What Stories Do the Data Tell?
Apr 29, 2020
By Carol McGlogan
“Data Analytics” is a trending topic in business. Having access to data and pulling insights is not a new phenomenon. The opportunity is in the “stories” that begin to unfold from the huge volumes of data, amassed from disparate systems and translated into consumable business insights. These stories help leaders solve business challenges and improve performance. The data insights add context to past constraints: “If only I knew X, then I would be able to solve Y.”
Developing a data architecture so that it pulls the right data, at the right time, in the right format, is not an easy feat. There are so many software solutions available that it’s difficult to know where to begin. It’s important to focus on the business problems and what data you need to help solve the issues.
You must also consider the challenges that various departments face. For instance, for your Operations team, data might improve service to customers by assisting with facility locations and layouts, as well as resource and inventory planning. Sales managers might require data to benchmark territory, channel and product mix performance. Marketers could use data to better understand customer behaviour and improve the effectiveness of their marketing spend.
In theory, leaders may understand the benefits of using data to improve business performance. However, a study by New Vantage Partners* shows that many organizations haven’t yet harnessed the full potential of a data-driven enterprise:
• 72% of companies have yet to forge a data culture
• 69% have not created a data-driven organization
• 53% are not yet treating data as a business asset
• 52% admit that they are not competing on data and analytics
There is tremendous opportunity in building a data-driven organization, developing strategies to support business goals, and fostering a data culture that relies on insights and stories to help support business growth.
Electro-Federation Canada (EFC) contributes to data-driven story-building by providing enhanced market data to members. Our statistical reports offer important points of reference for businesses to draw insights. EFC has invested in Microsoft BI technology to allow members to leverage their data to uncover “stories” relevant to their business to support decision making. And, with the pending addition of a new data analyst, EFC will be able to provide members with added insights to assist with forecasting and general market data.
The road might be long and winding, but like any good story, your business must establish a strong beginning by identifying challenges, and then develop strategies to drive practices, all of which will conclude with strong insights to guide business performance and growth.
Carol McGlogan is President & CEO, Electro-Federation Canada.
* Big Data and AI Executive Survey 2019: Executive Summary of Findings, New Vantage Partners.
