Why Maximizing Data Insights Can Drive Decisions That Yield Growth
Business leader reviewing data insights
Nearly everyone in an organization feels the pressure to act decisively. From the individual contributors helping internal users with technical issues to top leadership, all must make decisions that impact critical outcomes. Going down the wrong path may have consequences ranging from a minor mishap to an unrecoverable catastrophe.
In my experience, whether situations call for split-second choices or drawn-out analyses, having data-driven insights to rely on can steer the team in the right direction. Nonetheless, sometimes access to facts, figures and stats isn't enough. Maximizing data insights not only ensures a higher degree of accuracy but also results in growth. Discover the main reasons below.
Many business leaders have experienced working for an organization that lacked clear strategic direction. Even worse, its initiatives might have frequently shifted abruptly—from crucial decisions about brand identity to determining who would oversee the company's website redesign. While inconsistent decision-making sometimes stems from conflicting viewpoints, it most often signals a fundamental failure to harness data effectively.
The challenge isn't always a lack of research or information. More often, not using data effectively can be linked to disorganization, or to models or datasets that need fine-tuning. This is particularly true in the age of LLMs and Machine Learning, where high-quality data is more critical than ever. In other words, the organization lacks the proper tools to consolidate its data. This prevents the information from sufficiently synchronizing to yield clear, actionable insights that ensure everyone is on the same page.
Some of my portfolio companies have used tools like Oxen.ai that allow companies to build datasets, evaluate or fine-tune models and collaborate with multiple stakeholders. Rather than making decisions based on disparate data, marketing and customer service directors can access the same, unified information. This approach leads to cleaner datasets that are synthesized across departments, ensuring greater consistency.
When critical stakeholders contribute to data models, it reduces surprises and disjointed decisions. This allows the company to maintain its trajectory, enhancing growth aligned with data-driven insights. With improved consistency, employees gain greater clarity, enabling them to achieve their growth goals.
Analytics reveal insights beyond just current market trends. These tools also provide predictive capabilities, which are crucial for enhancing a company's competitiveness. By fully leveraging data analytics insights, organizations can stay ahead of the curve. Remaining ahead of the competition translates to delivering solutions before competitors do or offering superior versions that improve the customer experience.
This competitive advantage may be magnified by what's often called a 'data flywheel'—a virtuous cycle where insights drive better products and services, which in turn generate richer data for even further optimization and differentiation.
For example, Helix Wireless was able to help client Genesee & Wyoming, a short-line railroad holding company, do this through data-driven insights. Train passengers naturally want to stay connected while they're traveling. However, the nature of train travel means railroad cars are passing through tunnels, remote landscapes and long distances.
Different wireless carriers own and operate the towers that enable mobile data and, consequently, mobile Wi-Fi networks. When service constantly switches between these carriers, it can result in dropped and unstable connections. Leveraging data insights, Helix knew its client was juggling multiple relationships with different carriers across various countries. This led to a less-than-seamless experience for the railroad operator's customers.
So, Helix's used their SmartSIM to eliminate challenges with connectivity, roaming expenses and service restrictions could be overcome. Costs related to purchasing and logistics decreased by 25%, and customers got a better experience. When service and product solutions become more competitive, market growth typically follows. Anytime you see a user experience that has disruptions like this, try and find a solution that can eliminate frustrations for your customer.
Consider any major decision, personal or professional. The inherent uncertainty often leads to agonizing over 'what-ifs' —the potential risks and downsides of choosing a particular path, sometimes even the worst possible outcomes.
In business, when teams and leaders rely on intuition rather than insight, risks can be greater. Decisions become susceptible to real-time impulses or are hindered by incomplete data. Assumptions may also arise from a lack of proper tools to interpret information correctly.
Regardless, failing to maximize data insights often leads to poorly informed choices. It's similar to looking at a picture from a single angle. Acting on this limited perspective, an organization may proceed down a misleading path, taking on unnecessary risks and dealing with the ensuing fallout.
Getting a complete data picture eliminates most of the guesswork. Instead of choosing a direction based on assumptions, decisions are backed by comprehensive data. The broader the perspective, the greater the accuracy. Consequently, more informed teams and leaders face a reduced chance of undesirable outcomes. Mitigating risks means fewer costs that can stifle growth, including qualitative expenses like the erosion of brand trust.
A company's growth is often synonymous with success. But behind the numbers are well-made decisions, ranging from strategic product launches to everyday interactions with clients. Without data-driven insights, those choices can derail an organization's growth trajectory. Acquiring the tools and resources needed to get the most out of the information you gather will enhance consistency, competitiveness and risk reduction.
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