Harnessing analytics for sustainable entrepreneurial growth
Let us think…
The Sustainable Development Goals (SDGs), with the objective to end poverty by 2030 were adopted by the United Nations Member States in 2015. Today’s complex challenges from stemming the spread of disease to preventing conflict cannot be tackled neatly in isolation. For UNDP, this means focusing on systems, root causes and connections between challenges not just thematic sectors in building solutions that respond to people’s daily realities. This is a big challenge for the industry leaders, specifically to the CEOs.
To attain these objectives, the role of collecting accurate data and analysing it to be used as evidence in policy formulation has increased substantially and subsequently, the role of analytics has scaled. There is a saying “what isn’t measured can’t be managed” is truer than ever these days. Without analytics in place, one will be feeling around in the dark. Analytics plays a major role in decreasing business costs and increasing revenue. Research reveals that companies who adopt data-driven marketing strategies can increase revenue by 20% and reduce costs by 30%. With the deluge of data around, the use of analytics in an effective way is certainly a challenge. Hence, leaders must look upon the ways for harnessing analytics towards sustainable entrepreneurial growth. This, therefore, becomes the centre stage for thinking and discussing for CEOs.
CEOs constantly and intuitively ask, do they clearly understand and relate the nuances and critical factors, which are either enablers or impediments towards sustainable entrepreneurial growth? Secondly, in support to the above, how embracing analytics can drive and accelerate business growth? How to refine the required skill sets that must be acquired by the young entrepreneurs for sustainable growth?
CEOs ask questions
In a similar method of research, enquiring based on the agenda, the CEOs were engaged in a Delphi method posting questions. It has been considered that an open debate, a healthy one that embraces the colours of wisdom is acutely desired at a time when fabled vision places a darker picture. Enthused CEOs, the younger ones, enquire:
- The changing role of statisticians and the dynamic entrepreneurs in the new age context?
- How to relay a deeper understanding on business, risk reduction, protection, and transparency being the main attributes of business growth?
- The perspectives of a sustainable entrepreneurial growth?
Data handling and the deluge it comes with is not an easy task. Critically examining it may relay a better understanding of business, helping in mitigating risks and hedging from deeper uncertainties. This has helped in moving the organisations to newer perspectives of entrepreneurial growth. The new sources of data acquisitions such as satellite data and analytical approaches, can enable more agile, efficient and evidence-based decision-making. These can better ensemble in measuring progress on the Sustainable Development Goals (SDGs) in a way that is both inclusive and fair.
The role of consultants has also evolved across different countries in achieving the sustainable development goals with special reference to entrepreneurial growth. At the same time, the role of analytics in due diligence and forensic investigations has moved up in achieving sustainable development goals. It has aided in managing crisis management and planning business continuity at a time when security and risk are deeply rooted with analytics.
Entrepreneurship requiring risk, is a decision-making process. Data driven entrepreneur with a deeper understanding on analytics in today’s VUCA context is more cementing to the purpose. For these individuals, information needs to be converted into knowledge, which has become the backbone for enterprises in deploying analytics for enhancing their customer experience. This is perhaps a direction to “sustainable entrepreneurship !” Covid-19 pandemic has taught these CEOs how to be sustainable when it comes to entrepreneurship and how to use analytics with information for course correction. Are you thinking on the same lines?
Sustainability is a key factor and pandemic was the trigger to smoothen the directional thinking. Few intelligent ones picked the lead and survived, rather thriving, others in complacently or bereft of anticipatory mechanics, perished. Data is the new oil, and it has taught most of us on how to take this information and translate into true knowledge. Have you started?
This evidence-based entrepreneurship is all about selling yourself. Having a data, accessing it, is one part how to use the data and perform is other. If one deploys this correctly, it sets in enabling the right plan and course of business journey. Sustainability is associated with integrity as an important factor. When we keep our plans and aims in mind directing it towards the right direction, sustainability is achieved. This requires a disciplined mind and practice.
The experienced CEOs consider that today’s generation is a risk taker. They are intelligent and hence, it is all about harnessing data while converting tacit-to-explicit knowledge. The time has come to embrace change and adapt in a data driven world. Rise up, capture and use it for your befit… create a sustainable organization.
Written by Prof. (Dr.) Manoj Joshi.
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