Today, data is more valuable than gold. Data and analytics empower business leaders and employees to take more accurate and reliable initiatives and decision-making. By putting data at the center of your business initiatives, your company can discover patterns to implement better and more efficient operations. There is no question that without implementing data and analytics into your business plan, processes, and company culture, your business will not succeed in today’s world.
What’s more, it is important to understand that data transformations can be highly costly, both mentally and financially, and short-term disruptions in capital investments are bound to happen. In other words, a data-informed company culture demands an array of resources and does not happen overnight.
What is a data-informed company culture?
There are diverse workforce cultures, but none are as unique as a data-driven culture. A data-driven corporate culture understands the power of analytics and statistics in optimizing processes and task optimization and gives its teams the tools to understand and implement their value. Analytics advisors can compile insights and information from everyday operations and decisions to execute changes based on real-time data.
An organization that runs around accurate, comprehensive data can inspire teams to work, function in unison, and deliver daily tasks timely while encouraging growth. With smart data, replacing gut feelings that can be biased can make business decisions more efficient and gain optimal growth results. In addition, with informed data, employees are more likely to be empowered, make successful decisions and initiatives, and give your company more value. The goal is to discover what works in the everyday and long-term operational journey by analyzing data.
The basics of creating a data-informed culture
While there is no sure way of attaining this type of culture, we have compiled some of the best practices for achieving it.
- Data infrastructure should be your first investment! But, first, you need to have enough space to manage all of your data safely and efficiently.
- Invest in training efforts to help your team remember basic coding skills, be confident in data analysis, and more. Remember to be flexible as they learn.
- Maintain and improve your data collection to incorporate it clearly and make it easily accessible to your entire team for optimal consolidation.
- Always ask for research/evidence from your team to support their findings and recommendations. This helps your team get used to the importance of using data and analytics.
- Lastly, remember to motivate your team and all of their efforts as they embrace a new data-driven culture. You can offer them rewards or incentives to get them excited.
Why it’s important to embrace data
According to Forrester data, data-driven companies are more likely to exceed revenue goals than those that don’t. That being said, “data-driven culture” is considered the second most important trend in 2022 for business intelligence, as stated by BARC Data, BI & Analytics Trend Monitor.
A data-informed corporate culture offers a plethora of insights and can help your team make better decisions on what to do and what to avoid. It is crucial to inspire collaborations within different groups while learning how they work together. By leveraging and analyzing company data, businesses are in a better position to create relevant tools, services, and products. Data can help your company better understand product/service development, what your clients want and need, and what works and doesn’t work with existing features.
We are here to help you understand the power of data and analytics and how to implement them into your processes and company culture in the most cost-effective and timely way; though keep in mind that results and gains take time and patience. That is why it is essential to outsource a team of analytics advisors and experts who can guide you every step of the way and equip you with the tools and technology necessary to create a data-informed corporate culture and strategy.
Data and analytics help us see how everything plays off of each other to decide how your company may want to invest moving forward. Re-prioritizing how your team spends its time, and the resources, channels, and efforts you invest in, are critical steps to achieving marketing success and improving sales. At DuartePino, our analytics experts analyze your business’ data to evaluate the performance of your marketing, content, and products and use analytics insights to reach the right people. Contact us to learn what our advisors can do for you.
*This blog post was written by Gabriel Marrero, Lead Intelligence Advisor & Head of the Analytics Practice at DuartePino.