Data is doubling every two years, meaning you have more data about every aspect of your business at your fingertips. In 2021, more than 50% of the global GDP was digitized, according to IDC. Every business looks at this data and realizes they need answers the questions:
- How do we make the best use of our data?
- How do we create opportunities?
- How do we maximize our potential and convert insight to action?
Convert Insight to Action
Any business decision you make today is greatly aided by the data you now have available. However, it is important that this data is evaluates and verified before being passed to the relevant business units. Your data driven decisions will enable better business performance metrics and establish a baseline to judge processes at all levels.
Hire the right people for data-driven decision making
Talented people are the key to understanding your data. Demand is up for data scientists, unfortunately small- and medium-sized businesses do not have the budget to staff them and must look outside their organization. There is no way around the need to analyze your data and use the information you garner from it, your strategic- and long-term success depends on it. Luckily, there are good alternatives to hiring a full-time data scientist. An interim CTO can be brought in to analyze your data and implement strategy to put success in your grasp.
Invest in the right analytic tools
Your access to data in today’s business world is only limited by the tools you use. The Internet of Things (IoT), Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), sensors and even drones enable you to aggregate data into an actionable form. Data accumulates at ever increasing rates as does the need for more. How do you determine which tools will provide the data you need? Throw AI and machine learning into the mix and you see the need for a highly trained individual to guide your business through your data landscape.
Create a technology infrastructure for data acquisition and visualization
Keep in mind that your process doesn’t end with creating information from data. Once you have the analytics, and the expertise, you require a way to view data in a collaborative environment that makes is easy to understand and actionable. There are dashboards galore which will present your data in a way that everyone in the room can understand, digest, and act upon. However, it is important to choose the right one to enable easy engagement and interaction with the right data for all meeting participants.
Begin to make data-driven decisions today
If you haven’t started your digital transformation yet or have but don’t know how to further proceed, don’t worry you’re not alone. According to IDC, 38% of even the largest companies have not completed their journey. And really, it’s an ongoing process. With your continuing data gathering, your opportunity to begin your digital transformation has never been more advantageous or profitable. Your time for a real-time analytical and data-driven approach to your business has arrived.
Start today to:
- Maximize your investment in software, tools and technology
- Improve time to market
- Make more accurate decisions
- Enhance the value of your data
Contact ThinkingCube today to talk to us about how to do all these things.