Keeping track of everything in our fast-changing world, where market dynamics and consumer behavior are constantly in flux, has become a key challenge for businesses. You’ve probably often wished you had a crystal ball to help you plan your next move. In fact, you likely already have one, you just need the right strategy to unlock its full potential.
Fortunately, modern companies are aware of the importance of data to their business operations, as they provide insights on market dynamics and consumer behavior. Particularly in the era of consumer-centricity, data can provide clear guidance on what your next steps should be. However, despite gathering, analyzing, and drawing conclusions from data, business leaders often feel that they’re being overtaken by events — as soon as they’ve acted, another change throws them off balance.
Fast and streamlined
Most companies aren’t practicing predictive analytics, as they have no coherent data strategy in place. Yes, they might act based on data analysis, but there’s more to predictive analytics: it’s about aligning multiple departments toward a single goal. So, all activities in marketing, logistics, sales, business intelligence, etc. should all be based on a single source of the truth. With today’s technology, the bottleneck lies in the processes and people, rather than the data platforms.
Customer-centricity is as important to us at Portera as it is to you and your business. Your business strategy is the starting point when it comes to mapping out your journey to becoming more data-centric and implementing predictive analyses.
Cross-functional teams play an important role in this journey. To predict the market and customer dynamics, you need a wide range of data. In most cases, this data is already there, but it’s just not flowing through your organization in a way that the people who need it have easy access to. So, all the data your team has collected need to be put on the table.
One of the pitfalls of this transformation is that your team won’t dedicate enough time to it because they see it as a side hustle. Data sharing should be one of their main tasks. Allowing teams to work with data coming from all over the company that they often haven’t generated themselves is a challenge. The relationship between data and the actions it’s used for won’t always be perfect. Take calculated risks and give teams the space they need to make or break things when working on a core data project.
Get in touch to learn more about Portera’s portfolio and how we’re helping organizations like Danone, Unilever, and Kraft Heinz become more data-driven while also securing privacy.