5 key principles to decipher demographics and data analysis

Wednesday, March 28, 2018

Our Research team recently opened the mysterious black box for our clients on ‘how to use demographics and data analysis to drive organisational change’. We held a breakfast event in our Norwest office to provide a masterclass on this pivotal topic and here’s a snapshot of what we shared.

1. Value data

Despite the 4.6 quintillion bytes of data created every day, the right data still has exceptional value. The key is to understand what data is valuable to your organisation.

2. Prioritise data

The data that is a priority for analysis differs for individual organisations. Data is personal (unique), powerful (a lever you can find and adjust) and profitable (knowing your target market better than others gives you a competitive edge).

3. Categorise data

Our Team Leader of Analytics, Tim Edwards, shared a strong, yet simple approach to categorising data by differentiating whether it is internal or external. Internal data refers to capturing and responding to the data created within an organisation, and is a critical pathway on the ‘data journey’ of every organisation.

External data is about understanding the context, the sector and society in which an organisation operates. External data is vital tool for organisations looking to future-proof themselves against the demographic, social and technological trends shaping Australia.

4. Visualise data

The power of storytelling was unpacked by our Team Leader of Communications, Ashley Fell. You can see Ashley’s TEDx talk on ‘The power of storytelling’ here, from which she shared insights on the power of converting spreadsheets to infographics that are visually engaging, and can be consumed quickly in today’s time-poor workplaces. Ashley regularly speaks to schools, board rooms, and conferences on engaging Gen Z in the school, marketplace, community and workplace.

5. Integrate data

The final part of our masterclass assisted organisations to use data to drive organisations in strategic planning. We regularly assist organisations through DESTEL Enviro-scans to inform strategic planning from an ‘evidence bank’ of data.

And so in a world of big data ...

Understanding the trends through demographic and data analysis is for everyone. If we can help your organisation with collecting, analysing, visualising or communicating internal or external data, don't hesitate to get in touch.

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