Data-driven companies are twice as likely to use business analytics to explore new ways of doing business and twice as likely to use analytics to gain a competitive advantage.

In today’s data-driven era, we have at our fingertips an abundance of information that has the power to revolutionize how we understand the world and provide unmatched services to our customers. Data can enable us to forecast the future, prioritize our efforts, and customize solutions with absolute precision. 

However, the sheer volume of data can be overwhelming, leading to incorrect conclusions, missed opportunities, and wasted resources. To manage data effectively, we need the right tools and technologies, as well as a strategic approach to data management and analysis. By prioritizing clarity, focus, and efficiency, we can transform data from a potential burden into a strategic asset. Ultimately, it’s about the quality of insights we derive from data, not the quantity. With careful stewardship, data can boost our bottom line quickly.

The Pillars of Techment’s Data Culture:

• Top-down Approach: Our senior leadership has made it a regular practice that decisions should be firmly grounded in data. Whether it’s evaluating market trends, assessing project feasibility, or forecasting future outcomes, data serves as the cornerstone of our decision-making process.

• Choose Metrics with Care: By carefully selecting and prioritizing metrics, we drive behavior and performance effectively. For example, if we aim to anticipate market trends, we might track predictive accuracy over time, continuously refining our predictions to stay ahead of the curve.

• Data Accessibility and Transparency: We believe in democratizing data. 95% of our team members have seamless access to data through our advanced analytics platforms, empowering them to make informed decisions at every turn.

• Learning Ecosystem: Knowledge is the fuel of progress. That’s why we invest heavily in continuous learning. With 100% of our workforce undergoing regular data literacy training, helping us to set new standards of excellence.

• Insight-Driven Decisions: Our data analysis reveals that 87% of our decisions are guided by data-derived insights, ensuring that every move we make is strategic and forward-thinking.

• Culture of Innovation: Innovation is in our DNA. Through a culture of experimentation, 75% of our projects are driven by data analysis, fueling our relentless pursuit of excellence and pushing the boundaries of what’s possible.

Here is a live example of successful data-driven companies

Starbucks partnered with Esri, a Geographic Information System (GIS) company, to develop an analytics process that considers demographic data and traffic flow, enabling them to confidently choose the best locations for expansion.

Starbucks leverages analytics to personalize customer experiences and drive strategic expansion. Teaming up with Esri, they analyze location and social data to pinpoint optimal store locations based on customer profiles. This approach, in use since 2014, allows Starbucks to tailor product offerings and optimize prices for profitability in each location. By combining location and customer data, Starbucks maintains market leadership with a successful expansion strategy that meets local market needs while maximizing profitability.

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