Boards are never short of opinions.
With their collective experience and seasoned points of view it is often sensible to follow their lead. One vital point to address however is that all experiences are inherently of a past time and can not necessarily relate to the ‘now’ or the ‘will be’. Opinions and gut feel are never a guarantee of success. Wouldn’t it be a relief to support or challenge business decisions based on hard fact and a form of analytical science? Luckily all businesses already possess the magic ingredient needed to make this possible – business data.
As William Edwards Deming once said, “Without data you’re just another person with an opinion.”
In a world of rapidly changing markets and consumer behaviour, experience can only help any business to a certain point. Beyond this a qualified method for anticipating future behaviour and performance must be employed to offer a genuine advantage over the competition.
Aside from this increasingly visible factor, wouldn’t it be great to be able to validate gut feel and opinions with factual backup before investing business time and resources into new projects and initiatives?
Decisions on expenditure based on predicted return on investment calculated from customer behavioural changes, clearly quantified current data and projected sector performance is a much easier sell than, “it feels right,” or, “I think it’s the way to go.”
All businesses generate data, most collect some or all of this in various systems and processes across the enterprise, but few have access to the right data at the right time to use it to inform business decisions or strategy.
Actionable data refers to information which has been collected, processed, and made available in a form that can be utilised by business decision makers to base their judgements upon.
The route to actionable data begins with joining the dots, connecting the systems spread enterprise-wide storing customer, operational or product data in repositories or silos. The most effective way of achieving this is different for each of our customers and sometimes requires investment in a new platform or rearrangement of their tech stack. The focus for us when working with our customers is always the business outcomes they require and a strategic path to ROI. KPMG shared in their latest Global Tech Report that 99% of the 2200 plus executives surveyed have generated returns on digital investments. When a prioritised and strategic roadmap is carefully developed with a customer, commercial gains and future-proof foundations to a data led future are the logical outcome for the organisation.
To have begin a conversation about the potential open to your business through actionable data insights please get in touch here and we will arrange a call to discuss your unique situation.
