Page 25 - Reclaim YOUR DIGITAL GOLD (without audio)

Data is the New GolD

3. Achieve the Desired Results
Data can be used to evaluate the efficacy of a strategy.
For example, when attempting to solve a problem, it is
critical to collect data on how well the selected solution
works and whether it needs to be improved or altered in
the long run.

4. Look for Problems and Solutions
Businesses can use data to identify the root cause of
problems. Organizations will only be able to see the
connections between the activities in various locations,
departments, and systems if they have access to data.
Does an increase in pharmaceutical errors, for example,
correlate with increased employee turnover or vacancy
rates? We can develop more precise theories and more
effective treatments by comparing these types of data
points.

5. Strategy Approaches

The correct data strategy can lead to increased
productivity. Organizations can better utilize scarce
resources by using effective data collection and
analysis. For example, let’s assume that there has been
an increase in severe accidents in a specific service area.
This information can be scrutinized further to determine
whether the increase is spread across the country or
only concentrated in that single location. Instead of
dealing with a system-wide issue, training, staffing, or
other resources can be used to address the issue in that
specific location. Organizations can also use data to
determine which areas of improvement to focus on.

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