Data is changing the landscape and scope of business and how resources are managed within an organisation to generate maximum results. Such resources can include data, people, and time. Decision-makers who see the handwriting on the wall maximise data daily to attain sustainable business growth.
As a leader, business owner, brand manager or employee, you too can take advantage of your business data to drive and sustain growth in your company. Your experience level or place in the hierarchy doesn’t matter – data creates equal opportunity for everyone.
Have you discovered that new and innovative ways of doing business are toppling the old analogous methods? Successful startups are already leading in their industries, snatching away the top places from former big players in their niche. These became possible as business leaders discovered that effective implementation of data in decision-making processes guarantees sustainability.
When you effectively use data, you not only generate more returns but also improve your customers’ experience. Your decision-making process becomes simpler and quicker. You save more time and resources. In fact, maximising data in our business brings lasting productivity. Everybody works at an encouraging pace without burnout. With data, you can easily monitor your progress, discover loopholes, and quickly implement changes without shutting down your operation even for a second.
Business decision makers seize the opportunities presented by big data to take their companies to the next level. And stay on top of the game. But you don’t achieve sustainability while sitting in comfy offices giving orders or napping on sofas. You take action. When you take the necessary steps to transform your way of doing business combined with the right tools and strategies, the sky is only a stepping stone.
After over a decade of managing businesses, leading teams, and owning a personal brand, our team has accumulated extensive experience from which you can benefit. We share everything you need to transform your business overnight using data. Find out the four (4) effective ways decision-makers, the real data-driven business leaders, maximise data for business sustainability. These steps are practical and have helped us sustain our brand.
Four (4) Ways to Ensure Sustainable Business Growth in Your Business Using Data
- Implement an effective data strategy
- Incorporate data analytics in business management
- Focus on data as a business priority
- Use data to add value to customers – “value before money.”
One clear thing about how technology changes modern business is the short-term and long-term positive results that data-driven brands generate. At least the evidence is there for you and me to see.
Take a look at Google and Microsoft, the leading figures in IT and digital technology today. Twenty-four years ago, when Google Inc. was founded by Larry Page and Sergey Brin, data was never in the big picture. Fast forward to 2015, Google began improving their service delivery by turning business data into more valuable insights to offer customers a better search and internet experience.
Today, the Google search engine alone is amazing. You can tell Google what you want and receive millions of helpful results in a few seconds. How Google and other top players transformed their businesses is not a mystery. You can see how heavily they invest in data.
The same goes for Microsoft, Amazon, IBM, Oracle, IT-Kristana Digital Technology and the like, offering a better experience to consumers globally to improve living, save costs, and conserve resources while generating huge returns. This is thanks to data science, business intelligence, data analytics, artificial intelligence, machine learning, and natural language processing. You, too, can empower your workforce, redefine your business and place your brand ahead of your competitors by maximising data in the following ways.
Implement An Effective Data Strategy for Business Sustainability
Data strategy underlines the tools, processes, and rules you define while managing, analysing, and putting your business data into practical use. If you have a business, you have data. But data is just a number, statistics and items that are raw and useless in their natural state.
You need to add a data strategy if you want to turn data into valuable ends to help your business grow. An effective data strategy helps you plan your data usage so you prioritise what matters and what doesn’t. In the presence of business analytics, APIs, ads, online survey forms and sales trackers, every business collects data, whether a startup or established. Once your company operates online and serves customers digitally, you generate data. The size and volume don’t matter, but how you manage the data is most important.
For example, suppose Company A and B generate 1GB of data daily, respectively. In that case, we can assume that both brands have equal opportunities regarding the volume of data available to each. But the deciding factor then is the implementation of the data. Whoever captures the right insights from the available data on time, using the most efficient data strategy, to enhance their mode of delivering top-notch business solutions to customers lead.
A flexible data strategy puts a business in a strong position to solve slow and inefficient business processes, ensure data integrity, privacy, and quality, and provide clarity about current business needs. Just to mention a few of how a dynamic data strategy can enhance customer experience, improve the supply chain, and sustain your business in this competitive landscape.
To gain maximum results, a sustainable data strategy must adopt these six components: data, tools, analytics techniques, documenting and authoring, collaboration, and the people. An effective data strategy begins with understanding your market and consumers, gathering the right data, and utilising the perfect analytical tools to transform the data into insightful forms. When you’ve generated profitable results, you can collaborate with your team to drive more business insights that add value to your audience or customers.
Sustainability is the key here. As Stylianos Kampakis and Seren Yasar at Tesseract Academy put it in the Data Strategy Framework, “business leaders seek to implement pragmatic data strategy and business analytics to drive growth”. Discover how to maximise your business insights to make better data-driven decisions.
Incorporate Data Analytics in Managing Your Business
As mentioned earlier, a data strategy is incomplete when there are no analytical tools to turn the available data into actionable insights. Data analytics, one of the six components of a pragmatic data strategy, empowers business data. Without modern data analytics tools such as Python, R, SAS, Excel, Power BI, Tableau, Apache Spark, and so on, your efforts towards building sustainable business growth backed by data are wasted.
More flexible Business Intelligence (BI) tools like Microsoft Power BI make the gathering, processing, storing, and sharing of insights easier. It enhances collaboration within and outside a team. You can import real-time data from various sources, clean, store and make efficient decisions that guarantee growth and development in your company.
Microsoft Power Bi, SAS, Tableau, and other Python-backed analytics tools enable even citizen data scientists to handle data quickly and effectively. This is to say that incorporating data analytics in your business creates opportunities to empower a variety of innovative workforce who don’t have academic backgrounds in data-related fields but are creative enough to discern patterns in data.
