15 Sep How To Be a Data-Driven Company
There are plenty of things that influence a company’s decision-making, and in these overly digital times, data is one of the leading influencers in all business sectors.
Data-driven companies are those that rely heavily, if not entirely, on data to implement new strategies and make key decisions. It also applies to companies that use their data and statistics in everyday work, as opposed to just quarterly reports.
No matter the industry, any business can take a data-driven approach, especially given how easy it is to digitize most if not all of your workload. What’s more, transitioning to a more data driven approach will make your decision-making easier and more efficient.
Read on for helpful tips on how your company can be more data-driven and how it can strengthen your business.
Why You Need To Be A Data Driven Company
When it comes to making important decisions, you can go with your gut, or you can use concrete facts and statistics to make an informed decision. While you shouldn’t totally ignore your instincts, following objective data will give you a clearer picture.
Data-driven decision making gives you greater transparency when it comes to analyzing your previous earnings and expenditures, market trends, and more.
Making decisions based on statistical data will also save you time. Instead of guessing at numbers, the facts are all laid out in front of you, giving you a clearer picture. Business risks become smaller when you have statistics to back up your gut feeling that the market is trending the way you predict it will.
When your everyday business is more data-driven, it means it’s easier for you to compile smaller business reports whenever needed. You can analyze more granular topics that apply directly to one sector of your business in addition to looking at the big picture.
What Data Do You Need To Track?
Whatever new initiatives you plan on taking, ask yourself what information will be most useful to you in making this decision.
Depending on your industry, the data you need to track will vary, but the core information every business should be regularly tracking are basic earning and spending reports. It’s important to know where all your income is coming from and where it’s going, whether you’re selling products, software, or expertise.
Customer satisfaction, retention, and activity are key to any data report as well. No matter how you connect with your customers, it’s important to have a clear understanding of what they want before making a big change in your business that will impact them.
Other data that’s important to collect are the market trends in your industry. Whether it’s the time of year your business is busiest or predicting when certain products will become more affordable, it helps to have a good idea of past trends so you can stay a step ahead of the next one.
How To Be A Data Driven Company
Digitizing your workload is more efficient in numerous ways. You’re not spending money on paper and file cabinets, you’re not wasting time rifling through those cabinets looking for a single contract, and your entire team can access all the important files at once.
Office automation goes hand in hand with becoming a paperless office, both of which make it easier for you to be a more data-driven company. With automation, all your most important financial reports, communication, and documents are online and available to your entire office from wherever they are, and creating business reports from all this data is much easier.
Becoming more data-driven starts at the top and takes hard work in the beginning to implement new practices. Once the metrics are established, and your data team is fully integrated into your business, relying on data will become second nature to your whole team.
How Consortyo Can Help You Be A Data Driven Company
Whether you’re just starting the process of digitizing your office or you’re looking for guidance when it comes to what data is most important to your business, Consortyo can point you in the right direction.
We’ll ensure that your data is organized in a way that is most helpful to your team. We know every business is different, so we’ll customize your storage and data collection system for you.
Network security is one of our top priorities at Consortyo, so you can rest assured all of your data will be safe and easy to access only for you. Contact us today to start your journey to becoming a data-driven company.