Ahead of a new workshop (Ipswich 2 July 2019 TALE: Operations & Processes), David Adlington examines the benefits of companies analysing their data and using it to lead the business in a direction of continuous improvement.
Did you know that although many organisations collect data as part of their routine activities, research tells us that only a minority of companies have realised the benefits of analysing their data and using it to lead the business in a direction of improvement?
What data do you collect within your business? What data should you be collecting? How can you unlock the knowledge and insight contained within your business data to understand and optimise your operations and processes? How can you ensure that decisions are being made based on proper evidence rather than on gut feel and intuition?
Complicated or common-sense?
These days we often hear terms such as “Data Analytics”, which for some will conjure up images of a new and mysterious science that needs deep understanding in order to release its insights.
Sure, recent advances Big Data and the science behind harvesting and analysing enormous amounts of data extremely quickly have enabled all kinds of things which could never have been imagined before.
But actually, when you boil it down, what we really need is a common-sense and practical approach to using information that is available within (or can be obtained by) a business to tell us how the business is performing and to inform decisions about strategies, improvement and growth.
But how many businesses actually do this?
A study of 500 UK small businesses found that just 33% of respondents believe they have access to the data they need to make key business decisions, while 36% said that although they were aware of the opportunities presented by data, they don’t have either the budgets, tools or expertise to exploit it.
Another survey found that only 44% of companies check their data on a regular basis, and 5% said that they had never even considered analysing business data!
What do we do with the data we collect?
Even where good data is being collected, there is little point merely filing it away as a record of the past. Proper data collection and analysis enables us to learn from the past, to forecast the future, and (perhaps most importantly), to identify what needs to change in order to be more successful
These fundamentals are not special to any particular sector, nor do they need a deep understanding of the academics of data analytics; arguably, they are just common sense.
Many businesses have already benefited from the TALE 1-2-1 Diagnostic which includes looking at what data is collected and monitored as part of routine business operations, and what it says about performance and opportunities for improvement.
The new TALE Operations & Processes workshop is a great opportunity to explore this further.
In the workshop, we will look at the importance of using data to understand your business performance and to forecast the future. We’ll talk about how we can use data to see what needs to change to maximise the effectiveness of the critical processes that run your business, and drive profitability and business growth. And we’ll explore how data can help us to instil a culture of continuous improvement in the business, and show us what we should be prioritising now in order to be successful in the coming years.
Booking is now open for the first new workshop on 2 July 2019:
Contact your Business Support Facilitator to secure a free place, alternatively call 01206 764778 or email firstname.lastname@example.org