Why You Should Operationalize Your Data
Operationalizing your data is all about putting your data to use. One of the most important things you should remember about working with data is to not throw it away. While not inherently valuable by itself, data can be used in all areas of your business to improve operations.
A recent study found that while 75 percent of business leaders from companies of all sizes, locations and sectors feel they're "making the most of their information assets," in reality, only 4 percent are set up for success. Overall, 43 percent of companies surveyed "obtain little tangible benefit from their information," while 23 percent "derive no benefit whatsoever."
I Say: So you're saying they have the data, but just are not using it?
Survey Says: YES!
Instead of solely looking at the data, seeing that you did well this quarter, and patting yourself on the back, you should analyze & evaluate what caused your business to perform so well. Operating a business isn't just acknowledging that quarter’s success, it goes beyond the data.
Data is capable of many different things and you shouldn’t use it to accomplish just one single goal but rather many goals. Data does not cease to be relevant just because it has been used on one project. The data you collected for one task will more often than not inform another task as well. All of the insight you collect becomes relevant again for the next time you are seeking insight on the same or a similar topic.
Let’s look at an example.
If one campaign brought in a lot of sales you should take that campaign and expand it. The same can be said for the opposite. If you have a campaign for a quarter and it fails, you should not just accept the failure as a loss but look at the data behind that campaign and see what happened that caused the failure. Through analysis, you are able to take your previous campaign and learn from it to avoid failure on your next campaign.
Instead of dumping more resources into each new project, you should be spending more time and less resources using the data you already have and integrating it into your current business model.
Data makes business models powerful by being predictive and spurring your team to be proactive. If you already have relevant data to your current project, you should look at what you have and see what the course of events were for that previous project.