We are living in an era in which much of the economy is based on the powerful combination that has developed the triad communication-technology-hyperconnection, which has led to an amount of data unprecedented in the history of the world. It is because of this that disciplines such as Data Science and Big Data have gained greater relevance in the last decade. Its foray has revolutionized practically every industry:
- That of entertainment with Netflix, where its algorithm ‘learns’ what we like to watch, at what time, where we pause our favorite shows; and with this it recommends us new programs that we may like, or develops new content products.
- That of transportation with Uber, which has achieved a combination of having drivers available and a charging system that is based on demand and what users are willing to pay.
- Marketing with Amazon, one of the largest companies in the world, which based on a premise of more than 50 years ago in which David Ogilvy declares that his “secret weapon” is the direct response, does an unparalleled job of communication customized and scalable.
The three companies mentioned are part of a new generation, which exists largely due to the communication-technology-hyperconnection triad. And they may seem isolated and unattainable cases, but they are not.
What can we learn from these companies and put into practice regardless of the size of our company?
- Understand the value of data. Data is the new black gold, it is a business asset.
- Begin to review what data we keep in our company and which we should start saving. Are they ordered? Where are they housed? Are you sure? Is it real and reliable data? If the answers to these questions are more negative than positive or we don’t know, this is a good time to start.
- Analyze the data we have. Well at the beginning these data will begin to “speak” to us and reveal things about the present and the past of some area of the company.
- Activate the data. If the data is kept and we do nothing with it, it will become a liability and a cost for the company. It is better to activate them and use them to our benefit, always guided by ethics and laws.
In the stages of analyzing and activating data, we will begin to notice the urgent need to translate that data into stories. The time will come when it will be necessary to go tell our stakeholders inside and outside the company what we have found in the data and for this we will surely have to rely on graphics, visual elements and a common language within the business. The Decision makers in companies may or may not understand statistical, computer and mathematical technicalities, but the language they do understand is business language, so the analyst or data scientist may need to develop the skills to speak in the same code. Or, you would have to work as a team with a person or area that becomes the translator of data to business insights. Through this process, decision makers in the company can begin to do so in an informed manner, thus beginning the virtuous circle.
Remember that data-driven stories are a great responsibility and opportunity to be objective, to use the right words and even to develop a style that makes a difference in a company. We are therefore facing the development of new professional profiles: a data scientist who has the ability to tell relevant stories, or a storyteller who understands data science.
Ideally, when starting this dynamic, is that little by little a culture based on collection, analysis and activation is created. Only in this way can a company go from having a photograph of the present and past, to begin to visualize the outline of its future, thus becoming a Data Driven company.
If your company is in this process of digital transformation and you need consultants to accompany you on this path, do not hesitate to contact us.