Building a culture of Data-Driven Decision Making

The amount of data is piling up, is getting greater by the day and it’s a lot more complex. This makes it difficult for organizations to manage and analyze their data. #Lumenore , in association with ETCIO .com conducted a #webinar to address the same and on how to achieve data-driven decision-making in an organization. Watch the On-Demand version of this discussion here .

Since the beginning of time, businesses around the world have relied on only one decision-making tool – Human Intuition. To date, a lot of top executives trust that, when faced with complicated choices, they can just trust their gut. Even though trust in intuition is understandable, there’s no denying the fact that times have changed. With changing times, we have made major strides on the #technology front. So why go by the gut and risk it when you can predict market trends and move your coins accordingly? Let us explain.

Data-driven decision-making is a term we hear everywhere. It has been a buzzword the last few years and with good reason. Good instincts can be proven or disproven by #data , analysis, and strong evidence. If you’re facing a major #business decision, you should always look at facts and figures, regardless of what your gut says. If your instinct is on point, the data will let you know. And if you’re wrong, you’ll have data and #information to help you decide your next steps.

What is Data-Driven Decision-Making?

Data-driven decision-making is the process of using data to make informed and verified decisions. Collecting, extracting, formatting, and analyzing #insights for enhanced data-driven decision-making in business was once an all-encompassing task, which naturally delayed the entire data decision-making process.

But today, the development and democratization of #businessintelligence software empower users without deep-rooted technical expertise to analyze as well as extract insights from their data. Organizations require a robust data universe and #AI -powered businesses to bridge the gap between data and decisions.

In the light of the above, Lumenore and ETCIO.com organized a virtual roundtable discussion on “Building a Culture of High-Velocity Decision-Making,” wherein leading industry veterans came together to discuss how a powerful #BI platform, equipped with conversational intelligence and predictive intelligence, gives decision-makers that edge to take their business to the next step while delivering operational as well as functional excellence.?

During the roundtable discussion, Naren Vijay , EVP – Growth, Lumenore, said “After the pandemic, data has transformed and is now used as a tool to make future predictions. Today, most leading organizations are improving their #ROI by leveraging the data journey. This means that the more you move your organization from data as a report concept to data as a prediction approach, the more ROI and productivity you are going to earn from the data. To address the same, Lumenore helped a wide range of customers produce intelligence out of their data while achieving a high-velocity decision-making ability.”

(The webinar is not available to watch On-Demand. Click here to watch it)

Why Data-Driven Decision-Making?

Businesses have the ability to produce real-time insights and predictions to improve their performance,?thanks to solution stacks like Lumenore. With the power of AI and #ML , companies can evaluate the effectiveness of numerous strategies and decide which decisions will result in sustained growth. Let’s go through the factors that render "using data to make decisions"?an endeavour every modern organisation should place at the core of their philosophy.

1. Constant business expansion

Consistency and ongoing development are at the heart of the significance of information in decisions. Companies can focus on critical insights using data-driven decision-making based on a variety of functions, #operations , and departmental activities.?One data decision after another actioned with consistency will empower you to set actionable benchmarks that result in continual progress and #growth - the key ingredients to long-term success in today’s cut-throat #digital age.

2. Innovation & Knowledge

Business decisions based on data can make or break an #organisation . Information is generally treated as a real asset more by businesses that use a collaborative approach to decision-making than by businesses that take other, less straightforward approaches. A culture of data-driven education will be fostered in an ecosystem where everyone uses the power of information to learn more while working to the best of their ability when you see digital insights as a genuine asset.

3. Fresh business prospects

Making decisions based on data?results in the discovery of new and intriguing business prospects. You can get a comprehensive overview of the major operations of your company by digging deeper into readily available visual data. This will help you make a series of wise decisions that will promote the advancement of your company.

You will find possibilities to advance your development, make new professional contacts, and develop ideas that will provide you with?a crucial competitive edge if you are armed with the deep-dive insights that will enhance your judgement.

4. Increased interaction

Working with strong KPIs and visualisations will enhance communication across the board, whether you're talking about data-driven finance, a data-driven sales strategy, or any other type of insight-driven endeavour.

Every one of your departments will be able to share insights easily and work together on crucial plans when they operate as one unified, data-driven entity, which will ultimately make your company more intelligent (and profitable).

5. Unparalleled adaptability

Finally, data-driven decision-making has the major advantage of making your company very adaptive. You may expand and transform your empire over time by embracing digital data, which will make your company more adaptable as a result.

How do you gain the competitive advantage?

The digital world is in a constant state of flux, and to move with the ever-changing landscape around you, you must leverage data to make more informed and powerful data-driven business decisions. Data-driven decision-making tools will allow you to connect with emerging trends and patterns that concern not only your internal activities but the industry around you. If you can understand these trends or patterns on a deeper level, you can make informed decisions that will ensure you remain competitive, relevant, and profitable at all times.

Thus, with modern technology comprising of features like conversational intelligence and predictive analytics, any organization can achieve a high-velocity decision-making culture where robust insights can be used to derive enhanced ROI and operational excellence.

Our Lumenore experts are ready to help you. For a quick 1:1 discussion, drop us a ‘hi’ at [email protected] or reach out to us by clicking here.