When one talks about creating a data-driven organization, data is the one that becomes the driver. McKinsey highlights that data-driven companies are 2.6 times more likely to have higher ROI and are 23 times more likely to outperform non-data driven firms. Also, as per PWC, data-driven organizations are 3x more likely to experience significant improvement in their decision making which will lead to better performance and company growth. Data is the key to the future of any organization.
The next mandatory question to ask is “why now?” As it is said, modern problems require modern solutions. With the advent of new technology, almost everything is shifting to a virtual platform from a physical one. Retailers and restaurants shifted from in-person to digital to hybrid. To have a significant edge over your competitors, data enables greater self-service analytics and insights.
Data is required and comes in handy at every baby step one takes. Be it evaluation of partnerships, understanding operating models or making strategic decisions. The ability to collect data to make the operations more transparent becomes the way one can deliver on what their customers will expect from them in future. Below are some of the advantages of becoming a data-driven organization:
1. Progress tracking — Data does not just help in report generation but also helps in tracking your progress from scratch. This will in turn help the company to identify their strengths and weaknesses.
2. Customer Acquisition and Retention — With the help of data, companies can pinpoint what exactly customers are looking for. This helps the company to stand out among its competitors by gaining a deeper insight into behavioural decisions taken by its customers.
3. Easy storage of data — Storing data helps in tracking data anywhere and everywhere. The location does not act as a barrier. Whereas, keeping data in a paper pen format does not provide this added advantage.
4. Deliver efficiently — Collecting accurate data makes the process more efficient by ensuring timely deliveries and action.
Furthermore, having the right analytic tools would not give desired results until those working with it are familiarized with it. Also, the availability of data is not enough; organizations should be able to formulate an accurate data strategy to make effective use of the data available to them. Prism is an ML- Assisted Bi tool with expert insights that help in implementing a powerful reporting and analysis solution tailored for your business requirements, at no extra cost. It will help you in conducting accurate forecasting, tracking performance, optimizing operations, analyzing consumer behaviour and whatnot. Here, eWards comes at your disposal.
For queries and demos, contact us at https://prism.myewards.com/
