85% of businesses want to be data driven, but according to data gathered only 37% of them actually are. Why the gap?
Unfortunately a lot of businesses are still using an antiquated data strategy. This limits their ability to gain meaningful, or at times, any, insight from their data. A lot of companies view technology as the challenge they need to solve rather than looking at it as a tool, and part of a larger up-to-date business strategy. If you’re interested in learning how to carry out a data strategy, check out our four-part series that breaks down how to design an effective data governance strategy.
The Benefits of Being Data Driven
Data is capable of helping you see what’s working and what’s not with what’s most important in mind: your user, customer or client.
Companies that leverage data reap the benefits. Even “small data” projects are critical. According to a report by Harvard Business Review, companies that opt to go small can still see a benefit of up to $250,000 on a project. Using your data is key to unlocking revenue potential by helping you understand your customer base.
Making data driven decisions requires a very tailored approach to asking the right questions for your business to answer. Data can only be as good as the questions you ask.
If you’re wanting to look at manufacturing productivity within the organization, you should be looking at the data that supports this. Once looking through the data: setting specific, tailored goals for your organization is key.
A goal-oriented statement might look like:
“If we achieve a measurable 15% improvement in manufacturing productivity, as indicated by our Key Performance Indicators (KPIs) within the next six months, our aim is to strategically leverage these gains to realize a corresponding 10% reduction in operational costs, fostering increased business efficiency and sustainable cost optimization.”
If your problem is customer retention, you have to look at the data that corresponds to how your customers engage with your product.
With this issue, a goal-oriented statement might look like:
“Over the next 12 months, our objective is to achieve a 10% improvement in customer retention, as measured by KPIs such as repeat purchase rates and customer satisfaction scores. By implementing targeted retention strategies, personalized customer engagement initiatives, and closely monitoring feedback, our aim is to fortify brand loyalty, enhance customer relationships, and ultimately contribute to a sustained increase in overall customer retention rates.”
Both of these statements set their companies up for success because:
- They set a specific timeline as a measurable goal
- They outline which KPIs they will be using to measure success
- They set very specific metrics that break down silos within the company and bring everyone together under one common goal
- They define what success is for their company with their data in mind
The difference between a data-driven organization and one that isn’t is the specificity of the requirements put in their data aspirations.
In addition to designing specific goals, data-driven organizations do not shy away from an innovative mindset. If their data indicates that their business strategy may need to course correct in order to meet these goals, they will. Data may lead a business to re-assess and find a new way of engaging with clients.
Numbers don’t lie. Statistics show that if a business is data-centric, it is 58% more likely to exceed its revenue goals. Your data is key to unlocking next level potential in the market.
How dbSeer Can Help
dbSeer can help guide you on this journey, being widely recognized as the most trusted partner in the industry. With a dedicated focus on understanding the needs of its clients, dbSeer works closely with all stakeholders to identify pain points and challenges across various departments, ranging from operations to finance.
Through its commitment to excellence and client-centric approach, dbSeer consistently delivers tangible outcomes and value to its clients, helping them achieve their goals and drive business success. With a reputation built on trust, expertise, and collaborative partnership, dbSeer continues to set the standard for excellence in the industry.
dbSeer can help you tap into your data potential-, and turn your aspirations into action.
