Top 5 Tips to Become a Data-Driven SMB
Attempting to improve your data strategy is difficult without the right guidance. In this episode of Emerge5, we partnered with TrueCue; a company that have developed a live benchmark that allow you to compare your approach to data and analytics with small and medium sized businesses from across the UK. If you're looking to accelerate your organisation's data and analytics maturity, simply complete the benchmark and you will be provided with a personalised report with actionable steps to take.
We thought it wise to pick their brains to find out what steps we could take to become a Data-Driven SMB.
Start a Live Comparison of Your Data and Analytics with Other Businesses
The ultimate way to become a data driven SMB is to compare your approach to other businesses. So, where do you start? TrueCue's data and analytics live benchmark provides your business with a personalised report that compares your organisation to its peers. Beyond this, it provides you with actionable steps to take in order to improve your dat and analytics strategy.
Accelerate Maturity to Become Data Driven
The best way to accelerate your maturity is by using a guide, and that is exactly what TrueCue is providing for businesses. TrueCue's data and analytics framework helps businesses understand their current stage of maturity while providing them with steps to take them to next level. It comprises of six pillars (strategy, process, data, platforms, analysis and culture and skills), and is designed to guide organisations through the necessary competencies to become data-driven.
Investigate the Causes of Immaturity
Knowing the facts is essential, but it's worth looking deeper into the framework to find the root causes of data immaturity within your business. The stats show that most organisations do not have a data and analytics strategy, with only 30 percent of organisations who do, aligning their data and analytics strategy with their broader corporate strategy. Beyond this, 44% of analysts time is currently being wasted manually searching, preparing and investigating data through spreadsheets.
Address Your Maturity Issue
Many businesses are operating in the dark ages of data when it is more important now than ever. According to Gartner's IT Score for Data and Analytics, 73% of businesses were classified as having low data and analytics maturity in 2020. In fact, only 9 percent of organisations were regarded as "very effective." In a time where data is one of the primary causes of business growth, treating it with an "add-on" approach is simply ineffective.
Listen to Your Data, Not Your Gut
Business leaders are leaders for a reason, and it's often because their gut instincts steer them in the right direction. However, the same hand that feeds you can just as easily push you into danger, and that's cause of stagnation for many businesses. Many leaders have a lack of data literacy and a huge aversion to investing in new technologies, and it ultimately holds businesses back.