Data-Driven Decision Making
If you're relying on your gut, you're behind the curve.??
If however, you're making informed decisions driven by data then you're in a cycle of continual improvement. From tracking customer behaviour to optimising internal processes, data is a powerful tool for scaling and steering your business in the right direction.
But how can you start implementing (or improving) these strategies and make them a core part of your operations?
We’ll show you how, in this week’s edition of The Lever.
QUESTION
How often are you reviewing your business data, and are you making adjustments based on what you see?
FACT
According to a recent study, 91.9%?of organisations?achieved measurable value from data and analytics investments last year. Leveraging data to guide strategic decisions can significantly impact your bottom line by reducing costs and maximising growth opportunities.
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TIP
Start small by identifying key performance indicators (KPIs) that align with your business goals. Whether it's sales conversions, customer retention, or employee productivity, focusing on the right data points will help you steer your business towards success. Regularly monitor these KPIs to spot trends and adjust your strategy as needed.
You can even use AI to help generate S.M.A.R.T goals & analyse the results too.
TOOL
We’ve recently come across Tableau, a robust data visualisation tool that helps businesses turn raw data into actionable insights. Tableau’s ability to create interactive dashboards and real-time analytics makes it a game-changer for those looking to use data for smarter decision-making. Its integration with various data sources also ensures businesses can collect, analyse, and visualise their data easily as well as share it with their team through the cloud based software.
Take a look at their demo video here.
ACTION
Great decisions start with great goals! To begin steering your business in the right direction, download our SMART Goal Templates. By setting clear, data-driven KPIs, you'll ensure every action is aligned with measurable, impactful results.