Being a part of the corporate world, often, businesses aim to achieve a specific annual turnover. Do you also have a figure in mind? How does a 30 percent yearly growth sound? Fascinating, isn’t it? In this article at Forbes, Bernard Marr explains how data-driven organizations achieve a promising growth every year.
Learn the Facts
According to a Forrester report, data-driven organizations achieve and retain new customers. They can also utilize the data to draw a sound decision for their venture. Switch to data-driven functions, follow these best practices during your transition:
Adopt Strategical Thinking
Your initial step must be to examine the existing business challenges. Analyze how data can help you find a relevant business strategy to deal with prominent issues. Select the right data for your venture and think about available products to bring substantial growth to your business. Use the information to form the KPIs that help you run the business.
Learn from Others
The emergence of digital transformation and new technologies increases the demand for data. Learn about the growth and strategic approach used by data-driven firms to leverage their best practices. Study the market trends to bring out the best in your venture.
Determine the best data source and find a technology or tool to store it safetly. The techniques can help you analyze and turn the stored data into a valuable asset. Though data is known as the new asset, it is also a liability for many. So, aggregate and integrate the information that can draw value for your venture.
Buying, storing, or accessing the data may not suffice its purpose well. Your staff must have the skills to utilize the data effectively and make informed decisions. Switch to data-driven business culture. Train your staff to find ways to translate them into a prominent business outcome.
Ensure the safety and security of the data collected. Follow the legal framework and give data access to only a selected few.
Click on the following link to read the original article: https://www.forbes.com/sites/bernardmarr/2020/04/24/data-is-the-new-oil-how-shell-has-become-a-data-driven-and-ai-enabled-business/#1e042ec93170