Data-driven organizations in India are leveraging cutting-edge strategies to dominate global industries
The changing technological landscape in India is forcing businesses to utilize the best of what data has to offer. Newer businesses are compelling companies to look for strategies that ensure higher business returns and reduced operational expenses. Companies are leveraging large measures of data in every single area of research, showcasing, deals, creating customer service, and so on. They need to constantly standardize data storage and security management, to align their operational structure with industry requirements. These elements clearly define that the future of data analytics is quite bright and is definitely a subject for research for modern business leaders.
Datasets offer massive challenges for businesses based on managing and processing the volumes of data that are being generated. But in recent research, around 70% of the Indians have claimed that they do not possess the necessary skills to progress in digital transformation. While technology has become paramount, the number of solutions and settings to navigate can actually become quite overwhelming. Experts believe that the path out of a complicated data labyrinth often involves the mix of the right set of tools with a business perspective.
How can organizations turn themselves into data-driven ones?
The importance of data in the modern world cannot be overstated. Data has definitely become the backbone of research for several centuries, and no matter what complexities lie ahead, organizations ought to seek and innovate avant-garde solutions to enable efficient uses of data. Here we have listed 4 crucial steps through which Indian organizations can utilize data and deliver immersive customer solutions.
Build a framework for data-driven goals
Data is not a final product. To incorporate data into marketing and sales strategy, companies need to set goals for the data and parameters to know how it will influence the decision of the company. For example, if the company wants to increase revenue it is important to use sales data to see what sells and what does not and accordingly re-design the catalog or sales strategy. Data is a device, a means to an end, not the end itself. It’s best to use it to make smarter decisions.
Acquiring accurate access to data
It is important to identify who uses data at a company, like anyone in the company who interacts with customers has access to data. For instance, marketing people need to have access to the mix rate, the average customer acquisition cost, and the email click-through rate among others. Similarly, sales need to have access to sales data across products and services. It is important to analyze the data because every area of a company can benefit from using data.
Leveraging the right tools to analyze data
If the right tools are not used for analyzing data then it will lead to nothing but meaningless collections of numbers. If the right tools are used the outcomes will be much more useful. There is a huge collection of tools that can help an organization to get the most out of the data. Using the right tools helps in transmuting data into readable charts that make data accessible to anyone who needs it. Examples are Power BI tools, Tableau, and others.
Focusing on the efficient collection and collation of data
The responsibility of collecting data is on each department of a company. After collecting, each department passes the data to the management and from this level the collation of data becomes important. It is good to have a central system for all the data. The analysts of an organization analyze the data and revert back to the heads of the departments. Then each department team can put the insights received from the analysis into action.