_{^{10/19/2024 by Everton Gago, COO infinity6
#businessAI #infinity6 #AI #artificialintelligence #dataintelligence #datadriven}}

Data is relentless: if it does not generate revenue, it inevitably incurs costs.

Data and artificial intelligence (AI) are transforming business operations, creating tangible opportunities for growth and efficiency. This article explains how to practically extract value from data, regardless of the maturity of your strategy.

BALANCING GROWTH AND SUSTAINABILITY

According to McKinsey & Company, companies aiming for accelerated growth must develop a robust data strategy. While the process of designing and implementing this strategy may be complex, it can be built incrementally, capturing value in small steps.

To develop a data strategy that keeps your business competitive, focus on these four pillars:

1. Data capture and integration
Efficiently integrating operational data from channels, products, and external sources is essential. If your company or department is not doing this well, start with small pilot projects to test new data capture and integration methods. These initial steps allow for constant innovation and quick adaptation to market changes, fostering incremental growth.

“If you are collecting data that is not immediately used to capture business value, stop. That data might be useless! Data that does not feed into analytics, predictive models, or key decision-support indicators is garbage. Do not waste time managing and updating data that serves no purpose.”

2. Actionable insights
Convert data into actionable insights, integrating them into both operational and strategic decisions. Start with specific analyses that deliver immediate impact, gradually expanding into a continuous process that spans the entire organization. This ensures data-driven decisions are constantly improving processes.

“What customer behaviors did you identify last month, and how have they impacted your predictive models, KPIs, or internal processes? Start with a small initiative, learn from it, build an isolated process, and then scale it up.”

3. Strategic partnerships
Collaborating with technology and business partners enriches your data ecosystem. Establish partnerships in stages, starting with smaller collaborations and gradually expanding your data utilization capacity. This enhances the value of collected data and improves service offerings.

“Which partners are helping you identify growth opportunities for your business? SaaS solutions offer low-friction experimentation and rapid impact realization. If you are not leveraging specialized partners to move quickly, you are likely giving your competitors a head start.”

4. Operational efficiency
Foster a culture of efficiency that values resource optimization and adaptability. Encourage a collaborative and continuous learning work environment from the start. Focus on results-driven management and creating an atmosphere that encourages productive behavior and drives success. People’s behaviors are shaped by the results they achieve and the environment in which they operate.

“Stuck in the hire-or-build dilemma? Do both! Work with partners to validate gains, and then internalize only what is essential. Many companies try to build expert teams without knowing which applications will deliver results, and without the appeal to attract and retain talent. Be strategic: validate first, internalize later, and only what makes sense.”