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Towards data optimacy
Indian Management
|May 2021
Companies need to use their data optimally to provide actionable insights to clients.
We have heard about the COVID-19 winners and losers. Tourism, airlines, and travel-related businesses have been hit hard by the pandemic. On the flip side, eCommerce, food, and fitness have all benefited from the restrictions. Some of this success is luck. A software company like Zoom was in the right spot at the right time and got to ride the wave.
However, there are patterns among the most successful companies that go beyond luck. One of them is being incredibly effective at using data to design better products, make faster decisions, and innovate at a quicker rate than competitors. The following three approaches represent the ways in which the world’s best companies use their data differently.
1. Practical applications of data
The best companies are not theoretical about their data. While some of them have incredible research programs, their data is on the frontline. It is used to make an impact on tangible business outcomes.
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