MB Insights: Unlocking Business Potential with Data-Driven Insights

Insight

Posted on 23 April 2024

Across the commercial and retail landscape, information is collected, analysed, and utilised.

The more data that is collected, the more accurate the results. Or are they?

More than ever, companies are working to attain data in order to better understand their customers.
Their behaviours, their wants, and their needs.

The purpose? To translate this information into actionable practice.

The effectiveness of such a business strategy has created not only an opportunity, but also a skills gap within organisations, as they look to bridge the divide between raw data and strategic insights.

As international talent partners, we have observed, prepared, and are actively operating within this growth area, nurturing talented Business and Insights Analysts who can accurately and succinctly explain such large volumes of other otherwise incomprehensible information.

Although the use of data to inform decision-making is common practice in business, as with most digital-heavy functions, it’s evolution continues to take place with the emergence of new platforms, technologies, and legislation.

The question then becomes;

What do the most talented individuals look like?

An over-arching phrase that would seem to encapsulate the ideal profile is: ‘Stakeholder Data Translators’.

Combining analytical prowess with exceptional communication skills, these professionals serve as the vital link between raw data and strategic decision-making, enabling organisations to harness the power of analytics effectively.

“A lack of market insights can leave a brand slow to react, and by the time the realization has come, the consumer base has also moved on, potentially resulting in millions in lost revenue.”

Benjamin Welsh, Data & Tech Recruitment Consultant at MacGregor Black

The strongest candidates can gracefully switch between the technical and interpersonal realms, distilling complex concepts without oversimplifying.

They understand how to tailor messaging and data visualisations to resonate with each stakeholder, framing recommendations in terms of strategic goals and desired business outcomes. In this way, stakeholder data translators act as a bridge between technical teams and business leaders, enabling data-driven decision making through their ability to elucidate both the quantitative and qualitative dimensions of analytics.

Through the use of dashboards such as Tableau or Power BI, these skilled Analysts can visualise the necessary information and tell the story the data is trying to portray in a way that any stakeholder can understand. This creates an adaptive and fast-paced strategic environment in which marketing teams can quickly adapt to new trends or fluctuations within the consumer base.

Being able to process your data more accurately informs both longer term strategic decisions whilst also providing the platform to react to changing market forces, giving businesses the ability to be both proactive & reactive.

Without these key players in data analysis, the commercial ramifications for businesses can be detrimental. A lack of market insights can leave a brand slow to react, and by the time the realization has come, the consumer base has also moved on, potentially resulting in millions in lost revenue.

Conversely, if Business and Insights Analysts don’t correctly ascertain the trends the data shows, it can cost the business greatly in wasted marketing efforts.

In today’s competitive Data and Analytics landscape, Stakeholder Data Translation is more than just a buzzword—it’s a critical imperative.

As businesses strive to gain deeper insights into customer behaviours and market trends, the demand for adept individuals capable of deciphering complex data sets continues to soar. Stakeholder Data Translators serve as the catalyst for transforming raw data into actionable insights, driving business success to new heights.

If you’d like to learn how to optimise the structure of your Data & Analytics team, see what talent is available in the market, or discuss your own career path, get in touch with our dedicated consultants via hello@macgregorblack.com