Data is a Strategic Advantage
Data capture and usability remains elusive for many companies; creating systems that are adept at these challenges drives short-term strategic advantage.
A corporate cultural shift to data-driven decision making through pairing historic and current data in a customized platform.
Companies are being split between those who can give life to their data and those who remain reactionary to market forces. Data focused companies are able to identify and adapt to customer preferences quickly, allowing them to capture more value. At the same time, data specialists (whose roles remain in demand), are pairing their talents with machine learning and artificial intelligence in an attempt to increase speed and margin for these companies.
In 2016, an established BITCADET client was facing an increasingly dwindling margin. The client had many years of product and customer data, and thought they could leverage it to protect their profit. They also wanted a deeper understanding of their customers to inform branding as a method to capture more value.
The BITCADET team hosted manager meetings to understand how data would affect their jobs and decisions. The team assured they were answering all managerial questions and anticipating future requests. This research then informed the strategy for data extraction, scrubbing, analysis, and future data collections.
The previously collected data was then transformed to match manager standards, and a new database was created containing all new and old data. With all usable data exposed, BITCADET saw additional opportunities for valuable data capture.
One leverage point was capturing partner company data, which gave employees immediate information access and managers a deeper perspective.
BITCADET then built a custom dashboard for data visualization. Managers could see real-time information and trend it against historical information. The user-friendly design allowed them to drill into each data set, and identify trends.
Through the immediate capture and visualization of this company’s data, they were able to see changes to their product and process design that would be inexpensive and value add for their customers. They established new customer-focused KPIs, and have been growing into targeted marketing and branding as a sales strategy to capture more value.