“Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.”
– Geoffrey Moore, author and consultant.
The world took a new turn at the outbreak of the Corona Virus in 2020; consequently, the world of work is experiencing an unprecedented shift as never imagined. This occurrence visibly led to many businesses’ downward spiral, which previously thrived in the traditional 9 am-5 pm physical office culture.
However, a specific group of businesses seemed to thrive and became even more profitable during the post-pandemic era;
What caused this difference? Data.
The transition to remote work premised by the pandemic has led to many businesses relying heavily on electronic tools and the data generated to measure how engaged and productive employees are, the level of satisfaction experienced by clients and end-users and by extension, organisational performance.
“Data is the new gold mine as many business leaders have turned to these data into insights for direction, especially when it comes to the post-pandemic workforce.”
Organisations should, however, retain that human face to the use of data. In that case, adopting a data-driven organisation or business will boost performance and efficiency as real-time information on employee engagement, performance, welfare, mental wellness, client engagement and satisfaction, and business performance are available at the touch of a button.
Why is data so important?
The average organisation is sitting on a wealth of data, from sales and marketing, market demography and dynamics to HR data on recruitment, career planning and progression, productivity data, development and competency profiles and staff satisfaction.
Organisations can now collate and retain more data or analyse internal and external stakeholder sentiments and behaviour to determine the appropriate area for businesses to focus.
It also shows how successful business leaders are adding value at the strategic level. Data allows organisations to identify ways to enhance practices and improve employee and client experience.
A Forbes article notes that 49% of respondents said analytics helps them make better decisions, 16% say it better enables key strategic initiatives, and 10% say it helps them improve relationships with customers and business partners.
Using data is undoubtedly valuable; it is a great asset to the organisation. When data is prioritised: –
- In improving decisions.
- In increasing employee satisfaction and
- Ensuring clients are satisfied through process optimisation led by data.
Some organisations ignored essential data during the pre-covid business era due to a lack of understanding of the value of analytics on business performance; fast forward to the post-covid age, we now see data giving solutions to:
External Stakeholders
- Forecast clients’ tastes, needs, and demands.
- Predict market behaviour concerning the business by segmenting according to similar demographic groups.
- Determine how to meet consumer and client needs most profitably.
- Identify and retain clients.
- Keep up with changes in the market and their effect on consumer requests and evolving business operations to suit these changes.
Internal Stake Holders
- Determine where to recruit the most suitable employees.
- Identify and attract qualified candidates to meet organisational needs.
- Improve employee engagement, satisfaction, and well-being.
- Predict employee life cycle
Business Performance and Data: – Leveraging on the new gold mine
How can we use data to transform our businesses?
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Personalise your customer and employee experience
Businesses that deliberately collect customer and employee data from various sources, including but not limited to physical retail, end-user experience, e-commerce, surveys and social media platforms, will be ahead in their industry. By simply using data analytics, they can create comprehensive customer profiles from which the businesses can gain insights into customer behaviour, predict customer demands, and provide a more satisfying experience.
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Better informed business decision-making.
Organisations can use data analytics to guide business decisions and minimise financial losses. For example, using predictive data and analytics can suggest what could happen to customers in response to changes to the business; the use of prescriptive analytics can inform businesses on the proper reaction to these changes.
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Streamline operations
Organisations can improve operational efficiency through data analytics by reducing the possibility for lost person-hours and maximising resources
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Mitigate risk and manage setbacks
To avoid risks in business is to avoid being in the company itself. There are no risks exempt business; we have data-informed contingency plans, business continuity policies driven heavily by data. This sort of data separated companies that thrived and those that faltered when Covid-19 hit the globe unexpectedly.
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Enhance organisational security
Most, if not all, businesses face some form of data security threats. For example, Banks can use data analytics applications to study, process, and predict their most significant data breaches. This data will help IT locate areas of vulnerability, strengthen their security walls, and create policies around data privacy, access and encryption.
At pcl. we are pioneers in the field of value-driven data with our array of customised techniques that emphasise the relationship between data and operational efficiency and security. To discuss this further, kindly send an email to people@phillispconsulting.net.
Written by:
Mayowa Oloyede
Senior Consultant
