Transacting business in today’s New Normal has consumer-side businesses increasingly reliant upon data. Lots of it. Not that this is really anything new, but we know data often comes from multiple vendors. This can make it difficult to see and interpret usefully. To follow, we’ll explore 10 data-centric ways to improve your business in the New Normal.
Without viable translation methods, some of that vital information might sadly be overlooked, or tossed out. Both instances may leave you feeling unnecessarily punished without the insights you were hungry for in the first place. We have a cure for that.
At the end of this, we’ll provide you with an intensively useful tool that will help you reduce risk and consolidate your data, so you can do business your way. But first, let’s unpack potential trouble before it starts.
“Kearny, a global management consulting firm reports, that due to disruption to supply flows, logistics capacity, transportation options, and lead times given, at least in the short to medium term, businesses will be doing everything they can to make their supply chains more robust—which means moving from a cost-competitive model to a risk-competitive one.”
Understand the Data that Needs to Be Measured
Before that disruption hits your business, ask yourself: What’s the most important thing owners and operators need to know about maintaining spaces people can trust in the wake of Covid, or in preparation for the next health crisis.
It starts with an understanding of what should be measured and where critical insight can be gained. Then, it’s a matter of identifying how to drive improvement with that information.
In order to digitize and acclimate to our new reality, it helps to gather consumer experience driven data, so you know why they stay or go. Filling that order means smart businesses using reliable tools for collecting and sorting that experience into a digestible meal that keeps your house in the black.
More importantly, businesses need actionable insights to help remediate problem issues. This makes access to insight and remediation steps when they are needed an essential part of any success story.
Especially data sunshine that gives you a clear eye on those root causes thats that made you fail an inspection, or drove your consumers to competitors without knowing why.
Cultivate Trust at Every Touchpoint by Evangelizing Safety Culture
Lean into those a-ha moments of clarity to create a fabulous consumer experience that keeps them coming back. Cultivate trust at every touchpoint. Doing so makes it possible to turn competitive risks into growth opportunities. But how?
By doing what successful businesses do: Taking exceptional care of what’s most important to you, the spaces and consumers you serve. Let them know what you’re doing to create a spectacular experience instead of an average one. Foster trust by building safety culture into everything you do.
A safe place is a trusted place.
A Mckinsey May 26 Covid-19 Briefing Note points out how companies can hold onto new digital customers by gaining their trust, investing in “phygital,” and innovating to provide excellent experiences, particularly in education, grocery, and healthcare.
Use Social Surveys to Hold Onto New Digital Customers
It doesn’t take a monkey’s uncle to realize this wisdom extends to restaurants, event spaces, gyms, sports venues, movie theatres, and just about every consumer experience we can think of.
Operational excellence and customer satisfaction go hand in hand, and must also fit with brand expectation. Are customers ridiculously happy with you and spending more in your vertical?
Surveys inform businesses on what consumers really want to say to you. And, like contact tracing, they can get us inside of a customer’s reasons to believe or disbelieve. They can further help you dial in employee engagement and how well they’re performing against your expectations.
Employ Predictive Analytics to Remediate Inefficiency
Predictive analytics is another way of describing what an algorithm is. Using the right algorithms can inform your operations managers what matters most when it comes to driving desirable outcomes.
You’ll find the same equation in every vertical: Am I delivering up to brand standards, profitability, and operational KPIs? Did all four of those guests who came in make a purchase? Why or why not?
Look Closely at Your Method of Data Capture
Leverage data using a model that allows you to understand what to do with it. Contact us for a demo, and we’ll show you how.
Empower Your Teams
An Accenture Signals of Change Business 2021 Futures report shows how edge organizations are formed by moving decision-making to the edge, where teams are connected by networks and are empowered to decide how to organize, work, meet corporate goals, and deliver on the mission. All while optimizing for local performance.
How are you empowering teams to do more, better? Is your ‘edge’ crystal clear, or as sharply honed as you would like? We’ve found giving teams all of the relevant information they need in a visually appealing way helps maintain excellence.
Transforming consumer experience from a mediocre one to an exceptional, trusted one rests largely on the integrity of your data collection methods, and the people who might be questioning it.
Use Flexible Predictive Models to Increase Profits
Use insight derived from your analytics team and predictive models to increase profits. This may sound easier said than done because every smart business knows it takes time to identify the great many things that impact business success.
Though data can be confusing, putting a needle on it where it counts is always a goldmine for your business. Particularly if those critical insights and remediation measures are instantly accessible from a single, customizable dashboard. One that can be formatted to display only what you want to see.
Another important thing to remember is that your business is a living entity that changes over time. Your ways of measuring should be equally flexible.
Foster a Responsible Corporate Culture
We also learned from an Embrace Change: Leading through Change Accenture survey, that 96% of respondents said their business processes and their corporate policies incorporate responsible business practices, or will do so within the next three years.
Increase Scientific Capacity
That same report also points to the importance of increasing scientific capacity. 85% of the C-suite executives surveyed also agreed that in order to keep up with the New Normal, that increased scientific capability will be critical to the future competitiveness of organizations.
Use All of the Above to Make Critical Decisions Faster
As consumer forward businesses, it’s important to have access to reliable analytics that will enhance consumer confidence. It goes without saying, in this regard, that faster information is better information. At a very basic level, your success in the New Normal will hinge on feedback from those consumers of yours.
What is it they really want from you? What are your remediation measures for when things go wrong? Your data should be making these things easier for you. If it isn’t, our expertise is here to help you meet all of your business goals.
Embrace Convenience at Every Touchpoint
Finally, improving business post-Covid means redefining how your organization embraces convenience for everyone in your orbit. Changes easily seen in consumer behaviors since Covid stomped on the business world consumers are now totally okay with buying online, and collecting their purchases in-store.
IDEA Communications, a leading communications firm in Singapore, put it this way: “Ultimately, consumers have had their say, and the message is clear – the future consumer is willing to pay a premium for convenience, authenticity, and ethically sourced or produced goods.”