During these unprecedented times, it’s more important than ever for businesses to be data-driven. Analysis and data, can help businesses understand and respond to market changes, and predict and plan for how things may change in the future.
So, in the face of uncertainty, how should businesses be looking to use data to stay ahead? We’ve outlined the four key data-driven phases that businesses should be considering.
Monitor – what is happening?
Monitoring is about gathering, understanding and analysing your data to recognise what is happening. In uncertain times you want to know what is changing for your business and whether you have enough knowledge to know why. Getting hold of as much recent data as possible helps you monitor the changes that are occurring, how business is tracking and make the best informed decisions based on the current state of play and how things are changing over time.
Identify – what is the impact?
After you have completed the monitoring phase, you can start to use that information to inform and identify the sectors of your business where you should be focusing your efforts. This phase is about identifying the specific segments, customers, channels or products that are at risk or represent an opportunity for growth. This enables you to prioritise actions, resource, and funding, to focus where it is most important and start to construct a plan for how to tackle the challenges you face, ensuring you manage risk and capitalise on new opportunities.
Measure – how are things changing?
Once you have identified your business risks and opportunities, the next step is to measure how the initiatives you have put in place are tracking and forecast for the future. This phase is about setting measurable goals and key performance indicators (KPIs) that you can track over time to understand how effective the actions you have taken have been at changing your business trajectory. Measuring enables you to predict how your business may continue to track in the future, based on the trends to date.
Optimise – How can we do things better?
Optimising is all about continuous improvement – assessing where you are at, how effective your actions have been to date, and how you can look to improve and build upon this. By continuing to measure progress, deep dive into the data further and identify new areas of opportunity to improve on performance, businesses can ensure they are getting the most out of their data and analytics. Ongoing improvement allows businesses to adjust actions based on real outcomes and respond to new market changes that may arise. You should never stop questioning, examining and re-evaluating your decisions, particularly in these uncertain times.
Data Insight is maintaining a ‘business as usual in unusual times’ approach, and are here to support you in ensuring business continuity.
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