How to adopt data into your business
Data and analytics are evolving at an unprecedented pace. Digital innovation is taking its hold across industries and creating opportunities for companies to leverage data as a source of competitive advantage. Though whilst it can be a tool to drive success, data comes with tremendous responsibility, especially when it’s your customer’s data.
According to research from a prominent digital security company, 93% of 10’500 respondents said that they would blame the business in subject should a data breach occur. Likewise, 70% of consumers said they would completely draw a line at doing business with a brand/business entirely should it suffer a breach involving financial or sensitive information.
Can you blame them? After a series of incredibly large-scale breaches over the past few years, for example: The Cambridge Analytica scandal that exposed Facebook user data to third parties, to the Ticketmaster, British Airways and Marriott breaches, consumers are becoming more aware of data privacy issues and their right to receive exemplary data protection.
Anyway – with that caution and notice over, for more information on data protection, take a look at one of our previous blogs for more detail: https://www.thebuxtonpartnership.co.uk/blog/gdpr-will-overhaul-data-protection/
Qualities of a Data Leader –
1. Foresight –
- The world and presumably your business are in a constant state of change, and most industries are faced with a similar challenge in terms of data: the task of managing and utilisation of a continuously-growing amount of company data.
- Large quantities of this data are being discarded before they’ve even realised their full potential.
- Acknowledge the data you have and look for ways, perhaps creatively, to incorporate it successfully into your business.
2. Google Analytics –
- You don’t need expensive and intimidating software to begin gathering and implementing data into your business. It can start your website.
- Google Analytics can help extract long-term data to reveal trends and other valuable information so you can make wise, data-driven decisions that can benefit your business.
- For instance, by analysing visitor behaviour — such as where traffic is originating from, how audiences engage with your website and how long visitors stay on a website (known as bounce rates) – you can then use this to make better decisions when striving to meet your website’s or online business’ goals.
3. Purpose –
- Most businesses today are overwhelmed by the amount of data that they can have access to at any given moment and are not doing the most to utilise it to their advantage and its full potential.
- A data leader needs to take responsibility for defining uses of different cases of data that will deliver real benefits for both the customer and the business.
For more blogs that can help your business grow and improve, make sure you check out our other blogs – you won’t regret it.