You’ve got the data, now what? In an article by Convert.com it states that “As it turns out, even though 74% of companies agree they want to be data-driven, according to a report by Forrester, only 29% could act based on analytics results.”
Thanks to technology today, we are able to gather insights on various topics for numerous fields. Tracking data from clicks to footfalls is easy, but what stops many people is knowing what to do with the information that’s gathered and, more importantly, how to make it work.
Know the Difference Between Data and Insights
Data is facts and statistics gathered through observation in the form of numbers, social media, images, sales records, etc. Insights are the understanding of what all that gathered data is and what it can do when strategized properly. For many business owners and executives, this information is crucial to understanding the inner workings of their company and how others respond to it.
An example of this is knowing that your business gains popularity during the summer season. This is great information, turning it into an actionable insight is when you target ads to people looking to go on vacation and your business is situated in an ideal summer spot.
Identify Your Business Goals
Ask yourself the right questions when you start.
- Who are you targeting?
- What goals are you trying to accomplish?
- When do you want to see a detailed report on your findings?
- Where are you going to gather your data?
- Why did your sales or end results succeed or fail?
Plan your end before you begin. It helps to know where you want to gather information instead of going in bulk. By narrowing your goals to answering specific questions, you can accurately target the issues you need more information on.
Collect Specific Data
No vanity metrics. Yes, seeing your numbers in a graph featuring thousands of views or clicks is nice, but how does it actually help? It doesn’t, it only gives you a bloated view of what’s really going on. First things first, you need to use the right tools to collect specific data. Then you must place that data into a correct context that answers the questions you placed at the beginning of your data collections journey.
However, if you can’t go for a cloud-based tool to help with data, you can start with the data you have and see where it applies to your business currently.
Strategize and Take Action
It helps to visualize the data into graphics or metrics that aren’t just full reports of numbers. You want to make sure that whoever you’re presenting your findings to, even if it’s you, remains interested. Examples like case studies of competitors or companies you associate with can also benefit when you’re trying to turn your data into something actionable.
Sharing your findings with your team should be clear and concise and done in a way that helps everyone understand where there might be leaks that need plugging. In today’s business climate, taking action to improve your business through data and analytics is a necessary step.
Araya Solutions provides neat, fast, and understandable insights for data visualization to enhance the awareness of management and stakeholders. Clarity in comprehension of all data can help you build your business and relationships towards a goal for success that transforms and drives your business forward. Click the get in touch button below or email us at [email protected] to learn more about our solutions.
References:
- https://www.plecto.com/blog/sales-performance/how-turn-your-data-actionable-insights/
- https://www.gooddata.com/blog/4-secrets-turn-data-insights/
- https://www.similarweb.com/blog/research/market-research/actionable-data/
- https://www.convert.com/blog/optimization/data-into-insights/
- https://www.linkedin.com/pulse/turning-data-actionable-insights-guide-business-transformation/