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Monday, 12/19/2016

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• • • FRANCHISE TIP • • •

Franchise Tip
How To Craft A 'Data-Innovation' Map

How do you visualize data? As tons of little atom-like pieces whizzing through the air? Or is it more like a huge spreadsheet that you’re constantly adding to and cross-referencing?

Maybe you’d rather avoid visualizing data altogether, simply because it’s too difficult to imagine. But, putting your data chain into a clear, visual format could be the best thing you do for your startup this year. Because data and innovation are the yin and yang of entrepreneurship. In the tech-heavy startup scene, you’re going to need urgency, motivation and information behind your own innovation, to ensure that you keep moving forward effectively rather than just blindly experiment.

According to research by MIT, companies that inject data and analytics deep into their operations see productivity and profit rates 5 percent to 6 percent higher than those of their competitors.

A data-innovation map can give you a bird’s-eye view of your customers’ experience and show you how you can be more innovative with data -- not to mention save time and drive revenue. Without a data-innovation map, you’re likely missing out on places in your strategy where you could more effectively use data and inadvertently give your competition a leg up.

Here’s how to make a map tailored to your company and use it to drive innovation:

1. Step into your customers’ shoes.

The first step in creating a data-innovation map is to plot out each step of your customer journey. You should know it like the back of your hand. Uber’s customer journey, for example, starts when a potential customer requires transportation to a destination, and ends with the payment and feedback process at the end of the trip.

2. Add your internal processes.

So, you’ve got your customer journey mapped from start to finish. Now, you need to add in the processes you already have in place for assessing and fulfilling your customers’ needs. At which points in your journey are you interacting with them? Taking data from them? Or offering them support? If there are gaps in this thread of your map, you may be missing an opportunity to connect with your customers.

TO READ THE FULL ARTICLE, VISIT ENTREPRENEUR.