Your company is struggling to keep up with the competition. How can you use data to stay ahead?

1 Data Sources

To stay ahead, you must first identify data sources relevant to your business goals. These sources can be internal or external, structured or unstructured, qualitative or quantitative. Examples include customer feedback, sales and revenue information, web analytics, market research, employee performance data, and product usage metrics. It is important to collect and store your data securely and accessibly using tools such as databases, cloud services, or data warehouses.

2 Data Analysis

The next step to using data to stay ahead is to analyze the data you have collected and extract meaningful insights. Data analysis can help you understand your strengths, weaknesses, opportunities, and threats, as well as identify patterns, trends, and correlations. Descriptive analysis can summarize what has happened in the past, while diagnostic analysis explains why something has happened in the past. Predictive analysis forecasts what might happen in the future and prescriptive analysis recommends what actions to take. To perform data analysis, you should use appropriate tools and techniques such as spreadsheets, software, algorithms, or machine learning.

3 Data Visualization

The third step to using data to stay ahead is to visualize the data you have analyzed and communicate it effectively. Data visualization can simplify complex data, highlight key points, compare and contrast different variables, and even reveal hidden patterns. Furthermore, it can engage and persuade your audience and stakeholders. To create data visualizations, you should use suitable tools and platforms such as PowerPoint, Tableau, or Google Data Studio. Doing so will help you present your findings, insights, and recommendations in a clear and engaging way.