The Power of Being a Data-Driven Organization
Some are big, some are small, but every decision a business makes impacts its growth and competitiveness. If you’re not using data to drive those decisions, you’re operating in the dark.
With more tech tools at our fingertips, data analytics is easier than ever. Yet many companies struggle to collect the data they need. Around 34% find tracking and analyzing the results of their decisions “challenging,” according to a report from Gartner, and only 23% of organizations always track the results of their decisions.
Companies that aren’t leveraging data to make better business decisions have a lot of catching up to do. According to PWC, data-driven organizations are three times more likely to report significant improvements in innovation, growth and competitive advantage. Taking the time to craft a targeted data strategy is an investment in your organization’s future.
How to become a data-driven organization
Every company’s data strategy is different, reflecting their various goals, capabilities, and growth forecasts. But there are some traits successful data-driven organizations share. Identifying and understanding these traits can help shape your strategy.
Empower data-driven leaders
Too often, organizations track KPIs in silos, sporadically collecting data rather than embedding it into every process, department, and team. To create this kind of data-driven culture, you need data-driven leaders, managers who know how to identify, measure, and understand the metrics and why they’re important.
Understand what metrics matter
According to Gartner, only 11% of organizations consistently track outcomes using the right metrics. So what are the right metrics? That depends on your goals. One common mistake, however, is to rely solely on metrics that measure performance too narrowly such as cost per campaign or sales per region. These granular indicators should instead be translated into their overall business impact. This helps you better understand how these metrics impact overall revenue, costs, and value.
Don't overlook your wins
25% of organizations review bad decisions more than good ones. It’s never a bad idea to understand your mistakes but it’s crucial to celebrate your successes. Looking at what factors influenced good decisions and how they were executed helps you replicate positive processes that lead to growth.
Protect your data
Data resilience and security should be top of mind when creating your data strategy. Not only to stay compliant with relevant regulations but to guard against emerging cybersecurity threats. Using secure, cloud-based solutions with backup and recovery capabilities helps strengthen data resiliency and security.
People-first meets data-driven
Data-driven companies leverage the power of data analytics to enhance productivity and profitability. But they also know that information doesn’t operate in a vacuum. People are the true drivers of any organization, and data is most impactful when it's used to empower employees.
Prodoscore is a secure employee productivity management solution that collects valuable data about how employees interact with cloud-based business applications such as email, CRMs, project management software, and more.
The software automatically collects and logs this data in real-time, compiling it into productivity scores for organizations, teams, and individuals. Managers gain a bird’s eye view of everything that’s happening with their team so they can quickly identify roadblocks, performance trends, and areas of improvement.
With these kinds of relevant, actionable insights, managers can make better decisions around what their team needs whether that’s skills training, wellness programs, or more recognition. Informed by data, these decisions will have a positive ripple effect on overall business goals by improving retention and performance. With Prodoscore’s data-driven Employee Productivity Monitoring (EPM) solution, managers don’t have to make decisions in the dark, get in touch today to schedule a demonstration or find out more.