Just like pizza or bread businesses aren’t all baked the same. The difference between success and just hanging around boils down to a single ingredient – data. Just as a Dave Portnoy approved pizza relies on the perfect blend of ingredients, the execution of a successful business strategy hinges on the ability to harness data effectively.
A quick example to give here is between some pizza giants; Dominos and Papa Johns. Their paths diverged significantly when it came to embracing technological advancements and data-driven decisions. Domino’s, early to recognize digital innovations, worked to implement a ton of digital ordering systems, gps-based delivery tracking, and more. This move wasn’t just a novelty; it was a plan to redefine customer experience and operations.
Papa John’s on the other hand was slower to integrate such technologies, opting to stick to the traditional methods longer. Imagine ordering the pizza, jotting down an address on the notepad, and then finding the location with a paper map, haha. This hesitation specifically left slices on the table – missed opportunities would later show in their market performance.
Around January 2017, it was now evident that Domino’s innovation paid off as their stock performance began to outpace Papa John’s by a lot. This wasn’t a one-off reflection of market trends; it was the showing of how powerful the embracing of new data and technologies was, even in the most traditional industries.
“Data is the new oil.” That’s what a ton of businesses were saying. Companies either understood this and acted on it or they ignored it. Those that took advantage of dat were those that gained the competitive edge. In Domino’s situation, data wasn’t another addition to their sauce, it was the piece of their success.
To put this all into perspective, Papa John’s has seen a rise of over 400% in their stock price over the last 20 years. This is attributed to their commitment to quality with the slogan “Better Ingredients. Better Pizza.” However, since 2017, the landscape has shifted a little bit. Quality ingredients are still top of mind, however, the role of data in driving business success has continued to be important.
The graph of their stock prices over this period is more than just a visual representation of market performance. The graph also shows why you shouldn’t miss out on the implementation of evolving technologies.
Business across all industries are looking to the future right now, and the lesson from this slice of the tech pie couldn’t be as clear as it is: Embrace data-driven decisions, or risk being left behind in the market. It’s not about having special or better ingredients – it’s about knowing how to use them enroute to creating the perfect recipe of success. And in this recipe, data isn't just a garnish; it's the foundation.