How Data Can Help Your Digital Transformation

No business is going to make any meaningful changes without first evaluating how they’re dealing with their data. Years ago, data may have been much more small scale, but nowadays, it’s not uncommon for even small businesses to have upwards of a terabyte of data to work from. Even if you’re not a techie, you know that’s a lot of information. We collect so much of it these days because past outcomes are the best predictors of future events. If you’re looking to revamp the way you do business, data needs to be one of your top priorities.

What Types of Data Should You Be Prioritizing in your Digital Transformation?

When you have a terabyte or more of data, it helps to know what you should be focusing in on. Some of it will inevitably be more impactful than others.  The most fundamental aspect of data is tracking your key operational functions; your CRM software, your ERP, your marketing, your sales, etc. All these tools that help your business run smoothly are the cornerstones of your data collection and analyzation. Making sure this data is collected, up-to-date, and easy to access is critical to your digital transformation efforts, as well as your general success as a company overall.

Do You Trust Your Data?

You want to have as much data as you can in the previously discussed key areas. But having data and having data you can reliably act on are two things entirely. The truth of the matter is that, while most companies manage to find a way to collect and store important data, they lack a meaningful way to understand it or act on it properly. The key to getting the most out of your data and truly making it work for you is having your own processes and baking them into your data strategy.

It’s tempting to get a tool out of the box and just run with it as is. You’re excited to start using the new technology, but resist the urge to go rushing in. Take some time to customize any and all new tools you start working with into something that fits even more with your data needs. Technology partners like BrainSell can help you find the software best suited to your needs, but you can also further customize the software to be an even better fit to your business.

On the human side of things, data consistency is just a matter of that: consistency. It helps to have a dedicated team member working with your data as a normal part of their job; a data czar can own the responsibilities of making sure everything is up to date and accurate, but with such a large pool of information, the whole team should be involved. Weekly stand-ups can be a helpful strategy to ensure the whole team understand what’s going on with your data. Multiple eyes can help navigate the data real estate: do you have duplicates? Are there data points that are no longer useful? What’s your source of truth for your metrics?

Traits of a Data Driven Company

Everyone wants to be data-driven, even if they’re lacking the infrastructure to do so. Data is valued because it exists as the closest things a business has to a crystal ball; past outcomes are the best predictors of the future and data is literally nothing but accounts of past outcomes. Making decisions backed by data is practically the best way to ensure you’re making the best, safest, and most sensible decision you can for your business.

• Data-First Culture: A data-driven company fosters a culture where data is valued and considered a critical asset. Employees at all levels understand the importance of data in making informed decisions, and there is a collective commitment to using data to drive business strategies.
• Data-Driven Decision-Making: In such companies, decisions are based on data analysis rather than gut feelings or intuition. Leaders and employees are equipped with the necessary tools and skills to interpret and derive insights from data, ensuring that decisions are evidence-based and aligned with business goals.
• Continuous Learning and Improvement: A data-driven company is committed to continuous learning and improvement. Regular analysis of performance metrics and key performance indicators (KPIs) helps the company identify areas for growth and optimization. Lessons learned from data are actively applied to refine strategies and processes.
• Investment in Analytics Tools and Technology: Data-driven companies invest in advanced analytics tools and technologies to gather, process, and analyze data efficiently. These tools may include data visualization platforms, machine learning algorithms, and business intelligence systems.
• Data Security and Compliance: Security measures are in place to protect sensitive data, and the company complies with relevant data protection regulations. Data governance frameworks are established to ensure responsible and ethical use of data.
• Agility and Adaptability: A data-driven company is agile and adaptable. It embraces change based on insights derived from data analysis, allowing it to respond quickly to market shifts, customer preferences, and emerging trends.

Want to learn more about data and how it can aid you in your digital transformation efforts? Feel free to reach out to us and start a discussion. Or check out our free YouTube webinar on this topic to get a more in-depth look at data from our data experts.