In today’s hyper-connected world, data analysis, also known as Analytics, is a critical step for companies to make informed decisions and stay ahead of the competition. Extracting accurate insights from vast sources and formats of information is a challenge that organizations face. Leaders are increasingly asking themselves how to use analytics as a practical tool for the best possible decision-making.
The key to unlocking the power of data lies in a few key steps. The first step is to place data analysis within strategic discussions, which is crucial to understanding the importance, scope, and capacity of data analysis to make initiatives successful in the short and long term. Before making informed decisions based on quality information, leaders need to know where the business should go and what data will be key to keeping the corporation on course.
After defining the direction, it is essential to understand the needs of the teams and what information is useful for the company. This requires listening to the teams and understanding where the bottlenecks are that can be solved using data.
For instance, Active Intelligence solutions can integrate different data sources in real-time to generate insights and propose targeted sales campaigns or marketing actions with high levels of customization. By transforming data with active intelligence, companies can steer smarter decision-making, boost revenue and profitability, and cultivate stronger customer relationships.
Parallel to this, it is crucial that companies invest in the dissemination of digital literacy and form a data-driven culture. Studies by the Data Literacy Project indicate that less than a quarter of the workforce feels confident about their ability to read, work, analyze, and communicate with data. This number is alarming. To reverse this situation, knowledge about the importance of digital technology and data analysis needs to become part of the routine of employees, teams, and companies, along with constant training to enable these professionals to better use the solutions available in their work.
From the point of view of innovation, technology advances to provide better tools for viewing and managing information. It is increasingly expected that data will be better used to drive business value and obtain a competitive advantage. To achieve this, leaders need to place data analysis as a strategic and cultural part of business, aggregate knowledge at all levels and layers, and invest in state-of-the-art technology with solutions that optimize, automate, and maximize the performance of operations, checking the most important indicators for business success.
Here are seven essential tips for using data analytics to drive business growth:
- Place data analysis within strategic discussions: Understanding the importance, scope, and capacity of data analysis is crucial to make initiatives successful in the short and long term.
- Identify the needs of the teams: Listen to the teams and understand where the bottlenecks are that can be solved using data.
- Expand digital literacy: Companies need to invest in the dissemination of digital literacy and form a data-driven culture.
- Invest in systems that enable people to make more assertive and agile decisions: Companies need to invest in innovation, implementing technologies that facilitate the use of digital records in the construction of daily plans and tasks, automating whatever is possible and adding real intelligence to the decisions that these people need.
- Know and carefully select the information collected by the company: Companies need to carefully select the information collected to drive better decision-making.
- Focus on applications that allow going beyond the visualization of the past: Companies need to focus on applications that allow taking actions for the future.
- Continually update plans to improve the use of analytics within operations: Companies need to continually update plans to improve the use of analytics within operations.
when understood properly and used efficiently, provides a powerful tool for achieving business goals. It is time for leaders to focus their efforts on leveraging analytics and constant innovation to transform their plethora of raw data into intelligent, actionable insights that can drive growth and profitability.
