections between two sets of figures. Depending on the data and patterns, we can sometimes notice that pattern in how the data is presented. With the pattern identified, decision makers can delve deeper into the data to determine the fundamental cause of the problem and reach a meaningful conclusion.
Define and plan your actions
Businesses must develop a plan of action based on the findings obtained when spotting patterns. The facts must be examined to determine whether or not to follow a new strategy. This stage's purpose is to explain exactly what needs to be done and when, by whom, why you're doing it, and what results you expect. Rewriting strategies from scratch might aid in the implementation of strategies that are properly aligned with the corporate goals and objectives. A basic example would be a company's sales and marketing initiatives. Businesses may need to develop a new procedure to better support sales and other business operations based on internal and external marketing initiatives. This, in turn, assists firms in determining what works for them and driving new strategies and goals based on that.
Using diverse views to analyze data can help determine what works and what doesn't. This assists in determining and developing an influential, relevant, and creative plan of action.
Measure success and repeat
Once you've determined what works best for you, revisit your decisions to determine which actions have a good impact on business growth. Business expansion should be measurable. If the measure is low, it is best to figure out what isn't working for you. The results are in after firms have examined the data and taken their decision! This, however, does not mean that your decision-making process is complete. Businesses must first examine the data they have gathered to determine whether it supports their initial opinion. When the deadline for their goals approaches, compare the previous data with the new data they've gathered and consider whether the data-driven decision helped your company expand.
Conclusion – Check – where is your data and what you should do with your data. Analyze and take actions. Measure your success and repeat to fuel profitability and growth.