Data-Driven Decision Making

Do you know what helps a business grow? 

It's Data! 

I have been using data for a long time now, and I am convinced that there is no better medium than it. Data provides everything that you need. It not only provides the parameters of growth but helps us to design our own parameters. I come across many questions daily, and one of them is how data can help businesses avoid loss.

Well, there are many factors of facing unpredictable loss and one of them is having the wrong decision-making process. 

Businesses need good leaders who can make the right decision at the right time and this is a very critical part also. But unfortunately, leaders take this part for granted. This results in a loss for the entire organization. 

Meaning if your leaders are able to take decisions at the RIGHT TIME, they will not only avoid the unpredictable loss but also will be able to plan future growth effectively.

How will all this happen?

As I said before, the only and the most effective solution is “data-driven decision making”. I thought to share my insights on the same on LinkedIn.

So, here I am sharing a few pointers which might help you understand how data drives the decision making in the business

Identify Your Sources

Businesses can collect and analyze data both internally and externally. If you haven’t done this before, start with simple data, such as sales data, inventory, or customer feedback. 

We help businesses prioritize purpose-driven data as business leaders achieve this by asking the right questions.

By having a clear idea, you can solve and align critical data sources to identify your solution. Sometimes they are difficult to find, but it’s worth the effort.

Democratize the Data

By democratizing data, you encourage employees to access and analyze data. It decreases the need for data scientists to provide reports. In the long-term, this is a cost-effective approach.

If you nurture a culture where anyone can become a data scientist, employees can work together to find solutions.

When you provide access to data and user-friendly BI and analytics tools, your teams make informed and data-driven decisions.

 Find the Best Approach 

Once the data is produced, enterprises have to identify how to improve their data management processes. When data is generated from multiple sources in real-time, things get difficult. And we cannot put all our time into processing the data.

Small businesses and startups can easily get overwhelmed if they have small teams controlling all of the responsibilities involved in processing data.

Luckily, there are some quality dashboards and Business Intelligence tools helping businesses spend less time processing data and more time developing data-driven strategies. 

The best reports and dashboards are ones that are easy to read. 

 Design a Culture of Experimentation

To take full advantage of big data, organizations need to foster a culture of experimentation. This means employees should not be kept away from BI tools, but they shall be encouraged to learn how to use these tools and experiment with them.

This can only be achieved by promoting experimentation in the company. One way is to hold people accountable. Reward them for using data as leverage to make better decisions. 

It’s also important to keep the focus on solving real problems. This means that the focus should be laid on finding solutions to relevant problems.

Conclusion :

If I talk about the future, “Data” will be a major force to drive businesses forward. It will be critical to maintaining a competitive edge over others.

And, this makes it important for companies to lay the foundation for streamlining their data management processes and real-time analytics while developing an organizational culture that values data-driven decisions. 

This process works best when we start by identifying the data sources, democratizing the data, leveraging BI tools, and nurturing a culture that values experimentation.

And, to execute all this process you need experts who can help you with it. 

If you are thinking where to find these experts, do let me know.

Our team helps businesses streamline their data management process and provide real-time analytics that helps business leaders make the right decision in time.