This is a “digital age” we are living in in the true sense of the word. The deluge of data and technological advancements in data analytics has lead to organizations to become more data-driven organization than ever offering previously not imagined benefits like improved performance, more profitability and stronger innovation, there are still some technical and business challenges to overcome.
“90% of the data in the world has been created in the last two years alone, with the current output being 2.5 quintillion bytes a day.” IFLScience
Why become data-driven organization?
Almost everything around us is generating data which is transforming the way the world works. Companies use this data for marketing purposes. In this competitive age staying ahead is only guaranteed if companies utilize the massive amount of data they collect and make strategic smart decisions in its light.
Few bumps in the road
Certain bumps exist in the road to become data-driven, which include unstructured data, unconnected systems, low quality or unavailable data and misalignment with IT. All of these challenges can be overcome by defining a roadmap towards better data analytics and by people changing their mindsets and companies their processes.
Laying the foundation
Data-driven companies manage their data better, run more complex analyses, and visualize outcomes in a more understandable way. There are three technological foundations to become a data-driven organization. The first step in dealing with big data or starting any analytics project is data-management. A well-managed data allows for better decision making regarding product development, customer service offering, and complex data privacy compliance issues. Moreover, the analytics platform should be capable of data integration, data preparation and process any from structured to unstructured data providing with managed data. Secondly, the specialized analytics softwares are capable to perform complex calculations with a huge volume of data with just one click in the least possible time and no human error. Last but not the least is, data visualization, presenting results and findings in easy to understand graphics and tables.
These foundations enable to build an analytics platform that works for everyone. The benefits of getting clear results even from unstructured data, easily understandable visual information and self-serving platforms help eliminate obstacles throughout the data-driven journey.
“74% of all the companies would like to be more data-driven, but only 29% claim that they are actually good at putting the idea into practice.” – Forrester study
The Starting Line
The question now arises, where to start data-driven journey. A step-by-step approach rather than a big bang approach is a good way ensure success. The first step is to choose a starting point, it can be for instance a marketing team or a specific data source like CRM system to get better insights into customer behaviour. The next step is making and prioritizing data-sets and pouring it in analytics platform to see if there are any useful results and discard data-sets that are of no value. This is to be be preceded by expanding the reach of analytics platform once value-added results from a project are generated. This can happen in a series of waves.
Thus, a data-driven organization is born from following three simple steps: start, scale and grow. A data-driven organization makes every business decision backed by data and is able to run predictive analytics and simulate what-if scenarios allowing to assess the impact of strategic decisions.
The next-level in data-driven work
Since the innovations happening in technology are very dynamic, data-driven industries are expected to be affected by certain changes in future.
a) Edge analytics
Real-time, on-site analytics can track consumers’ in-store behavior and pair it with the right kind of offer bundles to attract attention and address the needs of the individual.
Offering transparency to customers can win big in the branding department. 80% of the people surveyed were of the opinion that ethics matter and with the advent of EU General Data Protection Regulation (GDPR), adhering to privacy rules has become an absolute must.
Analytics can be put to work for data protection as well. Risks such as cyber attacks or real life security threats can be prevented before they occur because of the predictive capability of data.
d) Internet of Things (IoT)
The IoT and the Industrial Internet of Things (IoT) are set to revolutionize production, as well as consumption patterns as the wealth of data collected from machines enable production lines to find ways to become more productive, discover hidden costs and revenue generating resources.
c) Artificial Intelligence (AI)
Artificial intelligence makes it possible for machines to learn from experience, adjust to new inputs and perform human-like tasks. AI relies heavily on deep learning and natural language processing. Computers are trained to accomplish specific tasks by processing large amounts of data and recognizing patterns in that data. Also, now start artificial intelligence based marketing.
d) Supply Chains
Big data can be used to further optimize logistics. By taking into account various factors that influence delivery speed and reliability (e.g., traffic flows, accidents, weather patterns, rain storms), smarter logistics could even be used to operate with more sustainability.
Becoming a data-driven driven organization is within the reach of every organization. Data analytics platforms are much easier to access now due to the availability of cloud solutions.
In order for any company to face the challenges of future, companies should focus on going data-driven with the right mindset and technologies you will witness successful outcome like never before.
Even organizations lacking tools and expertise to turn their data into meaningful insights can get results by outsourcing analytics to specialists like us.
The data guys at Mountainise, the only AI-based digital marketing agency in Pakistan, can help any business in three ways:
1- By pointing out where to streamline processes and therefore improve organizations’ performance.
2- By predicting operational outcomes and helping in decision making ensuring organization are less likely to be adversely affected by expected economic, technological and competitive disruptions.
3- By making companies more profitable due to constant improvement and accurate predictions to outsmart their competition.
Ready to embark on the road to become data-driven organization? There really is no time to think, get a free consultation of our services and the results will make you wonder why were you running your business without analytics.