- There is so much data readily available, but how much of it do I use to inform my decisions?
- Am I aware of the data I have available?
- Do I track data I do not need to track?
- What data would be useful?
- Are there pieces of data I would like to know about that I don’t currently track?
If these are questions you find your company or organization asking, please read more to obtain insight.
For instance, netlogx has many team members who spend a good amount of their time working with Medicaid systems. These systems are vast and collect tremendous amounts of data. The federal government has their reporting requirements and the State has their unique data they track, which both influence what data is collected. It is our experience; this vast amount of data is underutilized. So how then can a government agency or private company go about capitalizing on their data?
First, data analytics must become a priority. Many businesses were built on the trusted instincts of a few experienced individuals. Instincts are important, but they are not the only tool. If the company leadership can strike a balance between data informed decisions and instinct driven decisions a measurable impact can be seen, almost immediately.
Second, apply the appropriate resources to assess the current data landscape. This team should be comprised of key team members familiar with the company practices and goals.
Third, start with a SMART goal geared towards improved decision making based on data.
Fourth, track your results and create a repeatable process to apply to the data you collect and future data you would like to collect.
Below are specific benefits behind data driven decisions making from this article at www.business.com:
- “Create a more personal experience – whether retail or service, online or down the street, data gives you the information you need to create a more intimate experience for the customer. Most customers are willing to spend more when businesses provide better service.
- Target marketing – segment your data to make lists of specific customers. Instead of wasting your time sending and straining the patience of 35-year old nurses by sending them offers for products designed to appeal to grandparents, send them offers they’ll love, like a sale on comfy shoes or an app that identifies insect bites (it’s probably a thing).
- Improve productivity – adjust your schedules so you’re prepared for the busiest times, stocked with your most popular products, and always prepared to deliver stellar service to your customers.
- Beef up your blog – the most-shared content online is long and full of information. White papers, reports, and surveys are great traffic and link generators.
- Update your business – use customer feedback to change, whether that means updating a tired waiting room, redesigning your systems, or providing faster service.
- Rethink your budget – find areas where money is wasted and streamline and plan for the future.
- Reward your employees – in every business, some employees make quiet waves in the background. Data can help you identify workers pulling more than their own weight so you can reward and encourage them accordingly.
- Sell the board on new ideas – broaching a new idea in a board meeting can be pretty awkward without hard data to help you sell it. Showing a graphic representation of a predictive trend is a powerful persuasion tool.”
For more details about how to meet the needs of your company or organization when it comes to data collecting, go to netlogx.com.