Throughout my career, I’ve had the opportunity to work in a variety of industries, each with unique approaches to data. While the specific uses of data can vary, there are some common threads that unite organizations in their efforts to leverage data for driving operations, improving efficiency, and increasing their competitive advantage. In this post, I’ll share some insights from my experience and offer tips on how to better utilize data within your organization, no matter your industry.
The High Bar: Data in the Insurance Industry
I began my career at an insurance company that was heavily focused on using data to inform nearly every significant decision. It was amazing to see the level of resources dedicated to collecting and utilizing data for everything from accurately rating policies to setting goals, developing sales strategies, and analyzing competitive trends. Data flowed seamlessly through our internal systems and from external sources, giving employees across the organization the tools to perform their jobs more effectively and instantly. It was a model of what data-driven decision-making could look like at scale.
This experience set the bar high for me. I witnessed the countless ways data was used to drive smarter decisions and business outcomes. The insurance industry, in particular, depends on large-scale data to remain competitive—companies that lack access to data at this level often struggle to keep up. But the good news is that large organizations are not the only ones with access to valuable data; smaller organizations are increasingly finding ways to harness the power of data, too.
The Potential of Data in Modern Organizations
Modern organizations—especially in competitive industries like insurance—can evaluate nearly all of their decisions using data. From determining where to grow, who to market to, and what new products to introduce, to setting pricing strategies and analyzing trends, data plays a critical role in shaping business decisions.
Does your organization have the ability to use data in this way? If so, that’s fantastic! Chances are, you have teams dedicated to implementing and maintaining data systems, as well as analyzing the insights they generate. If you’re in this environment, make sure to ask questions, simplify complicated metrics, learn where the valuable data resides, and find out who needs it. Get that data to the right people in a usable format. Take data governance, quality, and security seriously, and use the data to create tools that make employees’ jobs easier. Remember, data is a powerful tool to help you make smarter, more informed decisions.
Data in the Public Sector: It Doesn’t Have to Be Perfect
But what if you work in the public sector, where there’s less competition and fewer resources dedicated to data? It’s true that data systems in these environments may not be as evolved, and there might not be as many people focused on managing and utilizing data. However, that doesn’t mean data can’t still have a major impact.
Even if you don’t have an abundance of data, there are always ways to build systems—often simple ones—that can support your organization’s success. Start by identifying what’s most important to your organization’s goals, then get creative with how you can leverage existing data or build simple systems to gather meaningful insights. Don’t hesitate to collaborate with those around you who may not be as technically inclined but have valuable domain knowledge that can help make your data more impactful. Often, the introduction of even a simple dashboard or a basic report can significantly improve decision-making and drive results.
Questions to Consider
How is data being used in your organization? Are there opportunities to implement new systems, processes, or tools that can help make data more accessible to key decision-makers and frontline employees? Data doesn’t need to be complex to be valuable. Whether you’re part of a large corporation or a smaller, less data-driven organization, there’s likely an opportunity to better leverage data to drive more success.
Conclusion: Unlocking the Power of Data
Regardless of the industry or type of organization you’re in, there are countless ways to improve how data is used to support decision-making. By focusing on accessibility, usability, and simplicity, you can make data a valuable asset that empowers employees and drives better outcomes. The potential for data to transform your organization is vast, and it’s never too late to start making data-driven decisions.