5 Data Inputs for Great Decision Making
Strategy often comes down to clearly understanding who your organisation is competing against and where it has a competitive advantage. We assist our clients to understand where these advantages are and how to best leverage them.
1. MARKET AND INDUSTRY TRENDS – Conducting an environmental scan can allow your organisation to understand the trends, opportunities and threats within the external environment which may impact the way in which your business needs to operate in the future. This includes demographic and population changes, digital and social innovations, and industry forecasts.
2. COMPETITOR ANALYSIS AND BENCHMARKS – To establish your organisations point of difference, you must first understand the movements and activities of your competitors. Case studies provide scenario-based learnings from multiple industries, and industry data can be used to benchmark against best practice and provide key learnings.
3. CUSTOMER FEEDBACK – The customer experience is crucial to understanding how your business or product is perceived and consumed. Surveys, depth interviews and focus groups provide significant insights that can inform every aspect of your business, enabling a consumer-centric approach.
4. DATA, ANALYTICS AND INSIGHTS – Most organisations collect great masses of data everyday, yet are unable to uncover and leverage the genuine insights. As data analytics, modelling and automation become more entrenched in business practices, the most successful organisations will be those which can transform data into actionable information. Geospatial mapping and strategy charts are straightforward ways of visualising data that can be used to tell a story.
5. EXISTING EXPERIENCE AND IP –Knowledge sharing facilitates a successful business environment. Face-to-face collaboration in the form of workshops, seminars and internal meetings initiates collaborative problem solving, enhances learning outcomes and increases the likelihood of successful implementation.