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In the world today in general, and in ecommerce in particular, everyone is talking about data. The amount that is being generated and the possibilities that are being uncovered are just a small part of our obsession with data. Surely, more data (or data of higher quality) is what your team needs to succeed?
We think that there is something a lot more valuable, and a whole lot more immediate, that you can access to take your business to new heights.
Data Could Be Your Worst Enemy
The flow of too much data, combined with the concomitant “analysis paralysis” is actually an enemy of great results. In a business environment where moving fast and smart are critical competitive advantages, sifting through data to find insights and trends could actually be the worst thing you can do with your precious time.
As generals of World War 2 were wont to say, intelligence that’s not used is wasted. Not just wasted, but the resources and risks that go into generating the intelligence in the first place, as well as the opportunity costs involved, make it even more of a tragedy.
This also applies to the business environment. Too many organizations spend tremendous amounts of time, energy, and financial resources into deriving insights that are presented to management. Often, by the time they are presented, these insights are no longer even relevant. Worse, these insights could now be acted upon, further exacerbating the missed opportunity.
Yes, data is critical to your business. The caveat is that this data must be harnessed, channeled, and used correctly. If not, this inflow of data could be causing more harm than good.
Combating Data Overload
On the flip side, there is actionable intelligence. Actionable intelligence ensures that specific action results from the data that the organization has access to. Unlike raw data, actionable intelligence should tell you exactly what steps should be taken: whether it’s to invest in a new product line or market, cut certain unnecessary expenses, or even tweak an item’s price point or description to ensure it is competing effectively against rivals.
Actionable intelligence, when used correctly, should also be real-time. Again, taking action too late can often have disastrous effects. As Seth Godin says, “Change almost never fails because it’s too early. It almost always fails because it’s too late.”
Ensure It’s Actionable
Data, in of itself, has far less value than people generally attach to it. The same can be said of business intelligence in general. For it is only once this data drives decisions, that one can say it has proven its worth.
Actionable data, however, when used correctly, is priceless. Real-time actionable insights, moreover, are exactly what smart organizations are relying on to propel themselves forward.
At Market Beyond, we have access to incredible amounts of data and generate unbelievable insights for our clients. What sets us apart is the real-time, actionable insights we deliver, down to product level. With this kind of exceptional intelligence that you can use immediately, there is no stopping you.