How can you identify areas where your organization is falling behind the competition using data analysis?

To identify areas where your organization is falling behind the competition through data analysis, it is essential to develop the skill of effectively reading and interpreting data. While data analysis can provide a clear path, understanding how to read and derive insights from the data is equally important. Here's a structured approach to reading data analysis: Define Objectives - collect & process data - select appropriate metrics - analyze trends & patterns - benchmark against competitors - identify actionable insights - monitor progress. These steps empowers you to make informed decisions and take targeted actions to close the gap, improve performance, and maintain a competitive edge in the market.

Most of the companies fail exactly in step one. Collect, store and access data is the key and understand how we can use it. You cannot expect to define metrics if you don't know what kind of data you have or what's the level of detail. As well it's very important to secure your data and the access that you want to provide. Permissions and restrictions are essential when you work with data.

Within all the analysis to be carried out, I would add a new point: obtain valuable information through: customers, employees and other stakeholders. An effective strategy to carry out this process involves the implementation of surveys and interviews. To maximize the value derived from these interactions, it is essential to establish clear survey objectives, design strategy questions aligned with those objectives, and ensure anonymity to encourage transparent and meaningful responses. In addition, creating a custom dashboard with the results obtained will facilitate extracting the information, providing a clear vision. This comprehensive approach will allow you to gain a deeper understanding, thus driving effective strategies.

This point represents an opportunity to foster a collaborative culture within the company, transcending mere technical processes. By encouraging teams to actively participate in the implementation of solutions, you can achieve higher engagement. Furthermore, the promotion of creativity and collaboration serves to fortify the bonds between team members. In summary, this synergy leads to the development of more innovative solutions and enhances overall team commitment.

Data is not a fashion thingy and is here to become the backbone of any organization so run away from ideas that do not comply with using data as a cross organization asset.

Continuous improvement always is something you need to consider. As far as you know your own situation and how it's related with competitors, you need to evaluate your model constantly and make the necessary adjustments. Additionally, you need to find better ways to get access to your data and look for strategic ways to obtain its benefits and to make more accurate decisions in the future. Evolve with your data!