John Miller, Director, Business Strategy and Operations at Domo, highlights how businesses can harness their data for the greater good.
Whilst the landscape of business is ever-evolving, data continues to stand as the basis upon which modern companies are built. From understanding internal processes to establishing meaningful connections and communicating with consumers, the power of data is unparalleled.
With the majority of today’s consumers (52%) especially interested in supporting sustainable brands, there is an increase in demand for organisations they engage with to align with their customers’ values. As a result, many organisations are looking to understand how they can harness their data to communicate with consumers and share any insights they have that can benefit either customers, other organisations or stakeholders.
Corporate philanthropy
Every business, regardless of size or sector, possesses the potential to utilise its collected data for the greater good. However, the approach varies significantly from one business entity to another. A prominent trend in both the US and the UK is corporate philanthropy. Businesses are harnessing data to delve into giving back, seeking to understand their customers’ values better and mitigate their environmental impact. This trend, however, is not limited to large corporations; small and medium enterprises are also making strides in this area.
While the significance of data harnessing includes all sectors, the challenge lies in sharing impactful insights. Hightech, fintech, and healthcare organisations often find themselves capable of sharing insights into niche areas of public interest. Likewise, smaller businesses might struggle with finding data for mass appeal.
Data providers assume an important role here. Not only do they handle data security meticulously but they also take responsibility for educating customers in sharing insights, ensuring that they understand the nuances of data and are able to guide them through the process.
The possibilities for harnessing the power of data are endless and can benefit businesses both externally and internally. Within organisations, there will be profound satisfaction when these projects align with employees’ passion areas and values.
Externally, with businesses under increasing pressure to align with consumer expectations, especially concerning environmental and political issues, data-driven decisions serve as a compass, guiding organisations to accurately meet these evolving consumer needs.
Engaging the workforce
Identifying passion areas within employees is a crucial step towards embarking on projects that satisfy a workforce. Engaging in conversations, listening to colleagues’ passions, and analysing the social landscape serve as the foundation for this process. For organisation-wide projects to make a difference, employees should perceive their passions as represented. This not only fosters a sense of contentment but also can act as a tool for employee retention.
Projects aimed at driving social change span a vast spectrum, from transforming conversations around homelessness to curbing food waste and enhancing global education programmes for students. These initiatives not only contribute significantly to the greater good but also cultivate a culture of social responsibility within organisations, fostering a sense of purpose among employees.
In a world where 74% of nonprofit leaders expressed that gaps in budget, tech, and talent keep them from using analytics, organisations hold immense power within society and have an opportunity to make a real difference. Recognising this power and understanding the potential to shape societal opinions on various matters through the responsible use of data is paramount.
As consumers continue to advocate for transparency, sustainability, and social responsibility, businesses should seize the opportunity to utilise data as a driving force for positive change. By aligning expertise, passion, and resources with projects aimed at fostering social change, businesses can chart a course towards a brighter future. In this future, data is not just a tool for decision-making; it becomes a catalyst for transformative social impact, shaping a society that thrives on compassion, understanding, and progress.
