How can data analysis and insights benefit your organisation?
Research Insights: Competitive Advantage. Companies that allow insights to drive change will benefit most from their data insights. Using data effectively can help your organisation make better decisions, future planning, and solve strategic and operational concerns.
Organisations should define their insights in terms of how their data should be interpreted in specific contexts.
What are your data revealing about your organisation?
When defining data it is important to decide what value you are interested in. Value can be found in obtaining high-quality data, advanced tools, data experts and optimised processes to guide analytical decision making. Easily accessible data, rapidly evolving visualisation tools and capable professionals that can provide data-driven insights contribute to transforming organisations.
Companies are generally concerned with insights in business and social environments. Since people are social beings, the way your team interacts shapes the culture of your business. During the organisational development process, an analytic overview identifies organisational performance.
It is important to note that a data-driven culture should be introduced by management so that employees can get familiar with continuous improvement. Furthermore, data-driven cultures create an awareness that monitoring and evaluation is a company norm. This promotes a competitive culture that impacts organisational flow and productivity and a focused workforce that is included in information sharing.
How can data help you improve performance and contribute to your competitive advantage?
Quality and accuracy of data are very important, therefore, it is essential to optimise performance by streamlining operations and integrating data sources to help you make better decisions.
Data-driven organisations are generally more organised to adapt easily to industry changes and improve systems that give them the competitive edge.
Obstacles to Change
It is important to keep in mind that existing structures can often prevent new development. Management of unstructured data usually lies beyond IT capabilities. Whenever organisations do not source optimal systems it is problematic when business managers try to make key decisions. This leads to fragmented data and an inability to have a comprehensive view of the problems or opportunities in the organisation.
It is important to obtain effective tools that would work for your organisation, provide easily accessible insights and help identify and prioritise most relevant business insights to help you grow.
Research Insights: Competitive Advantage – Interesting Sources
Grover, R. and M. Vriens, eds (2006), Handbook of Marketing Research, Thousand Oaks, CA: Sage Publications.