Data: The Wind in Your Company’s Sails

Consumers have access to data about themselves now more than ever before. Consider how the Fitbit – or most any other fitness tracker – allows consumers to monitor their weight, how many steps they take in a day, their heart rate and more. This data inspires and motivates consumers to get into gear and make positive changes like being more active on a daily basis or maintaining or losing weight.

Now imagine your company has the same motivation to improve thanks to plentiful data. The good news is, the data is already there, it simply needs to become the driving force toward improvement.

Data should be the wind in your company’s sails, guiding decisions, best practices and internal and external activity. Data gathering and analysis is a common activity among highly successful companies.

Keeping in mind a few key elements will allow data to move your company to new heights: making data a commonly available resource, benefiting from internal data, and strategically analyzing and applying data to as many aspects as possible.

 

Data Should be a Common Resource

One of the challenges that plagues a company is the mindset of keeping data within certain circles. Leaders and heads of departments often view data as internal, even confidential information when, in reality, it should be an asset that profits the whole. It’s important to share data across departmental borders and let every facet of the company see the intended vision of success.

 

Utilize the Strength of Internal Data

Gathering external data is a great way to see and compare results between products and competitors. A company’s overall practices and procedures can be refined due to such analysis.   However, another element of data gathering is often overlooked. Internal data has the power to revamp a company’s productivity and redirect motivation. Employees and leadership together can benefit from this information and ignite further success. Rather than focusing all data-gathering efforts on competitor and consumer behavior alone, analyze data within your organization as well to allow for a more holistic view.

 

Analysis and Application are the Magic of Data

The act of gathering data is not what helps a company grow. The data itself is the tool to compare results and highlight areas that need more attention than others. This process will allow your organization to grow exponentially. It’s no secret that comparing periodical numbers inspires progression. Let the data collected in your company inspire unprecedented success.

 

Remember that a fitness tracker is only effective when a consumer takes notice of their personal data and makes the necessary changes to see it improve. Similarly, a company can have the best data gatherers in the field, but without analysis and interdepartmental application, it will not have an impact on results. So, allow data to be a source of power moving your company into new and better terrain.

By |2018-11-27T10:49:51+00:00September 21st, 2017|Strategic management solutions|0 Comments