For innovative businesses, one of the crucial roles that data plays is proving to a sometimes sceptical audience that your product provides a new solution to a recurrent problem.
You know that your idea will change the world – but gathering facts and figures to convince other people is much simpler when you have a thorough data strategy in place.
At this point in the digital age, acting on “gut instinct” when it comes to making operational decisions are long gone. Today all elements of a business’s operations – design, production, distribution, marketing, customer services – can be monitored, measured and analyzed.
This means that businesses which have engaged with the processes of digital transformation will have facts and figures on hand to get across not just what they do, but why (and how) they do it more effectively than anyone else. If you are innovating, this is the essence of the idea that you have to “sell”, to position yourself as a market leader.
One business I have recently come across with an innovative – potentially world-changing –product is the UK food technology company It’s Fresh!. In a world where millions go starving despite one third of the food we produce going to waste, they claim their packaging product can reduce waste by 45% - and they have the data to prove it.