10 signs you're competitive using data analytics
Most companies today produce or have access to a sea of data thanks to advances in information technology and the increasing digitization of consumers. The challenge, therefore, is not in obtaining and collecting the data, but in knowing how to extract insights from them on which to build a solid competitive advantage.
Here are 10 signs that indicate that your company is taking adequate advantage of data.
- Sophisticated information systems are applied or used and rigorous analyzes are carried out not only in the core business of the company, but also in a wide range of functions as varied as marketing or human resources.
- The management team of the company not only recognizes the importance of the analytical skills of the staff, but also ensures that there is a development and update plan.
- Data-driven decision making is closely tied to the culture of the organization.
- Professionals with proven data analysis skills are hired, as they are considered key to the success of the organization.
- Statistical analyzes are used in practically all areas of the company and their understanding at the organization-wide level is considered of high strategic importance.
- There is in the management team at least one person who is an expert in data analysis who develops his own metrics to measure key aspects of the business.
- Whenever possible, data is shared with customers and suppliers.
- There is a culture of "test and learn" in the organization built on the basis of small experiments that are carried out frequently.
- There is a commitment to deepen the use and management of data in the organization as part of the competitive differential.
- Data analysis is a key element in the organization's annual reports and in reports shared with financial analysts.
If you recognize most of these indicators in your organization, congratulations! You are on the right track and you will almost certainly achieve the objectives in your company. But if there are no signs that data analysis is being used to create competitive advantages, keep in mind that the road to take your organization to be data driven is long and requires commitment and resources, so you should start the transformation as soon as possible. before. As the saying goes, “better late than never”.
Excerpt from the article published in Harvard Business Review.