History of different successful companies which implemented technologically advanced functions shows how technology may be transformed from a supporting tool into a strategic weapon. These ground-breaking systems like online reservations (American Airlines), online service orders (American Hospital Supply) and many other examples – dramatically boosted their creators’ revenue and business perspectives.
At the point of success such companies are agile enough to outpace competitors due to innovative thinking, approaches and tools. More correct to say, they are much more agile before the point of success constantly trying to improve the ways of communicating with the customers from the point of view of the quality and accessibility of their business proposition.
The main priority tool for the future success is a comprehensive deep analytics of early trends, just appearing growth opportunities in order to plan and implement best marketing actions to achieve optimal business impact and uncover the profit potential of present and future customers.
All the above-mentioned may appear like common words. But there is no another magic recipe for future big success than constantly digging new data and identify new trends in your business. Companies are competing on analytics because they should do it in order to identify genuine trends and setting the new directions.
Does your company understand the power of analytics in today’s world? If yes, than you constantly work on cultivating powerful data culture in the company, motivating employees to use advanced analytical tools to improve all range of products and services. The speed of change in customer satisfaction environment is so fast that there is no time for old-style countless meetings and procrastination of data culture implementation.
If your company will intrinsically feel the need for data culture implementation and decision-making based on analytics expertise, then data virtuosity will become part of your brand assuring your strategic competitive advantage. If you are still skeptical, consider success of Amazon: domination in online retailing became possible due to a very early understanding of data value and further implementation of unique business model and supply chain.
Pro-analytics business model implies a constant need to attract and retain innovative people – imaginative, tech-savvy and everyday idea-generators. Sometimes, companies may find these people buried deep within their own organizations. The biggest positive strategic decision is to set a real value for the company to search for these people, hiring and listening to them.
Pro-analytics companies direct their energies toward finding the right focus, building the right culture and hiring the right people to make optimal use of the increasing amount of data. In the end, people and strategy, as much as information technology, give such companies strength setting a proactive behavioral change from old-school decision-making to data-centered decisions.
Companies just now embracing new data technologies, ERP systems, data culture should be prepared that it may take up to several years to see the real-value results of its digitization. Key success here is an increasing perseverance and corporate motivation to be the part of the game, where competitors are running in the same direction.
The difference here is that usage of data is helping your people to do better business. People are thinking, selecting and deciding. And investing in data you help them to decide much faster than your competitors and to see and predict the future challenges and opportunities of your business.