Evolution is a funny thing. Creatures can go along successfully day after day for generations largely unchanged, then one day something new appears and rapidly outcompetes them. The same thing happens in business. New technologies and techniques emerge that give some companies an edge over others. When they do, it becomes an “adapt or die” situation for their competitors. As we find ourselves virtually drowning in data, your data insights capability is the next evolutionary step that you have to take if you want to thrive.
We have seen this happen multiple times in the modern digital age. At first a company website was just a novelty, then it became a necessity. At one time, being “mobile friendly” was a “nice to have”, but now it’s a liability to NOT be mobile friendly. Data analytics was another of these evolutionary steps, as companies evolved from management by instinct and infrequent reports to a more thorough process of data collection and analysis.
At each stage, what starts out as a fringe experiment becomes a recognized advantage and then ultimately becomes “table stakes”. Some businesses actively seek out the next advance to gain a competitive advantage. Some watch carefully from the sidelines, waiting for others to prove it out and document best practices. Some ignore the new paradigm until it is too late. This process divides the population into
- Leaders who thrive,
- Laggards who manage to hold on, and
- Corpses that litter the landscape.
The next evolutionary step today is the ability for companies to consistently turn all of their data into actionable insights. It’s not enough to simply gather and report the metrics. Companies must learn how to blend data with context and discover relationships that they can act on to unlock value. Those that can will make more of the right decisions, capture more of the hidden opportunities and avoid more potential disasters. In short, they will be more successful and will outcompete the companies that can’t harvest insights.
Imagine two drivers on a cross-country race from coast to coast. The first plots his route on Google Maps each night for the next day, then prints it out and navigates from the printout. The second uses the live Google Maps app to constantly gain insights into traffic delays, construction blockages and updated, optimized routes. It’s easy to see which driver will win the race.
The age of basic data collection is over. The age of insight-focused success is beginning. Embrace this new evolutionary advantage or you risk ending up as just a fossil.
Glymr can help your team get the full value out of your data.
Talk to us to find out how.
