The need for data has become an intrinsic part of modern commerce and allows businesses to inform and execute their strategies for maximum success. Whether it’s in the context of setting up a social media campaign or a search engine optimization strategy, data play a crucial role in any strategy’s success because of how they provide vital insights. When used correctly, a business can make smarter decisions, improve outcomes, and increase efficiency with the help of insights gleaned from data.
While many companies have recognized the benefits of using data, there are also a lot of organizations struggling to use data effectively. It’s very easy to collect data but making sense of it and using it to make decisions and set strategies can be a whole other story. If your business is in this camp, don’t worry, you’re not alone. Using data effectively is a widespread challenge, but there are also solutions.
Keep reading to learn why some companies struggle to use data and the lessons your business can learn from them.
Digging Into the Problem
It can be easy to think that bad timing, a failure to enlist the services of trained data scientists, or not having the necessary tools are to blame for organizations not using data effectively. And while those elements can certainly play a role, at the end of the day, the biggest challenge companies face is an inability to implement actionable insights based on analytics.
It’s important to dedicate time, resources, to collecting, analyzing, and visualizing data but taking the next step of turning all of that information into actionable insights is key. Unfortunately, many companies fail to get to that next, and important, step, leaving valuable insights at the table.
So now you’re likely wondering what your business can do to stay ahead of the curve and leverage data insights for decision making.
Even though the task of realizing value from data and acting on it has long been a challenge, turning things around for better research-to-execution is simpler than many think. However, it’s worth noting that such a successful turnout and ROI entails taking steps away from the practices of “conventional” analytics.
To help you best understand what it takes to turn analytics and insights into hard-hitting results, let’s look at some of the key factors:
Conveying – and Understanding – Value
When you dissect the problem of failing to execute successful decisions despite having quality data, it’s vital to look at a specific common mistake: the inability to convey value to end-users.
Although end-users are expected to use the analysis to resolve problems, the truth is that many of them don’t know how to do it because they’re not trained to recognize crucial points for action. In fact, many aren’t adequately taught to understand aspects of analytics—such as the limitations of analytical models or the propensity towards logical biases in judgmental heuristics.
In the case of your company, you may have all the data that you can ask for, but it’s most likely that you or your staff aren’t trained or experienced enough to make sense of the information you’re looking at. And while it is possible to learn as much as possible to make better decisions and judgment calls based on results, doing so entails time—something that may already be scarce.
Leveraging an Advantage
One common mistake that many businesses make when turning their insights and data into successful and well-executed decisions is that they feel the need to do so in-house. While most people would like to take charge of their decision-making processes so that they can maintain a hands-on approach—but this isn’t always the case for data.
If you want to make the most out of the data that you’re collecting, analyzing, and visualizing, you may want to partner with a firm that has the expertise and skills to take data to the next level of meaningful insights. With the services of an expert like Gemini Data, for instance, you’ll be able to maximize your data through professional insights and for the best results.
Although many business owners believe that gathering data and making good decisions based on findings is a simple task, the reality can be much different and leave businesses wondering how to leverage it successfully. But, by staying aware of the challenges, and learning how to overcome them, your business will be on track to leveraging key statistics to your advantage in no time.
Gemini Data provides big data analytics and consulting services for businesses that want to use statistics to make effective decisions. Get in touch with us today to learn more.