The success factors for a data-driven growth lie within the capacity of a company to develop and implement the right data management plan. Data should not only be stored, but analyzed and leveraged. High data quality is a crucial part of data management. If you can achieve this, you can fully leverage the Power of Big Data. Here are four steps to get the most out of your data.
1. Process as Quickly as Possible
This allows for a quick response to the insight gathered from the data. This has a direct and immediate impact on how a company is able to utilize the insight for better decision making. The sooner decision makers have the insight and information available to them, the sooner actions can be made.
The most successful companies are those that are interconnected, and therefore not working within their silos. Data from each of the silos needs to be compared to get a complete understanding of the entire picture. Data from marketing needs to be looked at with the data from manufacturing, sales and so on to understand the data from the entire company.
3. Empowerment and Feedback Mechanism
Companies need to encourage all employees to take action based on the knowledge obtained from their data; not just the decision makers. Often times frontline employees can benefit the most from data-driven insights; as they are the ones working directly with customers. They too must make decisions every day with every interaction they have with customers.
4. Measuring and Testing
Any organization that implements new initiatives should test them before they are deployed throughout the entire organization. This is crucial to understand how the new initiative will impact and alter existing programs, employees etc. which will help them to improve their ideas and programs. They can also learn how to best train their employees that will be utilizing the newly established initiative.
To Sum Things Up
Companies and organizations with a culture of evidence-based decision making and data-driven results ensure that all employees are treated as decision makers. They provide all employees with performance data, every day. They follow these four practices to achieve the best results, save the most they can, retain happy customers and ultimately, perform better than their competition. These are smart businesses.