Adopting a data first approach is vital if you’re looking to scale.
No matter the type of organisation you work in, data is integral to understanding your business today and how to grow in the future. In order to scale, firstly you need to know where your strengths and weaknesses lie. Consequently you can see the opportunities you have and decide how best to navigate them. Data is the key to revealing this information.
Accessible, comprehensible business data that is available to business leaders ensures decisions are made strategically. Data accelerates your progress by revealing the truth, opportunities and concerns of your business.
4 ways data helps businesses scale
Visibility on issues
Bringing all of your data together in one place can reveal issues within the business. Understanding issues allows you to course correct, adjust strategies and develop action plans to fix current issues, whilst preventing repeats. As a scaling business, understanding the issues you face and the reasons why, enables you to address them before it’s too late.
Take your customer data for example. By brining data together from your website, CRM and marketing channels, you can generate a single customer view. This will allow you to gain insight on their lifecycle, journey and propensity to churn – insight that is invaluable to your customer success and marketing teams.
Trust in numbers
Data reveals the facts of a business. A single source of truth connecting, cleaning and centralising all of your systems enables a clear view on your revenue, P&L, general ledger and reconciliations. If all of your accounting systems are siloed from the rest of the business data, it can be difficult to reconcile. With a data warehouse as your SSOT, not only will you trust your numbers, but manual labour is also eliminated.
When you have trust in your numbers, investors will have trust in you. Accurate business figures give you the confidence to answer investor questions, in turn gaining their trust, which is vital if you want to go on a funding journey as you scale.
Automation fuels growth. Using your data efficiently enables the automation of reports and dashboards. With all of your data centralised in a cloud data warehouse, all of your reports can be produced automatically, without manual labour. Automation through data helps businesses scale as it saves time, allowing your employees to focus on driving value.
Improve productivity and minimise waste
By gaining visibility of issues, data can help identify processes and practices that prevent growth as well as those that will enable scale. With centralised data, you can uncover any wasted expenses and identify opportunities for profit growth. It can be impossible to gain this insight, when data is siloed and owned by various departments. Use your data effectively to drive productivity and optimise. Using your data to measure the right KPIs and focus on your north star metric will enable you to scale at speed.
Using data to scale
In order to use data as a cutting edge to scale, first you need to create a data driven culture. Establishing clear data goals and connecting them to value, then ensuring buy-in from the team is vital.
However, removing silos centralising and democratising data is necessary in order to use data to achieve scale. A cloud data warehouse is the first step to achieving this. kleene can take care of connecting, centralising and organising your data, so that you can focus on driving value. Want to see how? Book a demo!