Facts speak louder than words. Digital, data-driven management enables both the profitability and the continuous development of business. Understanding how data can be turned into knowledge, refined into wisdom and turned into profits could be exactly what your business needs right now.
These are some of the companies we’ve helped with data-driven management:
Data-driven management is rooted in data analytics which aims to produce actionable insights. We help you understand the big picture and bring you the facts which will support you in making even the hard decisions. We will also show you how its value can be enriched even further and how this value can be managed.
Measuring enables development and profitability, as this sets the foundation of your new data-driven decisions in facts rather than guesses, estimations and past experiences. Just measuring is obviously not enough, because data without analysis lacks context. Once your data has been measured and analyzed correctly, these facts can be presented and your data becomes actionable. Plans without facts are merely guesses and plans based on guesses seldom lead to the desired conclusion.
Measurements and data collection need to be planned carefully and all of the things in focus should have a direct application to the business as a whole. Once you’re creating your plans, it’s extremely important to understand the big picture of your business, its core goals and reflect all of the data you’re about to gather against them.
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Measurement should be at the core of development. Once one undertakes a new project, it should be ensured that all of the relevant data is accessible and utilized as early in the project as possible.
Once starting an entirely new venture, data can be gathered from a variety of sources and your customer base should be involved right from the start. Once you’re piloting and creating MVPs (Minimum Viable Products), you have a means of gathering feedback and data at the earliest stage possible. By doing this, you are enabling agile development, in which plans may change if the feedback and data show that the end-results are not what you expected.
Visualizing data and information makes them more understandable and faster to interpret. Visualization helps in picturing new angles and detecting anomalies. Visualized data is also a way to make complex data more easily digestible, accurate and efficient. Correlation between different sources of data becomes much easier to understand once they’re combined whereas if you’re just looking at a spreadsheet of numbers, it’s easy to lose the big picture.
Data and information can be visualized with a variety of dashboards, reports and business intelligence tools, which enable key personnel to access data relevant to their role and see how well for example their department is performing in regards to the organization’s key performance indicators with one quick glance. This saves time as one no longer has to spend time deciphering the data presented to them.
The most common challenge with measurement and data-driven management is that the organization simply has too many measurements which may be incorrectly set up or interpreted. One of the key features of successful data management is the ability to combine not only different sources of data, but the right ones and in doing so, achieve a competitive advantage.
“Sofokus audited the search engine visibility of Keep.eu. The results of the audit helped us start making changes which helped us increase our search engine visibility for the future. During the audit we learned a lot about search engine optimization and we now have a deeper understanding of how to improve our site and clarify its purpose to the users.”
-Rafael Agostinho, Projekti- ja tuotepäällikkö, Keep.eu (Interact Programme)
The number of ways for measuring and the number of targets to measure is practically infinite. The right things to look at depend on the company. The most common metrics to measure are:
Including the measurement of sales, marketing, production, staff and company economy.
Measuring the quality of content, technical solutions, security, advertising or the ROI of marketing.
Measuring user behavior
Measuring the specific events on your website, page views, comparing new vs. returning users, page depth, user interaction or how people behave in your E-commerce.
User experience and measuring usability
Net Promoter Score (NPS)