By Olaitan Fawole
Every business is like a board game, you can either win or lose. Playing this game involves you, as a business owner, to use all your gaming tactics to ensure that you win at the end of the day. A major factor that business owners often ignore even though it holds the veto power to determine the fate of the company is how well to leverage the use of data in building and growing a business from marketing to customer experience and even product — to understand where customers are coming from, which services or products they prefer the most, and also feedback on engagement … the list is endless.
Some business owners still depend on their gut feeling when making decisions, however, according to the report from McKinsey Global Institute, companies that use data analytics to make business decisions have a 23x greater likelihood of customer acquisition, a 6x greater likelihood of reducing customer churn, and a 19x greater likelihood of being profitable.
In practical terms, businesses that adopt proper data analytics will definitely outperform their competitors and experienced tremendous growth.
What is Data?
According to The Oxford Dictionary,
“Data are facts and statistics collected together for reference or analysis.”
In a nutshell, data is information. Your business can generate a lot of information (data) that can be used to answer specific business questions that will allow you to make intelligent decisions to grow your business in the long run.
Transforming your business with data
Collecting data has been a major problem most businesses face as the ability to collect useful data makes this process overwhelming. With the emergence of new digitization technologies, this process has been simplified and is more effective. Hence, business owners can either go digital or go home.
To get useful information and reduce the amount of time taken, in data gathering it is advisable to automate this process by integrating to available data collection platforms.
Next, proper analysis is needed to make sense of the captured data. New technological solutions will allow organizations to analyze data collected in real-time. With tools such as PowerBi, Metabase, a data analyst is able to translate the information gathered in a simple form.
The potential of this data does not stop at enabling you to make better decisions but you will also be equipped with the ability to generate meaningful insight and adopt an approach that will reshape and transform your business for the better. Read more in the article below