2024-01

Leveraging data, shaping strategy

As we talk about the endless opportunities that AI can offer, taking a closer look at the data you collect and why you are collecting it is becoming essential. WHY? Because understanding your data  will help you create a stronger strategy. Combined together data can produce Relevant Insights, Generate New Ideas,  Take Better Decisions and Improve Performance for your organisation and most importantly your clients. Many organisations collect data but struggle to use it despite having powerful tools.

WHAT DO WE MEAN BY DATA

Data are facts, figures and information that can be recorded, stored and processed. They can be found in a variety of forms and sources.

Collecting and processing data requires the adoption of data management strategies to manage compliance and security.

USING DATA TO SUPPORT YOUR STRATEGY

Leveraging the data is a process and it starts by defining your goals.

EXAMPLES OF HOW THE DATA YOU COLLECT CAN BENEFIT YOUR ORGANISATION

  • Analysing customer trend to help tailor the product s& services to feature in a marketing campaign, promotion or event
  • Analysing customer touchpoints to improve your customer experience, your branding and increase repeat business
  • Understanding customer behaviour, purchasing history, browsing to help personalise recommendations
  • Analysing sales data & inventory to optimise the supply chain, enhance operational efficiencies and minimise costs
  • Using data to proactively measure risks and minimise supply chain disruption
  • Analysing feedback and review to enhance your product and services development strategy and increase customer retention. 
  • Analysing cash flows to maintain the right liquidity.
  • Analysing employee feedback to identify areas for improvement, increase motivation, improve your internal communication 

STRATEGIES TO LEVERAGE YOUR DATA AND CREATE RELEVANT INSIGHTS TO MEET YOUR GOALS

MANAGE YOUR DATA WORKFLOWS. Workflows are a series of processes that involves the creation, management, and utilisation of data within your organisation. It encompasses the entire lifecycle of data, from its initial collection or creation to its analysis, storage, and eventual use in decision-making. Data workflows are designed to ensure that data is handled efficiently, securely, and in accordance with the organisation’s goals and processes.

A complete data workflow will also include :

  • Data Security 
  • Data Archiving
  • Data Governance
  • Data sharing & collaboration
  • Data Monitoring
  • Data Retention 
  • Iterative improvement and optimisation

FOCUS ON QUALITY: This is difficult. The data your hold will often be inaccurate, inconsistent or incomplete. As an example, using different customer names across different department and database makes an analysis difficult to compile and requires additional effort. Data integrity Is therefore essential to produce insights.

ADDRESS CHALLENGES: Identify the challenges and pain points in your organisation and identify ways data can help alleviate them.  

EDUCATE: Offer training to enhance data accuracy and improve the understanding of data analytics across all departments. A data driven culture can elevate creativity and innovation. 

DEVELOP A DIGITAL TRANSFORMATION STRATEGY:  Implement easy friendly tools and platforms for data analysis tools. Making data accessible encourages its use and will foster a data driven culture.

UNDERSTAND YOUR AUDIENCE: Not everyone will need the same information. It is therefore essential to tailor the analysis focussing  the audience priorities, challenges and objectives. Consider everyone’s perspective, from the board to the Sales and Marketing team as well as  Operations and Finance, their need can be vastly different.

 

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