In today’s world, data is not merely numbers; it’s a dynamic currency. Brands are progressively becoming data-fuelled, some simply have proprietary data, others are investing in advanced analytics tools and systems to accumulate vast quantities of information.
Here, Fluency’s Chief Data and Technology Officer Amar Vyas, explains that the real winners in this data-driven economy are not merely data-fuelled brands, but those that have evolved to become data fluent.
Data-fuelled brands, rich in consumer behaviour data, market trends, or internal metrics, are clearly not lacking in the data department. However, the sheer volume of data can often lead to information overload, challenging their ability to understand it, or act upon it. In contrast, data-fluent brands demonstrate a superior command of data science, expertly navigating the sea of information. They possess the data literacy to identify patterns amidst the noise, transforming raw data into actionable insights. Data fluency encompasses the capacity to employ data in decision-making, problem-solving, and driving strategic initiatives.
Our research of over 4000 brands, reveals that data-fluent brands consistently outperform their data-fuelled counterparts. Not only are they 8.5x more likely to be growing over 20% per as a result, they generate 4x greater consideration. These brands leverage data and analytics to guide their strategies, leading to enhanced business outcomes.
Data fluency allows brands to be agile, adaptable, and forward-thinking. It enables them to make informed decisions, predict trends, and anticipate customer needs. These capabilities drive innovation and customer satisfaction, underpinning business success.
Take the e-commerce industry, for instance. Data-fluent brands here employ predictive analytics consulting to personalise shopping experiences, boosting customer engagement and conversion rates. They optimise their supply chains, streamline operations, and maximise profitability through effective data utilisation.
In contrast, data-fuelled brands lacking data fluency often grapple with their data, they often find themselves overwhelmed, unable to extract meaningful insights or apply their data constructively.
So, how does a brand transition from being data-fuelled to data-fluent? It begins with understanding or deciding upon what the commercial goals are, or what is the challenge that needs to be solved. Brands need to foster data literacy, cultivating a culture where data is actively used to drive decision-making. They also require advanced analytics tools to sift through the noise and extract valuable insights.
At Fluency, we bridge this gap. Our award-winning team of insight consultants and data scientists, combined with our best-in-breed AI eco-system collaborate with brands to bolster their data fluency, empowering them to use data effectively to spur growth and success.
While data-fuelled brands boast a wealth of information, it’s data fluency that truly distinguishes brands in today’s data-driven economy. Data fluent brands aren’t merely surviving; they’re winning, and they are winning big!
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