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The problem with the race for data is that so many go about gathering huge amounts of data, yet data alone is no more powerful than a messed up stack of lego blocks.In fact, what makes data powerful is what it can tell you, once it’s sorted, arranged and visualised.For this you need data analytics and there are 4 types your business needs to seize the power in your data and propel business growth. These are:
So, before I give you a roadmap for how to become a data-driven business so that you can ride this wave of disruption like the simple wave it is, I will give you some use case examples, to inspire the data-savvy entrepreneur in you to disrupt the disrupters!
Let’s see what successful start-ups know about seizing the power of data that we don’t…
Netflix – Innovation, Customer Experience, Agility and Data-driven strategy…
Netflix had no problems pivoting from mail order DVDs to online streaming (compare this to Kodak’s failure to pivot and innovate). It made this decision after developing insights through tracking consumer behaviour and acting on those insights.It even uses data in planning the series’ it produces. The hit political drama “House of Cards” was created by analysing consumer habits and tastes, which essentially ensured that the show would be a complete success.
AirBnb are such a huge believer in data literacy that to ensure every team member feels empowered to make data-driven decisions they created a ‘Data University’. Data literacy is the ability to read, work with, understand, and argue about - data. It is as important to 21st Century business as computer literacy was 20 years ago. Not that you have to create a Data University, but getting your staff data literate to drive your data-driven strategy is paramount to your success.
Enough about the big guns now. How about a more detailed summary of how a small e-commerce floral business propelled business growth using analytics.How did ‘From You Flowers’ use data analytics to boost revenue, increase profits and improve customer satisfaction and retention?Analytics were applied to 7 areas of their business. This allowed a complete optimisation of operations, advertising, supplier performance and employee rostering.Prior to analytics function: 10% annual growth from 2002 to 2011Post analytics function: 30% annual growth from 2012 to 2017Result: Analytics transformed their performance by drilling down into every area of operation and optimising it for cost efficiency, hidden threats and opportunities, as well as maximising their profits.
As the World Economic Forum states “we need a revolution in skills and a transformation of organisations” if we are to reap the rewards inherent in 21st century opportunity.So, here is your 4-step Analytics Map to driving value from data.
I hope it adds value to your business!
By ShireWomen Business Member Katrina Kalergis Loukas of Lifehackers Institute.
Lean more about Katrina or get it touch with her by clicking here.
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