Many of us think that large companies with large data gathering and analysis functions are only because they have always been in this way. Of course, this is not true. Every company without considering its current size had to develop its data capabilities. Even today your company may have some basic data gathering and analysis capabilities.
It is important to create some “stages” of this data evolution. We do this for a couple of reasons. First, it’s necessary to have a scale growth chart, if you will. This scale will let you know where you stand in relation to the complex data gathering and analyzing companies.
But we are doing this for other reasons too. At multiple stages of this evolution, companies have several capabilities. We want to classify these capabilities so that any company regardless of its stage in the data evolution procedure, can take the advantage of data-driven procedures.
Companies that collect data usually report on it. The Stage one company creates basic analytic tools such as a report. To be clear, a report is only a summary of collected data, it may also include some basic statistics behind that data, such as averages, results, totals, minimums, or maximums.
These types of reports are very popular in the most companies: sales activity reports, sales projection reports, prospect, review reports, cash flow reports, manufacturing reports, etc. However, the Stage one company is characterized by the lack of formal analysis of these reports. You can also visit https://6estates.com/ to get detailed information about data-driven marketers.
Trending and Forecasting
Once enough data is available, and a company has the appropriate tools in place, historical data can be used to help determine patterns and possibly predict future outcomes as well. The Stage two company uses their data to forecast trends and predict results.
To be clear, these classifications and predictions occur in an automated form with calculations and methods. It’s not enough for a stage two company to depend only on human interpretation.Top