The main objective of a company to become Data Driven is to seek improvement in decision-making. Through this culture, the business starts relying on accurate data with the possibility of identifying growth opportunities, optimizing processes, increasing efficiency, allowing a better understanding of customers and the market, responding quickly to market changes, and following trends.
In Data Driven companies, data will always be the center of decision-making and strategic planning, causing subjectivity to lose ground and only concrete and accurate information to be used.
More and more companies are looking for this culture. According to data released by analysts at Forrester Research, in 2018, companies that use this methodology registered a growth of more than 30% per year. Other surveys bring even higher percentages: according to the BI-Survey survey, 60% of high-performing organizations in the world base their decisions on data, and according to the 2020 Capgemini Research Institute report, data-driven companies obtain 70% more revenue per employee and generate 22% more profits.
Keep reading to know more.
What are Data Driven Companies?
Data-Driven companies plan, execute and manage data-driven strategies. They always use technology as an ally (big data, small data) and work to grow and stand out from the competition.
The management of a Data-Driven company needs to deal with problems and opportunities more intuitively (guesses) or based on their experiences but with accurate information.
Six reasons for your company to become Data Driven
1. Assertive decision-making based on data
Using accurate information reduces the chances of errors and guesswork, bringing more certainty to the company's decisions. In this way, as data analysis is incorporated into creating strategies, the company's performance tends to be much more successful.
2. Process and performance optimization
It is possible to identify improvement points of the in-house processes and the performance of employees, resulting in greater efficiency and savings in time and resources.
3. Broad view of the business
When a manager relies on data, he can have a broad view of his company by monitoring all processes and results in real-time. As a result, it is possible to control stock, seller performance and know about sales progress, among other information.
4. Greater market knowledge
Data analysis allows a more accurate understanding of customer and market behavior patterns, and this information is crucial for devising business strategies and differentiating yourself from the competition.
5. Better customer experience
As you get to know the customer better, it becomes much easier to customize and follow the purchase journey, thus improving the experience. This is a crucial point in loyalty.
6. Identification of growth opportunities
Having information in real-time makes it possible to quickly identify and solve bottlenecks in the same way that you can better take advantage of commercial opportunities.
Using the data to outline the company's long-term planning and check which periods may be troubled during the year is possible. Therefore, there is time to create strategies to overcome these difficulties.
How to apply data-driven in your company?
To make your company data-driven, it is necessary to have an infrastructure capable of performing this task and trained and qualified employees to make this optimization happen.
In short, the implementation steps consist of collecting, selecting, and interpreting data. Some sources that can be used to collect information are sales and marketing platforms, spreadsheets, CRM, and ERP. Having obtained this data, filtering out the relevant ones and creating an easy and dynamic way to integrate, visualize and interpret them is necessary.
It is a process that demands experience, knowledge, and time. But, to facilitate implementation, relying on business intelligence consulting services is possible.
We have helped several companies sell more and make the best decisions through accurate data. Through our expertise, we make the Data-Driven business effective and intelligent, enabling employees and managers to know how to be guided by the information generated.
With this, we help businesses to eliminate risks, position themselves in the market against the competition, to find commercial opportunities, and significantly increase the reach of customers.
Get in touch with us and find out about our consulting projects. Get the success you want through our solutions!
