Understand the five basic pillars for a Data Driven company
Data is the new object of value in today's market. To achieve success, it is essential that companies know how to deal with it and how to extract information to make better decisions. The applications and benefits cover all sectors and departments holistically. This is what drives the concept of a data-driven business.
Do you want to learn more about this concept so that you can make it easier for people to access data, integrate sectors and extract value from this information? Follow this article.
What is a data-driven company?
Basically, this concept refers to a company that uses data as an advisor for its decisions. It's an organizational culture that guides companies to collect a large amount of information and analyze it in search of insights and suggestions. This goes against the old methods of decision making, based on intuition.
Using information from customers, the market and the company's own internal processes, it is possible to obtain a set of inputs for analytical algorithms that identify patterns and trends and provide a broader view and more consistent support for management planning.
This can be used for, for example, predictive analysis, which aims to offer forecasts about the future based on correlations of historical data. This enables corporations to be prepared for changes in the market, demand or unexpected incidents. They also help to optimize asset management, with anticipated maintenance, and information security, with risk prevention.
By identifying opportunities, it is possible to invest in fruitful areas and in innovations that win over consumers in a unique way. In other words, being data driven is also synonymous with competitive advantage.
Management also gains the power to analyze a series of indicators and metrics, with a vision that considers the results and seeks alignment with the organization's objectives and mission.
What are the five pillars of this culture?
Next, we'll analyze some relevant fronts that structure a data-driven culture, according to Google.
1. People
For this philosophy to work, the engagement of people is fundamental. Employees need to know the power of data collection and be able to analyze and understand information to provide support to higher levels. In this sense, it is interesting to hire professionals with statistical, computing and mathematical skills, such as a data scientist.
2. Processes
Internal processes become more agile and efficient because, in a culture of this kind, they become integrated, virtualized and with information accessible to employees from different sectors. Everyone works together, starting from the same basis and pursuing the same goals.
3. Assets
Digital properties, assets, are fundamental to this new moment for companies. These include mobile devices, which must offer optimum performance and ease of interaction for the user, with a focus on experience. From this, it is possible to guarantee greater satisfaction and information for analysis.
4. Data
Nowadays, it's not difficult to access data. It can be collected by combining online and offline strategies, combining the channels to obtain even more intelligence and follow the consumer on their journey. Statistics, market research and other forms of data are mixed with information from mobile devices and customer service histories, for example.
5. Technology
All of this is supported by powerful and robust technological tools. These systems facilitate analysis with automation, allowing for increased productivity and precision, with fewer errors and, consequently, lower costs. The technologies speed up the gathering of information, creating channels of contact with consumers and easier ways of relating data.
Data-driven strategies are important because they enable better decisions, more efficient management and more organized planning for the future. For this reason, all members must be aware of the importance of this culture and the added benefits. Being well aware of the advantages encourages employees to contribute and really get into a data-driven attitude.
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