4 Ways You Can Leverage Data Analytics to Improve ROI
Updated: Mar 25, 2020
Analyzing the massive amount of data available today seems like an obvious step for any business. Who wouldn’t want precise insights to make more informed decisions and find new opportunities for growth? Incredibly enough, a lot of people.
A recent Deloitte survey says that a staggering 67% of executives aren’t comfortable accessing or using data from their companies’ tools and resources. So, they basically prefer to stick to their old routines rather than having to learn how to use data analytics. The worst part is that they often shield themselves in all kinds of excuses. The most widely used: data analytics doesn’t have enough Return over Investment (ROI).
There’s enough evidence out there for anyone to know that that isn’t true. If you use data analytics properly, your ROI can skyrocket. Of course, you have to actually learn how to do it to get there but it isn’t as hard as you may think. Here are 4 ways in which you can leverage data analytics and improve your ROI.
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But first – the importance of data culture
Before getting to the tips, it’s important to underline how crucial a data-driven culture actually is for analytics to have a chance at success. If you can’t convince the C-level execs of the value hidden in data, then all of this will be impossible. That’s why you need to foster a data culture in your company.
When you do so, your teams will turn to data to create more accurate strategies, adjust objectives, and identify key business patterns and opportunities. If you fail to do so, your people will keep doing things in the same old fashioned way and soon your company will start lagging behind your competition.
How to create a data-driven company is a challenging task that goes beyond this article, but it’s enough for you to know that you have to evangelize your teams. Show them how data analytics can positively change their daily tasks and put the data value on display through examples. The more people you get on board, the easier it will get to foster a companywide data-driven mentality.