Measuring the success of products and services and predicting where needs will arise separate the best organizations from the rest of the pack. Today’s most successful organizations recognize the importance of data in providing meaningful context for deeper understanding about how they operate, who they partner with, and discovering where opportunities exist. Effective businesses deliver results that align with customers’ strategic goals; products and services need to provide consistent, sustainable value.
User-generated data is everywhere, from social media posts to emails to customer reviews. There are over 900 exabytes of this user-generated data. Are you making the most of it? (1)
Regardless of the type of information that runs your business, a well-defined strategy to gather, analyze, and share key insights is now needed to have the greatest impact and long-term benefits.
Access to the right information at the right time will build your business and inspire confidence in those you serve. Leveraging data and analytics into meaningful insights will advance strategic relationships, promote collaboration, create opportunities to grow, and most importantly, help unlock the full potential that exists within your organization.
A recent survey of leaders found more decisions are still being made based on gut feel rather than data and information. (2)
Many organizations do not take the necessary steps to effectively harness the business value of the information they possess, even though most organizations today generate or capture large amounts of data. Creating a culture of using actionable insights is paramount to the success of organizations worldwide.
In fact, businesses driven by data insights and analytics are effectively growing at an average of more than 30 percent every year and are expected to take $1.8 trillion worth of business from their less-informed counterparts. (3)
Establishing a credible data source is key to creating long-lasting value. There must be consistent and accurate methods to acquire data, synthesize it into information, and determine insights that drive good business actions. It is impossible for a business to exist in the modern age without consuming or creating data.
An insights-driven approach begins with a framework for data collection, storage, analysis, and visualization:
Start Simple. 
It is better to begin with the data used in the daily running of the business. Collect those points of data, centralize them, and have a few metrics that are well understood. Craft those metrics into a few consumable visualizations, rather than trying to build an end-to-end solution which analyzes every possible metric from the start. Establish a core group of users and inspire their confidence on the first few visualizations. This will avoid overwhelming users and help tailor the data and insight needs of the organization as they arise.
Grow Responsibly. 
Introduce more visualizations over time, soliciting feedback directly from the core user group, including them in the development journey as a continuous feedback loop. The better the feedback, the better the outcomes will be. Always publish how metrics are calculated in plain language alongside them, so that anyone can read and understand. This should also include what the metric should and shouldn’t be used for. Establish a cadence for when reports will be refreshed with the newest data and insights. Make the visualization review process easy.
Highlight Wins. 
Insights are critical decision-making tools. Make access to information easy for leaders and showcase results broadly. Encourage good habits and ensure that insights and information become part of the conversation. Every critical business decision should be vetted through the lens of data insights. By using data and analytics insights, your business can focus on what the operational goals are, from understanding what the buyer finds important to where to grow and shrink investments.
Evolving your company into one that curates and drives decisions with data insights is no easy task. But by starting small and incorporating data and analytics insights into the business rhythm of the firm, you will have a transformational impact on your organization. This will require a dedicated approach to developing and refining your business intelligence programs.
98.6 percent of executives indicate their organization aspires to a data-driven culture, while only 32.4 percent report having success (4)
Empowering desk-level staff to make better decisions with everyday data will shift the organization culturally to realize the full value of their data. People at every level should be having conversations that start with actionable insights, which deliver the best long-term value into the organization. Foundationally this requires a self-service model where they can interact with the data visualizations they need, balanced with security and governance. Having this framework also allows clients and customers to utilize key performance metrics on an as-needed basis. This transparency revolutionizes the client relationship.
Establishing core capabilities helps encourage data-driven decision-making across all job levels so business units can continue to discover powerful insights that drive actions.
(1) https://explodingtopics.com/blog/big-data-stats
(2) https://bi-survey.com/
(3) https://www.forrester.com/report/InsightsDriven-Businesses-Set-The-Pace-For-Global-Growth/RES130848#figure3
(4) https://www.businesswire.com/news/home/20180108005172/en/NewVantage-Partners-Releases-Annual-Big-Data-Executive-Survey-for-2018