Google’s Chief Measurement strategist, Chief Measurement Strategist,

on What your business should do to Utilize Data

You’re familiar with your company, know your revenue targets, and have a method for achieving those goals. How do you use data to assist you in executing it?

Utilizing data to boost growth is what we’ll get into on this segment of Revenue Innovators with Neil Hoyne. Neil is the Chief Measurement Strategist at Google and the author of Converted: The Data-Driven Way to win customers’ Hearts. His goal is to help businesses grow through the use of their data.

In our conversation, Neil gives us insights into Data best practices and the worst practices, which he’s learned through working with thousands of businesses from almost every industry in the world.

The reality is that most of us know the proper way to gather data. However, there is plenty of room to improve when harnessing the full potential of data.

This article will discuss the following:

  • What is the real reason behind the growth of data-driven companies?
  • Three kinds of data the roles that every company requires
  • Best practices to begin implementing now

What is the real reason behind the growth of data-driven companies?

Data is beneficial when it’s used in making decisions that fuel growth. In Neil’s opinion, most companies keep and stock data hoping that one day they’ll get value from it. But it’s only sometimes the case.

“The worst thing I’ve heard,” says Neil, “is We’re simply going to provide every bit of data in the hands of data scientists. They’ll decide what they want they can use it for. Then, you inquire with the data scientists what’s going on, and they reply, “Nobody knows what they’d like.'”

The first step to using data to increase growth is to determine what you require from it first. Data can help answer various questions. What are the ones you need answers to?

My co-host Harish Mohan noted: “You can pump a ton of oil out of the ground; however, it’s useless until it’s refined before you put it into a vehicle.”

The 3 kinds of data that you should know about

The notion that Data is useless as a whole, aside from the benefits we get from it, isn’t an original idea.

But, what’s new is the notion of the existence of 3 distinct functions, all with their own unique skill set, that every business needs to fulfill:

1. People who collect the Data

These people are experts in cloud APIs and systems. They know how to gather data and organize it internally.

2. People who will study the Data

They extract the raw data gathered and convert it into business-related questions.

In short, they provide the data significance.

3. People who connect those insights with other areas of the company.

They begin by answering the questions set by analysts and then distribute the information to all who require it.

In short, they help all users how to work using the data.

There have been people for a long time to analyze and collect data; however, finding and supporting people to communicate the stories of data to everyone in the organization is where most companies need to be improved.

“Here’s the problem most businesses face,” says Neil. “Simply translating data analysis is an intangible talent. As the last of an analyst job description, that’s nice to possess.”

However, this mindset will not allow you to harness the full potential of data.

Data storytelling is as crucial as the other information that precedes it and could be the missing connection. This is why businesses that can drive growth with data are taking this task significantly more seriously.

Data storytellers link analysts and all other people, making insights actionable next steps. Data analysts can reveal what occurred. Data storytellers will tell you what could happen.

Best practices that can lead to growth driven by Data

You’ve found the information you require from your data and identified the three roles to control it. What’s next? Remember these six principles in your mind.

Keep data open

Who is responsible for your data? If there aren’t any privacy or legal reasons to prohibit it, keep your data accessible to everyone rather than being encased in gatekeepers. This ensures that everyone has access to the Data they require when needed.

Be data-driven but not data-perfect.

Achieving 100% accuracy in your decisions based on perfectly recorded, analyzed, and interpreted Data isn’t feasible. Google doesn’t even do this.

It is essential to stay an inch ahead of the competition. Sometimes, just one or two decisions can result in monumental achievements. Be satisfied with the bit of progress.

Make sure to keep data specialists on their track

Expect analysts to translate their findings into something other than business strategies. They were hired to deal with data and ought to be able to perform that task with the greatest of abilities. Instead, look for those who can fulfill the job of the storyteller.

We discuss 3 additional top practices during our discussion with Neil. Watch the complete episode “Data-driven decision Making by Google’s Chief Measurement Strategist” Follow us and our co-hosts, Mary Shea and Harish Mohan, on LinkedIn for more information.

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