Creating a data-powered enterprise simply involves changing your methods of market research and reacting to signals that your data gives you. Many companies use web analytics to judge their website’s progress, usefulness, and profitability. Becoming data powered means taking that a step further. It means collecting data by the most efficient and accurate means, interpreting the data correctly, and using it to justify your future marketing and enterprise efforts.
Why Enterprise Should Be Data-Powered
Using chunks of correctly sourced and analyzed data may help you identify trends that you wouldn’t have otherwise noticed. It may also help indicate a change in current trends so that you may act upon them before said trends start to interfere with your bottom line.
What Are The Benefits Of Becoming Data Powered
It adds another arm to your industry research and your market research process. The use of big data may help you identify areas where your marketing has a poor ROI, it may help identify inefficient processes, and it can even identify staff misdeeds or crime.
1 - Focus On Outcomes, Be Selective And Accept Imperfection
Ask yourself what you will get if you invest your time and resources into your newest business/marketing idea. Your data may help justify your plans.
Your data analysis may help you come up with new ideas, but your goal is your outcome. Your goal is not perfect data acquisition, perfect analysis, or a perfect process.
2 - Correct Data Sourcing Is Vital
Whether you are trying to get spaceships into orbit, or you are sourcing writing service companies, the entire data exploitation process is pointless if your data collection methods and data sources are incomplete, substandard, or inaccurate.
3 - Accurate Analysis Is Important
Collecting correct data is one thing, but how you interpret your data is the key to your success. Anybody can look at a cloudy sky and record it, but a person with good analytic skills will be able to tell you if it will rain.
4 - Think About Outcomes As Much As You Think About Instigators
Your data, its analysis, and its evaluation may prompt a flurry of ideas. These ideas may bog down a company and create an aura of infallibility. The data may suggest that your idea is perfect, but take a hard look at the possible outcomes before running tests. The Bay Of Pigs attack seemed like a good idea until somebody was dumb enough to try it.
5 - Your Goal Is Not Perfection
If you aim for perfection, then you will be stricken with paralysis by analysis and will find yourself unable to function efficiently as a business.
Start Small And Make Sure Your Reactive Solutions Bring Results
You may be tempted to invest a lot of resources into your new data acquisition, interpretation, and execution process, but it is imperative that you start small. After analysis, your data will produce insights. It is up to you to put those insights to good use. If you make decisions based on your analysis, and those same decisions do not lead to positive results, you need to go back and reevaluate your process. You will probably have to go back several times to reevaluate your process, which is why you should start small to avoid major investments in fruitless endeavors.