Big data continues to expand at an exponential rate and companies require more sophisticated methods to harness data to grow their business. From microtargeting customers to tracking impression shares, big data has opened the door to new trends in marketing and customer relations, such as personalization and geo targeting.
By some estimates, the internet could reach up 450 billion transactions daily by 2020. Unfortunately, many businesses do not have the right tools or understanding to uncover insights from this data and act on it.
According to the Big Data Executive Survey 2017, 63% of businesses have failed so far to meet their goal of becoming more data driven. That’s why we thought we’d prepare some tips to help your organization reach a more data-driven mindset to improve your general operations.
Harvesting data is the easy part. Acting on data is where most companies struggle. There’s a reason that data scientists earn around $118,000 annually.
The data you track will be tied to the tools you use, as well as the metrics you seek to discover. In the end, your most important data will be tied to key-performance-indicators (KPIs). Performance should always be tied to data, whether it’s sales staff tracking leads in a CRM or tracking traffic to a webpage.
It’s important to identify the metrics that are most important to your organization and individual department. Create a glossary of terms and tools you use to track these KPIs and tie this into reporting standards. Only then can you measure the value of your company in an objective manner. Consult the data!
Investing in the Right Tools
To harvest the prodigious sphere of data available today, you need to invest in analytics tools and machine learning technology. Machine learning technology is the next evolution of tracking tools, providing proprietary logic to organize large sets of data and glean insights based on patterns in the data.
Your most important tools will include:
- Web analytics (marketing)
- CRM (sales and HR)
- Time management systems (HR)
- Accounting software (accounting)
- Utility tracking system (raw materials and energy manager)
- IoT applications (general operations)
The list goes on and on, but the last bullet is the most intriguing. The internet of things (IoT) has opened up the ability to track data all across your organization in an interconnected way. This provides greater visibility across your organization and can assist in virtually every operation.
Implementing Organizational Change
So whose expected to initiate this change at your organization? Well, like all methodologies, it should really start with a top down approach from the CIO to managers to entry level employees. Create an outline and begin by training employees in the correct tools and literature they require to become more data savvy.
Acting on Data
After all of this, your organization should be ready to implement educated changes based on the data. Truly, this is all a waste if you don’t act on the data you’re harvesting. Tie performance to data and base plans and decisions on the data. This will include everything from time management in the workplace to sales reach outs.
Data is the currency of the digital ecosphere. Harvesting it can make your company much more rich.