Data is the new buzz word in the business world. It empowers businesses to understand the market and target audience and explore new opportunities. However, gigabytes of data can be rendered useless if not crunched by a data expert. Only a skilled data whizz can convert an enormous amount of data into actionable insights that can be used to make informed decisions and achieve business goals.
Here’s why every business should think of hiring a data hero in their team.
1. To Devise a Sound Data and Analytics Strategy
Data is a key business asset. Big Data and the rapidly-evolving methods for analyzing data are bombarding businesses with information. However, merely having data is not enough. The way you leverage data and implement new technologies can affect business success. Hence, every business needs to have a foolproof data strategy that helps achieve business goals.
That’s where a data expert steps into the spotlight! A data whizz can effectively guide business leaders and create robust data and analytics strategy.
- They look into your data needs and define how your business wants to use the available data.
- They can identify and manage the top big data problems that could adversely affect your business outcomes.
- They can help you make apt decisions pertaining to sourcing and collecting the best data. They will also put effective data collection methods in place to procure data that will fulfill your business needs.
- They apply analytics to the data to extract valuable insights that can inform your data strategy.
- They help you decide on the technology needed to extract insights from data.
- They can guide you in data governance decisions. For instance, they can advise you on the legal and regulatory obligations with respect to your customers’ personal data.
The above-mentioned points are key to devising a winning data strategy.
2. To Make Informed Business Decisions
An able data geek can be a business leader’s trusted adviser and strategist. Since data is their forte, they will examine organizational data to identify trends and direct actions based on them. They often create models based on the existing data and propose a variety of actions that could improve business performance.
Further, they measure business performance using key metrics, allowing businesses to quantify success. For instance, if the sales figures are showing a downward trend, the sales team may look into the firm’s local data and draw inferences based on it.
However, there are several other factors influencing the sales of a product or service. Perhaps it could be that the firm’s marketing strategy has a loophole in it or the product features aren’t suitable for the target audience. A data expert has access to the overall business data and understands the industry trends. Thus, they can perform a thorough analysis of the situation and get to the root of the issue.
Such data-driven analysis and decisions ultimately help businesses to boost profits.
3. To Identify Business Opportunities
Data experts are good at deriving value from the organization and market data. Hence, they are constantly analyzing the existing processes and assumptions with respect to that data to develop additional analytical algorithms. They connect data that may not seem useful with critical data points, thereby coming up with interesting insights. This process helps the team identify opportunities for business growth and improved profit margins.
For instance, by analyzing disparate sources of data, a data scientist can guide businesses in identifying their target customers with precision. This in-depth analysis can help them identify and reach new audiences and tailor services to this set of customers.
4. To Recruit the Best Talent
Big data is changing the way recruiting teams scan through résumeés for hiring talent. In this digital era, candidate information is available on social media, corporate databases, third-party recruiter sites, and other job search websites. Only a data expert can crunch all this data and work through all the data points to find the best candidate for the job.
Their data-crunching skills are especially important when recruiting tech talent. According to the Mettl’s State of Talent acquisition survey 2018, hiring tech talent is one of the leading challenges faced by recruiters today. One of the primary reasons for this is the huge shortage of able techies. Further, most recruiters aren’t experts in data and analytics. Thus, they aren’t able to effectively use the available data within the set timelines.
A data expert can optimize your firm’s recruiting efforts with data and analytics. For instance, if you are looking to get the best freelance developers on board, a data whizz will mine the data from various sources and even use sophisticated data-driven aptitude tests to get you a pool of suitable candidates.
Thus, a data person can make recruitment speedy while fetching the best talent in the industry.
5. To Improve Company Culture
When all your business decisions are data-centric, you will experience a transformation in every area of your business, from product development to marketing and beyond. Firstly, each team or department will be encouraged to make decisions based on data (not merely by instinct or intuition).
Further, when your team embraces a data-centric mindset, it’s sets your business on the fast track to success.
Finally, most business leaders find it tough to prevent bias from creeping into the decision-making process. A data expert’s job is to inform the business leaders about the insights derived from data. By having data as the basis of all business decisions, you are upholding a culture that’s free of bias.
In this data-driven business environment, a data expert is an absolute essential. They can be a versatile asset for your business, helping you find solutions to most complex business issues. Not only can they support your business processes, they can also prepare data for statistical analysis, perform exploratory and descriptive analysis, and use their analytical skills in business modelling and decision making.
So, if your team is missing out on a data egghead, it’s high time you think of getting one on board.