BUSINESS ON THE MOVE
How to foster a data-driven culture in companies?
Using data in favor of business objectives is the great mission of a data-driven culture. Assertively implementing this approach, however, is still a complex task. Nowadays, big data is the buzzword of the moment. Therefore, it is not difficult to find methods for collecting data. However, the data-driven culture goes further by prioritizing the analysis and interpretation of data to guide decisions and strategies. It is necessary to put the insights into practice, but assertively, considering the other variables that influence the company's processes. Therefore, a significant change in work tools, flows and, most importantly: in the mentality of teams and management is necessary. In short, data-driven culture is the organizational movement that places data analysis at the center of decision making. It is one of the pillars of the innovation and technological revolution we are currently experiencing. Data analysis, in turn, encompasses processes of collection, inspection, cleaning and, of course, critical analysis in order to transform data into reliable and useful information for making strategic decisions and defining solutions to various problems. Importance of a data-driven culture in companies Experts warn: without data intelligence, markets will not survive. According to studies by Gartner, in 2022, Decision Intelligence, which combines automated analysis and AI to guide the data-driven decision-making process, was identified as one of the main technological trends. In one of its most recent predictions about data analysis until 2028, the consultancy also highlights that 45% of product marketing professionals will be guided by data analysis to monitor behaviors and define segmentation and communication actions. Therefore, considering the collection and critical analysis of data as a strategic part of organizational culture opens up a range of possibilities and benefits, among them: Intelligent and reliable decisions: “above all, show the data”, sums it up well Edward Rolf Tufte - professor American Institute of Statistics and Political Economy. The processing of information relevant to companies must not leave room for “guesswork”; Data analysis reduces time and spending on empirical models or actions based solely on intuition and experience. Actions become more assertive, with better results when experiences and data analysis work together; A good example of this is the automation of marketing campaigns. The performance of actions, interaction and reception of consumers are monitored in real time, which reduces the time taken to make decisions. All this data, critically analyzed according to established metrics, can highlight the need for changes. This way, it is possible to review a poorly performing action in a timely manner and maximize results. Predict trends to reduce corrections and rework, which can result in high and unplanned costs for the operation; Improve the performance of marketing actions: by crossing information on consumer behavior, companies are able to launch new products and services, promote them or withdraw them from the market. Which marketing actions have the expected return? Which projects require more costs than results? Real-time information enables quick changes to avoid losses. Since the subject is organizational change, find out more about knowledge management in companies. Implementing a data-driven culture: where to start? The benefits of a data-driven culture are undeniable. Despite this, companies face challenges in its implementation, as this requires a reorganization of existing structures and the creation of new routines. Check out some guidelines for applying data-driven culture in companies. Invest in an efficient tool Establishing data-driven management requires the adoption of tools for collection and analysis, in addition to structures that organize existing information and communicate between systems. The ideal is to have a professional specialized in digital transformation and data analysis to help choose the tool, in addition to training internal agents to act as disseminators of the data-driven culture among employees. Define what is worth analyzing The volume of data in itself means nothing: it is necessary to define which indicators are relevant for daily decision making. The mission is to select what really matters, and share the insights with the sectors involved. SaaS metrics: characteristics and main indicators to monitor Conduct training with employees Employees need to understand the importance of data analysis in order to extract the benefits of this resource. To achieve this, it is essential to offer training on the topic and training on the use of the chosen tools. After all, the information generated should not be limited to specialist sectors or leaders. Optimizing data-based processes requires team autonomy. Create action plans With the analysis of indicators in hand, it is necessary to create action plans to solve possible challenges that the numbers show. Remember that data always represents some insight, positive or not, as well as pointing out trends and opportunities for the company. This way, managers are able to plan for the long term, so that the business will be more prepared to face unforeseen events. Monitor constantly Although they facilitate future planning, the data presents momentary scenarios, so monitoring must be constant. If you are a user of streaming platforms, you have certainly noticed that your activities are monitored instantly. A change in your musical style, for example, generates new suggestions for you and new behavior patterns for the application. In a data-driven company, this constant monitoring is part of the routine.