Most organizations focus on survival or
cost and only use data as their marketing tool. They are yet to realize the real
power of data in transforming businesses. Going beyond this common use of data
opens organizations to reinvention, innovation and agile ways of working. For
instance, utilizing consumer behavior data in accounting processes can help to
turn leads into customers. It can also be used to analyze areas where a
business is experiencing low productivity or losses and boost its efficiency. To
benefit from the use of data, here are crucial things to do:
Have the Bigger Picture
While expanding your data use, have the
bigger picture. Maintaining the right perspective will enable you to make informed
decisions, see potential obstacles and handle issues with renewed agility. You should
meet your teammates and look at your organization’s performance to get
different perspectives. This will enlighten them on the goals and ideas that
encompass the big picture.
Most people focus on trying to
understand consumer behavior and forget to analyze their businesses from all perspectives.
Data should be used to link performances to the right metrics. This helps to develop
informed and motivated teams. When individuals see the data behind their
performances, they clearly see the benchmarks to work towards. Data can also be
used to improve hiring processes. As a business grows, it needs to interview and
hire quickly. Establishing a scoring system that is backed by data can help to
identify qualified candidates.
Do not keep it
Wrapped Up
Sharing information is a major
challenge currently facing big data. Most people view data gathering and
analysis as a secretive process. However, provided you want to use it to
improve your operations, you should involve shareholders and customers. Innovation
and growth ought to be an integral part of your organization’s identity.
Use It for Development
Netflix is among the greatest success stories
in regards to the use of data. They successfully incorporated content creation
to their video rental services. The company made this decision after gathering relevant
data and developing insights into consumer needs. Another example is the “House
of Cards” a popular political drama created to suite consumer needs.
There is need to eliminate communication
barriers. This can help in generating newer ideas and perspectives. Connectivity
will enhance cooperation and create healthy competition as employees measure
their performance against new metrics.
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