For many non-profit organizations, the important work of figuring out how to help can't take place until they understand who they need to help. And that's not always easy.
ABC Life Literacy Canada, a non-profit organization inspiring Canadians to increase their financial literacy skills, was looking to leverage data to improve their operations.
To get a clearer picture of the demographics of their users, the organization turned to TD Mindpower: Analytics for Social Good, an initiative that pairs non-profit organizations with TD data and analytics employees. The volunteer employees are then able to help the organization leverage data and develop skills for the future economy.
One of the first things ABC found was that it had limited content in its course studies tailored for one of its user groups: single mothers with young children.
ABC is moving to develop coursework aimed at helping single mothers develop the literacy skills they need to support themselves and their families. The insights ABC was able to glean from its data and analytics work are having a profound effect on the impact they can have on the community they serve.
The reality is that data and analytics technologies have the power to help every organization – no matter how big or small – and every individual – no matter who they are – make decisions that will have a greater impact. This field is becoming increasingly critical to people, companies, and our society over all.
As the volume of information being created in the world continues to intensify, it's important for everyone to be comfortable with the concept of data and analytics and understand how they can harness its power to help them succeed.
While learning how to use of data and analytics might seem overwhelming, there's good news: it's never too late to learn. And you don't even need to become a data scientist to understand how data and analytics can affect your job, and even your personal life.
It can be as simple as looking at data to help inform your decision-making. For example, it could help you understand your own spending patterns in order to find opportunities to save money for an amazing trip you are dreaming of.
If you're an organization that is thinking about developing a data and analytics strategy, here are some simple tips on how to get started:
- Take count: Start by doing an inventory of the data you have available to you. This should include not just internal data generated by your organization, but also publicly available data. There could be a wealth of data that is industry or regionally specific outside your organization that your competitors may, or may not, already be using.
- Data-driven decisions: Try making data a part of all your meetings and decision-making processes. Let it inform the things that you do and the decisions you make rather than relying on a hunch.
- Where not to invest: Use data to help make decisions in areas of your business with limited investment or resources. This will help to determine which clients to focus on, which geographies to target, and how to make the most of your investments.
- Start small: Leverage the data that you have to create simple, actionable recommendations to help improve your operations. For example, identify geographies that are under-performing, and take action to improve them. You don’t need to wait for data scientists to mine your information to create value.
- Build the right team: Consider how you’re hiring talent to fuel your data and analytics activities. Increasingly, students are graduating with a working knowledge of data and analytics and are open to incorporating data into their work life.
We also encourage executives at organizations looking to get deeper into data and analytics to be the agents of change within their companies. These kinds of transitions rarely happen organically, so leaders need to force that change to happen and show that they're open to making changes in order to inspire others.
If your organization hasn’t adopted a fulsome data and analytics strategy at this point, you are likely sitting on valuable information that has yet to be unlocked. The good news is that there are many ways to put that potential to good use. All you need is the right strategy, and a willingness to get started.
Peter Husar is vice-president of analytics strategy and planning, and enterprise data and analytics at TD Bank Group.
This column is part of Globe Careers’ Leadership Lab series, where executives and experts share their views and advice about leadership and management. Follow us at @Globe_Careers. Find all Leadership Lab stories at tgam.ca/leadershiplab.
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