Scott’s Data – Helping Organizations win with a Data Driven Strategy
“We must be data-driven!”
That’s a line that gets thrown around quite often and a lot of organizations have begun realizing the benefits of data. But how many organizations can really say that data is driving their sales and bottom line?
For example, when conducting an Ontario company search you may get not only a list of names of companies in Canada but a lot of other information, but which data can you get value from? Having access to data versus deriving insights from that data are two very different scenarios.
What does it mean to be Data-Driven?
Being data-driven means not only having access to a treasury of data but analyzing it and sharing it across verticals to create new opportunities and drive business value. It should help companies paint a detailed picture of the business so that decisions aren’t made based on only one perspective, but with a more holistic view.
In fact, McKinsey Global Institute reports that data-driven organizations are now 23 times more likely to acquire customers, 6 times as likely to retain customers, and 19 times as likely to be profitable as a result.
How to become Data-Driven?
Many organizations are moving towards a more data-centric approach, whether it’s B2B or B2C. Data needs to be transformational, helping businesses have the right insights which are accessible, interpretable, and actionable at the point of need.
1. View data as a means to achieve business goals
Let’s consider the example from above. If you were conducting an Ontario company search without mapping out the reason and objective of the search, would the data have any meaning to you at all? Companies must clearly define why there is a need to find that data and link it to a business goal. So, if you’re looking for contact information, you need an updated and accurate Ontario company directory.
2. Create a data-driven culture
Becoming a data-driven organization depends on getting the buy-in of everyone in the business, who will adapt to new ways of thinking and working based on what the data is telling them. In case of a sales team, you can inculcate a data-driven culture by helping your sales team learn the process in identifying the right prospects.
3. Make data accessible to all
If your sales teams do not have access to an accurate Ontario company directory, how would they maximize its impact be transforming it into sales? To truly embed data into mainstream thinking and behavior, organizations need to look at how they can build data insights into business processes by default.
Let us Help You!
To leverage data and analytics, it is imperative that companies have strong leadership, organizational transformation, effective data management, and most importantly important partners at every step of the way. By partnering with Scott’s Data, you can get access to comprehensive and accurate lists of Canadian Manufacturers, Wholesalers & Distributors, B2B Services & Industrial Support that will help you make data driven decisions.