In 2023, it should be a given that you’re using, or looking at how to use, Data & Analytics to drive your business forward, you should be unleashing the power of your data & analytics. In an age where data is the ultimate advantage when it comes to understanding market trends, customer behavior, and business performance, it’s a direct detriment to an organisation’s success if a solid data strategy isn’t on the agenda.
In a nutshell, the whole idea around having a data strategy is to know how to take the raw data and turn it
into valuable insights that you can action into revenue and growth. Once you’re at a stage where your data is ready for analytics, there are various things you can do with it, all of which can lead to a complete transformation of the business.
One common use of data is to improve the experience of customers. Whether it’s looking at purchasing habits, interactions with products, or any other customer behaviors, you can create a profile for each customer. When you understand your customer at this level, you can target them with the product they’re likely to engage with the most. Not only do you offer a more tailored experience for the customer, but you’re also driving revenue as a result.
If you’re wondering where the holes are internally in the business and want to streamline, ask ‘what does the data tell us?’ For example, data can tell you where your business can reduce waste by streamlining stock processes, it can look at sales data and tell you which product underperforms, it can identify issues in the production process to help eliminate bottlenecks; the list is endless.
Risk mitigation is another incredibly valuable use of data. Data can shine a light on trends and patterns that aid in predicting what is likely to happen next. If you can understand a future outcome with some certainty, you can proactively protect against things like fraud, or even capitalize on market knowledge of volatility to make informed decisions going forward. When done correctly, businesses can protect against financial losses and help guarantee longevity.
There are a whole host of other benefits to working with data. Some uses of data will be industry-specific, and in these cases, it’s vital that you don’t fall too far behind.
If you’re wondering what your competitors are probably looking to do in data, get in touch and we’d be happy to guide you!
Remember, it all starts with understanding that you need a data strategy, more on that next week…
Ethan Simpkin
Ethan is a highly skilled consultant with us here at Orbition, specializing in data and analytics.
With a passion for technology and a natural talent for identifying top talent, he has become a valuable asset to both clients and candidates in the industry.Read more.
