Data is now more than just ‘data’. It is the foundation of ‘insight’. Insights into what is happening within and outside the organisation. Take the rise of the gig economy and remote working, for example. If a business understands where and how the employees prefer to work, the business can better decide where the head office should be located, and whether one is needed at all.
I can cite a few examples where data enabled companies to perform better.
Nielsen realised that they could make rather than lose money if they enabled their employees to apply for jobs within the company. Previously they suffered tremendous losses from attrition. Virgin Media found that they could create new customers by improving their candidate job application experience. UK footwear retailer Clarks realised that their employee engagement was a leading indicator of their performance.
The key to insight is data. Collect it, store it and analyse it to gain valuable knowledge. It has helped us as a business. I strongly recommend the use of data as the basis of decision making.