Unlocking Business Value with Data

Author

Tristan Burns
October 05, 2023

đź‘‹ Insight illuminators

This weeks post is all about value. 🤑

Value sits at the core of everything we do as data professionals. There is no point in having a data capability if it does not deliver value for the business.

Let’s take a look at how we, data professionals can ensure we are delivering value to the business with our data.

What do we mean by value?

In the business context we’re generally talking about revenue. How to increase it or how to avoid having it decrease.

But depending on the industry you’re in, we can also refer to value as a number of other things too. If you’re a charity or a healthcare service, being able to help more people might be a measure of value for you.

As data analysts and leaders, we need to understand what value looks like to our stakeholders and business teams, and find ways to communicate how our data can help drive value for the business.

Go Beyond Raw Data

When communicating data, it can be tempting to report the information (figures and metrics) and let the data speak for itself.

But a successful analyst does more than simply churn out charts, graphs, and tables; they provide context.

By tying analysis to tangible business goals, an analyst ensures their work is relevant. Relevance is what transforms raw data into valuable insights. To achieve this:

Identify KPIs:

Before diving into an analysis, identify what metrics truly matter to the business. Value should lie within these KPIs.

Ask the Right Questions:

Rather than simply presenting numbers, consider what the business really wants to know. What problems are they facing? What is their strategy for the remainder of the year? Providing answers to questions like these will help you deliver tremendous value.

Communicating Value With Data

When it comes to presenting data to stakeholders, we must approach it with a value-first mindset.

We must ask ourselves, what is it from our analysis that our stakeholders will find most valuable to them in their roles?

How does our data help them to know what to do next that will drive the business forward and help it to grow?

This is what they care about.

And so this MUST be the primary focus of the data you’re delivering.

The Feedback Loop

Demonstrating value with data does not stop after one presentation. It is an ongoing effort reflected by the fact that business landscapes are forever evolving.

A feedback loop is essential to refining methodologies and ensuring that the analysis remains pertinent. To maintain this we need to:

Actively Gather Feedback:

Each time we present data, we need to validate with our audience as to whether they found if valuable, or not.

Iteration:

If they haven’t, discover what we can do next time to ensure there is value. If the KPIs we’re tracking and presenting are not correct, then we need to adjust in the future.

Demonstrating Long Term Value of Data:

By showing how previous insights led to business improvements, we can make a compelling case for the ongoing importance of our roles and data and analytics in general.

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For us to truly shine through as data analysts and celebrated members of our teams, we need to position ourselves as invaluable storytellers and strategists, demonstrating how our insights have a tangible impact on the business's bottom line.

⚡️Whenever you are ready here are a few ways I can help you: