How to successfully apply
analytics-based strategy in your company
If you want to successfully apply a data-driven strategy in your company, you’ll need to take the following steps:
1. Identify, sync and manage multiple sources of data.
The first thing you’ll need to do is to choose the data that answers your business needs and helps you achieve your goals. This means that you’ll have to think creatively about how you can utilize your current data to solve specific problems or business goals, as well as what data you are missing to reach those goals. Then, you’ll need to identify the technology that will enable you to connect the right data sources for your specific goals. Lastly, you’ll need to apply optimization with regards to synchronization and the merging of data which may overlap, as well as tend to the absence of critical information.
2. Build advanced analytics-based systems that can predict and optimize your business strategy goals.
You should ask yourself: What kind of data system will solve my current problem or help the business reach a certain desired outcome? What should that data be able to do for me?
The answers to the above questions will help you design the correct system for your goals and verify that you use the right data. You can think of your data system as a recipe for a dish that you want to cook: you find the recipe, and then you go to the store(s) where you know you can find and buy the required ingredients.
3. Apply a smart organizational change
This could be the most challenging step, but it’s also the most important one: managers should be motivated to utilize the system’s insights for their sales and marketing activities. The way to ensure that this is done is to deliver them the analytical insights that are simple and practical to use, insights that can support them in aligning their current decision-making process with the company goals. The managers need a simple and intuitive interface to use the insights without getting into complex data analytics systems, and most importantly, they should have the opportunity to learn by doing. This will only strengthen their experience in making analytics-based decisions in their work.
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