Data-driven companies outperform their competition, studies say

First it was an innovation. Then it became a buzzword. And today it is an inherent part of our professional lives. We are talking about data, which we can now use to better understand the world and our customers, to estimate the outcome of our work, and to better define where to focus our efforts. 

But it’s not all rosy out there. Data can be a good servant, but a bad master. If you have too much data on your hands and can’t handle them properly, chances are they will overwhelm you, preventing you from gaining any value out of them. In the end, you might even toss all this data-driven stuff away and revert back to the old ways.

But that would be a mistake. Let us show you why.

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Data-driven success in numbers

There are loads of studies and analyses proving that data-driven companies achieve better results than their data-shy competitors. We’ll list some of them here for a quick scan:

• McKinsey: Data-driven organizations are 23x more likely to acquire customers and 19x more likely to be profitable
• PwC: Data-driven companies outperform their competitors by 6% in profitability and 5% in productivity
• Ernst & Young: 81% companies agree that data should be at the center of business decision making (yet most of them are still using it in a non-efficient way, losing value in the process)
• Forrester Consulting: Companies using data tools for decision making are 58% more likely to achieve revenue goals and 162% more likely to surpass them than their competitors. 

There are many more examples of data-driven approach importance like this, proving that it’s hard to do business nowadays without data if you don’t want to be left behind. And that goes for smaller companies as well as market leaders who want to secure and keep their position.

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‍Data-driven tools save time and hassle

If you want to call someone, do you look for a landline? Or do you reach for the phone in your pocket? Technology is making our lives easier in many different ways we don’t even think about anymore, because they’ve become natural to us. The same goes for data-driven tools for sales, marketing or team management. 

These so-called Business Intelligence tools or BI tools may help you in many different ways like:

• Seeing your team’s performance and optimizing your team members workload and focus in an instant without the need to manually dig into your team’s conditions
• Planning business trips and predicting their outcome much better and easier than in the past with precise outlet targeting
• Getting rid of the need to collect data in the field and process it in internal systems, thus saving time
• Having the whole market picture down to every single detail in one system, all neat and ready to be used by anyone
• Preparing better strategies, market researches or competitor analyses 
• Following market trends and reacting to changes much faster than with manual data collecting or when not collecting them at all
• Comparing against your competitors in terms like pricing, market share etc. without the need to perform time-consuming analyses yourself or relying on your gut instinct
• Creating route-to-market strategies with ease thanks to the data at your fingertips
• Making better investment decisions if you’re spending money on a collaboration with your business partners, e. g. beverage producers supplying restaurants and pubs with merchandise

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On-trade and HoReCa data-driven tools

SharpGrid is empowering food & beverage producers and retailers to become better prepared for the global data-driven economy. We have 2 products that can be used separately or together for even better results. 

Outlet Census: A sales Business Intelligence tool with every on-trade / HoReCa outlet or point of sale on the market down to the last detail including innovative filters like business potential, seating capacity, local competition ranking and dozens of other insights. 

Market Meter: A next-gen market reporting tool including nearly all brands, sub-brands and products on the market with exhaustive information down to the level of individual categories or geographical areas. Included are prices (your and your competitors’), market share, numeric and weighted distribution and other metrics. 

If you’re on the producer or retailer side of the on-trade / HoReCa business, these tools will help you achieve better KPI, acquire more customers and switch to smoother sales and marketing management. Learn more about us in our product sections or try our Free Market Report to get a taste of what this is all about. 

‍Click to access the Free Market Report now