Businesses are becoming increasingly information-led. They know that how they use their data is often their ticket to success. 

But what are top companies doing to make the most of the information they have on their books? How are Meta, Amazon and Google leveraging this resource to achieve seemingly impossible results? 

Let’s take a look. 

Measuring ROI

First, these organizations are modeling and choosing metrics that help them measure their return on investment more accurately. They’re making sure that the decisions they’re making with data yield the actual results that they want, which is usually more money and higher profitability. 

The firms that do this the best are often able to build data infrastructures that allow them to predict ROIs before making investments. For business owners, this is a superpower because it means fewer wasted dollars and time on the wrong projects. 

Investing In Real-Time Analytics

Another thing top companies are doing is making their analytics real-time. Instead of reviewing at the end of the month or the quarter, they’re doing everything right now so they always know how to make the best possible decisions. 

Real-time analytics usually requires a combination of the right software and sensors. Once all this is in place, moving forward is generally quite easy. 

Iterating Relentlessly

They’re also iterating relentlessly and trying new things. If something isn’t quite working out for them, they’re willing to go back and figure out what actually will. 

This experimentation isn’t random. It’s a part of the continuous flow of their businesses. It’s actually baked into their operations and how they expect staff to behave and react. 

Once the company gets new information, it then asks whether it warrants improvements somewhere in the business. Even small changes can move the needle significantly. 

Focusing On Actionable Insights

Another thing you’ll see with top companies is that they focus on actionable insights. They don’t just set up dashboards, but systems that actually allow them to use the information they collect. 

For example, Onna and Logikcull integration allows companies to draw in data from disparate sources and then analyze it at a central hub. This enables superior decision-making from the get-go and eliminates data feeds for the sake of it. 

Allowing Self-Service

You also see a lot of the top businesses allowing self-service when it comes to their data. They’re okay with employees accessing whatever information they want at any time, as long as it is relevant to their work. 

This self-service is made even better if you can provide staff with a recommendation engine. If your systems show them the data they need to consume and process, they are more likely to interact with it. 

Adopting Modern Infrastructural Tools

Finally, many top businesses are adopting modern infrastructural tools to process their data. They’re leveraging the cloud and other services. 

For example, a lot of them are using machine learning and the cloud for forecasting efforts. They’re using information to discern what they think is going to happen next for things like AI and ML metrics.

Photo: Igor Omilaev via Unsplash.

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