Data analysis is only the first step toward maximizing your company’s potential; once you have access to the data, you need to decide what to do with it. What are the most effective ways for your business to move forward? Here’s how to use data analysis as a basis for your step-by-step plan to satisfy customers while improving workplace performance and culture.
Identify strengths and weaknesses
You are now able to tangibly identify the areas you’re performing well in and areas that could use improvement. Throughout this process, you can also identify the misconceptions you had about performance before data analysis took place. Maybe it seemed like your strategy for a specific department was successful, but the current results show that it’s an area of weakness. Now is the perfect opportunity to narrow down what went wrong and when. Since this step can cause tension between coworkers, it’s important to perpetuate values of honesty and respect. Rather than pointing hostile fingers at employees who were responsible for weak areas in the past, make business development a group effort by focusing on ways to improve as a team.
Differentiate between what you can change and what’s out of your control
There are undoubtedly some uncontrollable elements of your business that have affected the results of your data analysis. Such factors include strong industry competitors or poor performance on the part of your suppliers. As a group, discuss strategies for combatting detrimental external factors rather than wasting time complaining about their effects. Determine which internal operations can be changed and set incremental goals to implement these changes.
Set measurable goals
Now is the perfect time for goal setting. With raw data, strengths and weaknesses, and controllable factors laid out in front of you, you can set goals with a specific timeline and plan. Create and document a 3-year plan (the timeline may vary depending on your goals). Positive wording and realism are key: break down each goal into measurable steps for each employee or department, and word your goals with clarity confidence. Your company will increase profits by 10% by doing X, Y, and Z.
Data analysis is a necessary process that gives you a solid foundation on which to base decisions for your business. Now, you have the tools you need to do so while maintaining high morale in your workplace. It might be a long and tedious process, but your hard work will pay off when you see the results in your next analysis.
How do you use data analysis to move your business forward?