We know that data is valuable. It can be used to help make decisions, determine new products or services to add to our business, or help us learn more about our customers. But, how we go about collecting, analyzing, and using that data can be difficult.
Paul Wiley, the co-founder and CEO of Opargo, knows all about data. Opargo is an optimization engine that helps healthcare professionals keep their practices running smoothly, using – you guessed it! – data.
Paul talked to us on The Growth Lab Show about how valuable data is, and how you can use it to make really meaningful and actionable changes for your business.
He’s identified three steps for doing this:
1. Track It
In order to identify the changes to make and how you can make them, Paul says you need to have one place for all your data. Easier said than done, right?
When you have a central place for all your data and information, you can start to identify trends, understand your customers’ behaviors, and get a bird’s eye view of what’s going on in your business.
Once you have all the info data in one place, you can start to make decisions based on data and not emotion.
2. Identify the Business Drivers
You have all your data in one place and you’re ready to start making some adjustments. Paul says to make a list of those changes and then for each to outline the customer benefits, the employee benefits, and how the change will impact you and your business.
For example, say you look at your data and determine that you get the most service calls from customers on Tuesday evenings. You don’t know why, but it’s consistent. So, you might decide that you need to increase the number of employees you have on call on Tuesday nights. For customers, the benefits are that they will probably have to wait less for a technician to come out when they call. For employees, it means that your regular Tuesday employees won’t feel so rushed.
So, the last thing you have to think about in this step is how the change would impact you and your business. Can you afford to pay for another employee on Tuesdays? Would you see an increase in revenue from getting to more calls those days? Would it help you to have less to coordinate on those days?
3. Action It
As you’re making your list of potential changes based on your data, they have to be actionable. This will help you actually implement them and also understand what needs to happen on your side in order for the changes to be made.
Using the same example from above, if you’ve determined that the change will benefit customers, employees, and your business, your action would be to add another employee on-call for Tuesday evenings.
When you have your data lined up, Paul says you should see at least one or two things that can be put into action pretty quickly. He also suggests starting small. Look at the quick wins for your business, implement them, track them, and go from there. You don’t have to change everything about your business, but once you’re able to see what’s really going on in your business, you can start to make data-informed decisions to make your business more efficient.