The digital transformation has brought with it new formulas to increase the potential and productivity of companies. Currently, the Industrial Revolution 4.0 is closely linked to Artificial Intelligence and Data Science. Managing vast amounts of Data is power. Therefore, it is essential to know what Data-Driven is and how it helps transform businesses.
What Is Data-Driven
The Data-Driven culture begins with Data-Driven Marketing. One of the excellent skills that a marketing company must master is knowing how to manage the enormous amount of data companies have.
It is essential that professionals can dive into each of the business sectors to achieve a successful strategy.
This is the main reason why a new trend comes to light. Your name? Data-Driven Marketing. Its purpose? Base decisions on the conclusions reached after the analysis of these data.
Organisations can obtain data from practically any business area: sales, HR, logistics, interaction with suppliers, etc. However, it is vital to master an essential art for business: distinguish between valuable data and those that do not add value.
Data-Driven Marketing has become a strategic formula for transforming this data and its use in the most effective way for a company. In this way, the optimization of processes and tactics is achieved. In addition, there is an increase in sales.
Although all the benefits provided by the Data-Driven culture are remarkable, the truth is that it has not yet penetrated sufficiently into the business fabric. According to the researchers, more than 70% of companies know that Data is one of the main strategic assets. Inconceivably, the investment to take advantage is not enough.
The numbers speak for themselves, and people in business are putting off implementing this option for later. Almost 90% of brands say they plan to invest in analysing Data… in the future.
The Data-Driven culture allows the best treatment of one of the main strategic assets of a company.
What Is A Data-Driven Company
It is possible to offer a definition that simplifies the concept. A Data-Driven Company is an organisation in which Data prevails. It is imbued with a unique culture (Data-Driven culture), and decision-making is based on the optimal analysis of this information.
These companies are aware that their success depends on the quality and reliability of their data. They have also understood that the analysis they are subjected to must be deep and compelling.
Thanks to the knowledge extracted from this process, organisations can have a deeper and more accurate perspective of the state of the market. In addition, they will become aware of their internal situation and will be able to establish a better environment for their clients.
In this way, the quality of service to users and consumers is increased, and it is possible to opt for the personalization of communications, marketing campaigns, and product offerings. The business ceases to be intuitive based on reliable and quality information.
Where To Start Implementing Data-Driven
It is true that with digital progress, access to increasingly efficient and straightforward tools for advanced analysis has been facilitated. The opportunity to adopt a Data-Driven culture is within reach of any company.
Like Amazon, you don’t have to be a substantial digital native company. The digital native business indeed has a more straightforward process. However, even an SME can follow this option that helps transform business, increase profits and increase productivity.
However, implementing the process towards conversion in a Data-Driven Company is not immediate or straightforward. It is necessary to assume that an investment in time and resources must be made.
But we must bear in mind that, according to experts, it is the most intense way of transforming Big Data into valuable information. Assuming this premise, it only remains to know the fundamental pillars on which the strategy is based to achieve it.
The opportunity to adopt a Data-Driven culture is within reach of any company regardless of its size.
The Three Main Arteries For Transformation
Organisations need to understand that they are facing a comprehensive transformation. When immersing yourself in the Data-Driven culture, three essential issues must be considered.
The technology must adapt to the company’s progress and not the other way around. The data collected is obtained, stored, processed, and presented through it.
A Data-Driven concept must be supported by the appropriate technology that optimises the use and exploitation of information. The use of platforms that promote a flexible, scalable, and mobile environment is necessary.
Despite the fundamental importance of technology, the truth is that it will require human talent specialised in its way of operating. They will be the ones who access the data, cross it and manage to establish a map of the extracted information.
The profiles of these workers will be responsible for raising data quality standards, avoiding errors or duplicate information, and achieving more precision and better-organised processes.
The strategy must be part of the business culture in general and the Data-Driven culture in particular. It is the senior managers who must be involved in this concept. They must focus on issues ranging from the definition of objectives to the design of internal processes.
It is necessary to design a data administration adapted to the business’s needs. In this section, the professionals who will serve as references must be identifiable, and the positions that the employees will occupy within the teams must be established.
The importance of Data-Driven in helping business transformation is evident. The Data-Driven Company should not be considered the company of the future. Quite the contrary, businesses capable of implementing improvements to optimise the quality of their data analysis will be investing in guarantees, market positioning, and customer knowledge.