Once you have integrated your business data and automated your workflows, exponential business growth is in sight. You are now evolving as a team and company.
The key to exponential growth is becoming a data-driven company. First, all your employees need to see the relevant data made available to them from a unified platform. Then, their leaders have to challenge the teams to use this information for improving the business. The ‘way we’ve always done this’ has to be replaced with the ‘possibilities we can we can test using this data.’ Data becomes a lever… if you can get it into the hands of the right people.
Consider these 9 ways that employees could use your data for exponential business growth:
- Improve the quality and speed of decisions
- Get control of costs and spending
- Increase customer wins, loyalty, and spend
- Find new markets or business opportunities
- Reduce business risks such as fraud
- Improve products and services
- Share or sell data to partners
- Improve employee satisfaction and engagement
- Make business processes more efficient.
According to the Harvard Business Review,
Truly innovative companies proceed one step at a time, demonstrating measurable outcomes each step along the way. Becoming and staying data-driven is a process and continuing journey, seldom a destination.Legacy Companies Need to Become More Data Driven–Fast, 2021-Jun-15 by Randy Bean and Ash Gupta
Building a data-driven company means making sure your employees know:
- Data is a strategic asset, not just a measurement stick. View it with curiosity.
- Analyzing data is a skill that can make your job more enjoyable and productive.
- Company data is a valuable asset whose quality and security need to be protected.
- Data can spark innovation, and new ideas should be tested with close observation of the data.
- Good data, when shared responsibly, makes for great collaborative opportunities in the company.