At eCapacity’s Digital Excecutive Event in January 2016, there was the opportunity to experience leading corporations that have realized the benefits of activating very large amounts of data, in order to optimize their digital business.
eCapacity had brought together a group of Scandinavian leaders, who drive some of the dominant digital businesses, for a morning of inspiration focusing on data and business development. There were many interesting insights shared form Global CMO Tore Pein from momondo and Vice President of Global eCommerce Sven-Eric Nilsson from VELUX
Operationalize your data and optimize your business
Data, data, data. Businesses collect and consolidate data from online- and offline-channels from ERP and CRM-systems etc., which is useful in optimizing sales, user experience and much more. It serves the important purpose of securing that the business is on the right track towards fulfilling the digital growth strategy. But many businesses struggle with structuring the data in a way that it becomes a strategic tool that enables business optimization.
Mads Vangkilde who is Director of Analytics at eCapacity, opened the day with some insights:
- Structure your data so it becomes operational information through reports and dashboards, that the organization use to constantly identify and initiate optimization efforts.
- Understand and reflect on the information and be sharp on which KPI’s are most important to focus on, and which should be shared with certain stakeholders. Deriving knowledge from data.
- Ensure there is an ongoing process of prioritization of initiatives to be carried out, based on data-based insights.
- Carry out your initiatives and measure the results, adjust and ensure learning is absorbed in the organization.
Using data to optimize your business should be a constant process, which needs to be systemized and adjusted to your organization, so every stakeholder is involved in decision-making, execution and continuous optimization efforts.
You might not have the right internal ressources to secure the optimal process. But if you want to use data for digital business development and ongoing optimization-efforts, you need to systemize your processes. It takes time to establish the foundation of many relevant data-sources and change the culture and work-processes. So the sooner you begin, the sooner you gain value from your data.
For the inspiration of the participants, eCapacity had invited Google, VELUX and momondo to give presentations on how they work with data for the purpose of strategic development and management in their corporations.
Get updated on the latest analytics trends according to Google by Oliver Borm, who is Advanced Performance Lead in EMEA for Google.