Why Every Company is a Data Company by Erik Dosal

05/08/2014 05:36

Every company is a data company, the only difference is some “get it” and some don’t.

Companies that ignore the wave of data they have access to are in for a rude awakening in the coming years. I believe that leveraging your corporate data will soon become a competitive advantage and eventually a requirement for any business to successfully compete in the market. If you’re saying “we’re too small”, “we don’t have time”, or “I have all the information I need”, you’re lying to yourself.

Every company needs to tap into the data they are generating and start leveraging the information it provides to the best of their ability. I don’t mean that you have to hire a PhD as a data scientist, but you can allocate a small amount of resources and begin there. There are plenty of ways to start tapping into your data. Here are a few examples:

  1. Employee Efficiency: Whether you are measuring the billable time of your engineers or the productivity of your sales team, benchmarking your team’s efficiency on a regular basis drives more profitability to your bottom line and helps understand what’s working and what needs to be adjusted.
  2. Customer Satisfaction: Measuring customer satisfaction helps you keep a pulse on your team’s performance and tracks your customer’s happiness. If you’re keeping an eye on customer satisfaction you can catch, and resolve, issues before they become major problems. You’ll look engaged and proactive to your customers and save time and money for your business in the long run.
  3. Service Backlog: Understanding how your team is keeping up with their workload helps you allocate staff time and resources. You may discover your need to “staff up” or retrain staff. If your employees are consistently falling behind, it’s a signal something needs to be addressed. This will directly impact other areas of performance.
  4. Service Level Agreements: Measuring how quickly your team is responding to customer requests and ensuring they are meeting the guidelines you set out for your customers can be extremely valuable.

With these simple examples in mind, how can you start tapping into your data or better utilize the information you already have?

Remember you’re a data company. You can’t afford NOT to be.