Why data-driven team management is the key to success
Data is becoming increasingly central to sales strategy. As such, effective team management is always led by an evidence-based business blueprint.
The success of data-driven team management depends on high-quality data, thorough analysis, expert interpretation and clear visualization. Now, with so many resources at any given company’s fingertips, there is no longer an excuse for formulating a business strategy that is not supported by detailed data analysis. For example, a company can streamline operations through advanced data reporting. Often, a major back office restructuring project can create more problems than it solves. However, through analysis, companies can identify weaknesses in current process and deploy targeted solutions.
Furthermore, data visualization has come a long way. Previously, companies required in-house experts to collect, analyze and interpret data. If a member of the senior management wanted to see data at a granular level, they had to commission the IT department to create a report. This process would be complex, time-consuming and inefficient, so ad hoc reporting was discouraged. Now, management can outsource this work to specialist tech startups. These firms can create innovative software platforms that can collect, crunch and map data. Management can use these customizable dashboards to display data quickly, efficiently and clearly on demand. This enables senior staff with no background in tech to make data-driven team management decisions.
In a business landscape increasingly shaped by technology, a data-driven approach to team management is crucial. The experts agree – a recent article from Harvard Business Review posits that data is key to decision making. Below, read our summary of the three principal reasons why organizations should adopt a data-centric management approach now.
1. Promote team management and enhance soft power
A precise, targeted business strategy aids problem solving and teamwork. By providing robust, evidence-based frameworks, team members can better understand objectives and work towards them in a more efficient manner. Through greater clarity, staff and management can work towards transparent, achievable performance metrics. This will boost morale, promote teamwork, and enhance the soft power of C-levels.
2. Cultivate accountability
Specificity and analysis also improve accountability. Accountability is key to a team management approach, as once again, it fosters a culture of clarity and confidence in leadership. For instance, even if a decision returns less promising results that projected, management can explain their thought-process in a logical, concise way, indicating what worked, what did not, and where improvements can be made.
3. Tangible, quantifiable results
Quantifiable results do not only boost team morale, they also help to communicate successes to prospective clients. Through evidence-based strategy, an organization can extract meaningful insights from performance data to share with stakeholders and potential clients.
Adopt a data-driven approach now
A data-driven business strategy is the key to success. By promoting clear, evidence-based business practices, companies can improve operations, boost staff performance, and gain the competitive edge. The number do not lie – a 2011 study by the MIT Center for Digital Business found companies led by data-driven decision-making were 4% more productive and 6% more profitable.