09 Sep Why Having A Data-Driven Culture Is A Game Changer
In a recent study by PWC which covered 31 European countries, it was revealed that 65% of business leaders surveyed recognise that digitalisation will have a high impact on the long-term viability of their businesses. “The report findings suggest that many company leaders see digitalisation as a technical fix to solve specific issues in areas such as supply chains, when there are benefits to viewing it as a holistic strategy to transform an entire company – especially at a time when the economic cycle demands reinvention and renewal in preparation for the next era of growth.” – PWC European Private Business Survey 2019. In the light of this, it’s crucial to highlight the transformation nature of growth and the underlying principles: having the right culture.
When zooming in further into the core topic, we can really pinpoint that the true change lies in the way we look at data, what is said to be today’s most valuable “currency”. Common practice has shown us that data has only been utilized by technical employees, data scientists, IT and the like. However, in order to truly grow businesses, CEO’s must adopt a more inclusive view of data where all departments alike somehow “speak data”. Data is now becoming the new language, the non-biased answer to the question, “What should we do next?”. In this blog post we will be outlining the benefits of adopting a data-driven culture.
But what is a data-driven culture, really?
Simply stated, it is a set of shared beliefs that relying on data as opposed to presumptions and past practices allows teams to work and grow together in an efficient and constructive way. By aligning all your staff to understand and embrace the potential of data, you can study your business performance better and pinpoint the strengths and weaknesses in your processes, as well as identify business opportunities. The key sentiment here is being collaborative and open, because embracing data means embracing trying new ways of doing things! So how does this new mindset give you an edge?
1- You will become even more time- and cost-efficient
When your different departments embrace data, they can better understand where inefficiencies are. Cost-cutting is sometimes perceived as the bad guy, it’s a term that can potentially lead to a cloud of pessimism at the workplace, especially when your employees are not aware of the reasons behind it. But with the use of data, cutting costs no longer needs to come at the expense of your assets such as office space, employees or company perks. By having a data-driven culture, you can have very clear vision on your marketing spending, be it online or through your trade channels. You can understand how your customer support team can better utilize their time with your customers and have less inefficiencies. If you look at your targeting strategy, you can acquire deep information about your dollar spend and how you can optimize it. The list is long and we’re happy to book a session with you to discuss how we can help you cut costs.
2- You will learn more and more about your position in the market
Data is definitely a goldmine when it comes to the market. For decades, marketers have been finding ways to understand their consumers, how their needs change, how their behavior adapts and more importantly why it does. Researchers have found new ways of reaching consumers and have even been able to narrow it down to the hours of the day and what Google refers to as Micro-Moments. But data can also teach you a lot about your own product, how consumers use it, when do they use it, whether they combine it with another product, or if it can even be matched with a sentiment.. All those insights can be unraveled with being hungry for data!
3- You will have a smoother decision-making process
People in the place of responsibility and/or authority are making hundreds of decisions every month, and in many instances they are forced to make quick decisions due to time-pressure. Decisions that are not data-driven can create a lot of stress and tend to create a lot of questioning from others. Wouldn’t you love to minimize the whirlwind of why’s? Adopting the mindset of looking at data periodically creates more awareness for decision-makers who will gradually assimilate information in the back of their minds. And when the time comes to make a decision, they can simply draw the relevant piece of information to support their case.
4- You will encourage more cooperation among different teams
Having a mindset that is focused on utilizing data will give you access to a wealth of knowledge. Sure your sales trends are influenced by the economy, the competition and your customers, but how well do you know the dynamics between all the entities? When your different departments are aware that the data they have access to can be valuable to other departments, your business is bound to grow as you unlock new ways of working. This is particularly relevant because of the different disciplines behind those teams. An IT specialist will analyze data in a very different way from someone in Marketing. Your Sales team can find an opportunity in your website where IT would think a page should be shut down due to low performance. The take-out here is really about having an open appetite for learning.
5- Its value also lies in the way it empowers people
Data carries a lot more value when looked at from a broader perspective. It can really be a game-changer for businesses as it can save you time and money and gives you a more thorough understanding of your consumers and products/services. Its value also lies in the way it empowers your employees; whether in the way they work together or the way they make decisions. By making the shift in your mindset, you will be paving a steady path towards growing your business. Are you ready for the change? Get in touch for a chat with our Head of Growth here.