Working with citizen developers, analysts and data-driven decision makers can cut costs for your company and encourage diversity. Even without a degree in data analysis, you can become a data scientist to boost your skills and secure your dream job.
With the right skills and talents to work with, you must select the best analytics tools that empower your team. Can you prepare your data for processing without flexible and power-packed technologies? The answer is NO. How can I analyse business data to make better decisions when the right analytics tools are available? Empower the right talent with the perfect tools, and they’ll do wonders.
Incorporating data analytics in managing and growing your business begins with gathering the right data. This follows with studying, interpreting, analysing, sharing, and visualising the data. Some organisations may use time-consuming manual processes instead of automated analytics software that generates more efficient results quicker and easier. Without a doubt, they suffer huge losses and miss important metrics that could have pushed their brands onward.
Make sure the tools you choose have the capabilities to unite your data sources, process the large volume of data quickly and provide meaningful results. Empowering your organisation with data analytics helps make management easier and better because you can make more effective decisions anytime. This positions your brand to solve customers’ problems with sustainable solutions that meet and exceed their expectations.
Whether you are the executive manager, chief data officer, data analyst or find yourself in-between the data decision-making, you are responsible for your company’s success. Learn how to apply data analytics tools to maximise your business data, grow a sustainable brand and enjoy maximum ROI.
Focus On Data as a Sustainable Business Priority
You already know that without data, there is no need for analytics tools. The right data must be available before you think of incorporating analytics tools to transform these data and generate profitable insights. Focus on data as one of your business priorities. You can have many KPIs to monitor while managing your company, but make data collection, processing, visualisation, and implementation your number one priority.
Prioritising data in your business comes with many benefits, such as cutting the cost of managing your brand while increasing sales and ROI simultaneously. The benefits of data prioritisation in building sustainable business growth are becoming more apparent each day in an era of Big Data, AI, and ML.
As McKinsey reports, data-driven organisations become ten times more productive and efficient in serving customers and meeting their needs. This is because, with the correct data and analytics, you can save more time and spend your resources providing optimum solutions to customers. Instead of being distracted by unnecessary business bottlenecks here and there.
Focusing on data in your company enables you to compete with big brands, especially if you’re a startup. It gives your business the right insights to have the competitive edge required to overtake the big players in your niche.
“Being data-centric helps businesses to reduce risks significantly”, says Dr Stylianos Kampakis, a data and blockchain consultant with The Data Scientist. Data-driven brands are far better and more progressive than their lagging peers. Not only does data empower your team to make decisions presently, but it also enables you to see imminent future dangers. And thwart them. Because if data inspire your business decision-making, you can implement sales forecasts to discover your customers’ yearnings, consumer behaviour and market trends.
When equipped with the right insights, you can now tailor your products, services, and solutions to meet the most critical needs of your customers. Robust data analytics tools can go to the extent of learning your clients’ shopping lifestyles to predict future needs and suggest the best solution when needed.
Especially if you are the centre of your company’s decision-making, don’t ignore the vital role of data. There is no limit to your success if you focus on deriving practical insights from data. Businesses who realised the rewards from maximising data to grow and sustain their companies are reaping huge returns now. So, why can’t you?
Use Data to Add Value to Customers – “value before money.”
What is the essence of focusing on data in your business if not to add value to your customers and business? Implementing effective data strategy and analytics into your decision-making process should gear towards bettering the lives of your audience, who rely daily on your products or services.
Focus on providing lasting solutions first, not making more money. Do you work hard building a solid business because you want to make money and become rich? Acquire the costliest assets and become a celebrity brand. That could be wrong, especially in this modern competitive business landscape where your competitors are looking for the magic wand. The tiniest opportunity that’ll enable them to overtake your brand and lead.
Prioritising financial returns and ROI in your business is not actually the right thing if you’re yet to build a world-class brand. Generating returns can be your second objective but not the first. Concentrate on meeting your customer’s needs and set it as a primary business goal. Discover their pain points and customise solutions that meet and exceed their expectations. In this way, your reputation grows beyond your imagination.
Technology at your fingertipsTesseract Academy
When you ask organisations like Tesseract Academy how it has grown sustainably over the past few years and reached a broader audience – it’s by adding value to customers, clients, and businesses who enjoy our services.
At Tesseract Academy, we help decision-makers implement and understand technology faster, easier, and better at no extra cost. Our focus is to help businesses like yours maximise data and grow sustainably. We prioritise data and focus on adding value to you and your company.
From AI to blockchain, data science to machine learning and IoT, project management to product development, organisational culture and everything in between. Our top-notch data strategy solutions can help transform the way you do business for the better. We are enabling you to achieve 100% efficiency in your organisation.
How can Tesseract Academy enhance your decision-making using data?
We combine live workshops, consulting, courses, webinars, and free frameworks to support your data-driven decision-making processes.
Whether you are an individual interested in boosting your career or a business leader seeking optimal solutions for your company, we have free and affordable courses to help enhance your understanding of modern technology. Our premium consulting solutions have helped many SMEs and startups become successful and reach their objectives. You, too, can seize this opportunity to learn from the masters.
As a leading brand using online-assisted learning and coaching, we focus on empowering you and your team to maximise data. Not only do Tesseract Academy empower you with the proper knowledge, but our experts also guide you one-on-one until you realise your objectives.
Start your journey today towards sustainable business growth in which you maximise data to increase productivity, enhance customer experience, and generate higher ROI