By Juan Jensen*
Talking about the importance of data analysis today is being redundant. THE covid-19 pandemic reinforced the value that information-based decisions have in the day-to-day of companies. Those that were more structured for this were able to adapt more quickly to the problems imposed by the coronavirus.
On the other hand, the vast majority who still saw the environment digital as something secondary in its strategy it succumbed to the economic uncertainties. However, being willing to analyze data is not enough. You need to incorporate certain features into your structure. Check out:
1 – Data driven culture
It's no use waking up all of a sudden and deciding that your company is going to do data analysis in your processes – and still expect quick results! It is necessary to develop a data driven culture within the organization. That is, to implement initiatives that are totally oriented to the act of collecting, treating, storing and analyzing data. Although this is a very important issue, not all companies have this mature and consolidated service. Therefore, it is necessary to insert it in the corporate day-to-day.
2 – Clear objectives
In addition to having a data-driven culture, you need to clearly define what to do with it. Before collecting and analyzing information, the company must identify the goals and objectives it intends to achieve with the task. Today, you can no longer store all the data you find in the digital environment. The General Law for the Protection of Personal Data (LGPD) has been in force since September 2020 and establishes rules and standards for organizations on the conscientious use of this information.
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3 – Setting priorities
It is a mistake to think that the data, by itself, will provide all the answers the company needs. It is just an element that needs to be combined with other data to then deliver intelligence. Thus, it is necessary to know which information is the highest priority for the business and focus on analyzing them in order to be able to make the best decisions. Does a tech retailer need to know the type of clothing a user wears, for example?
4 – Compliance
All companies at some point have already heard this expression between 2019 and 2020. It is the fashionable term in the corporate environment and concerns the adequacy of internal and external processes to good market practices, standards and current legislation in the sector. With the LGPD in place and with the sanctions taking place as of August 2021, it is necessary to create a corporate governance policy to clarify the path of information within the company. If possible, with a specialized and exclusive professional for this service.
5 – Efficient technology
Finally, the company must have a technological structure capable of supporting all tasks inherent to data analysis: collection, processing, treatment and storage of information. Given the large volume of data, you can no longer do all this with spreadsheets! The good news is that the organization does not need to invest in technology solutions. It is enough to find companies specialized in this segment to have access to a new world of information and decisions, enhancing the business as a whole in the future.
*Juan Jensen is Chairman and CFO of 4intelligence at 4Intelligence, a startup of solutions that support decision making through data analysis
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