“In God we trust. All others must bring data.” — W. Edwards Deming
You know more than you know — you just don’t know it. And what you are missing out on could very well be the difference between long-term excellence and plotting an exit strategy.
Data-driven organizations have three distinct and tangible advantages over competitors:
- Differentiation — information placed in the proper context yields client insights and innovative ideas that lead to shorter sales cycles, significantly enhanced profit margins, consistent and predictable growth, scalability, and long-term loyalty.
- Empowerment — both team members and customers experience a deep sense of empowerment when endowed with knowledge that enables them to make better decisions.
- Value — shared knowledge leads to shared values, and shared values are the supreme motivator. Loyalty and an unshakeable belief in your brand result.
Given the plethora of technological advancements around marketing, customer care, value chain optimization, e-commerce, ERP, WMS, and the like, it is tempting to believe automation will solve your data management challenges. But that is a false notion.
While process automation, CRM, and other technologies give you the ability to capture, store, and access seemingly endless quantities of data, knowing what to do with it is another matter. You need a means or system that operationalizes the transformation of structured and unstructured data into workable action items.
Here are some simple steps you can follow to ensure your organization reaps the benefits of a data-driven culture:
DATA
- Determine what needs to be measured. Begin and end with your client or customers’ point of view: what matters to them?
- Identify relevant and trustworthy data sources.
- How will you aggregate store, and access raw data?
- Who is responsible for mining specific data sources?
- Define how data is shared and with whom.
Takeaway: “Not everything that can be measured matters, and not everything that matters can be measured.”
INFORMATION
- Analyze structured and unstructured data sources.
- Merge relevant data.
- Develop and populate dashboards or other means of sharing information in near real-time or as business need dictates.
- Determine best practices for disseminating, sharing, and utilizing information.
- Define what you are trying to solve for.
Takeaway: “Operationalize transformation of data into useful information.”
INSIGHTS
- Validate insights by triangulating data sources.
- Identify consistent trends, common denominators, and key action items.
- Create an ongoing dialogue based on findings.
- Communicate across the organization which reports are important and why. [how do the numbers relate to team member roles?]
Takeaway: “Have competent, critical thinking, and intuitive team members with profound knowledge of the marketplace analyze information for strategic opportunities.”
IDEAS
- Create a cross-functional, Collaborative Action Team tasked with developing ideas for optimization, innovation, and transformation around the customer experience.
- Develop a prioritized plan-of-action.
- Evaluate resources [team, technology, systems] respective of findings and make necessary adjustments.
Takeaway: “Imagine new ways of doing things, elevating service delivery, transforming processes based on validated insights. Balance risk and reward.
ACTION
- Implement action plan.
- Measure results.
- Prioritize continuous improvement.
- Be prepared for change.
- Remember real change begins with you.
Takeaway: “Ideas without action are missed opportunities for achieving excellence. Trust your data-driven process. Trust your team. Dare to lead rather than follow.”