Posted By Thamsanqa on 19.Jan.2021
Why you should be making data driven decisions for your business
Data-driven decision-making (DDDM) is the process of using data points, key figures and facts as a guide for strategic business decisions. It means eliminating gut decisions, not following the loudest voice in the room and starting to make decisions based on facts. While intuition can be useful in certain situations, it is foolish to make business decisions based on instinct alone. Data-driven decision-making essentially negates the idea that business decisions should be based on intuition, or even on a business basis.Instead, they should be based on what the data reflects. Business intelligence tools and market research teams allow you to make data-driven decisions by keeping data at the forefront.
In today’s business environment, data-based decision-making is critical, and leading companies are leveraging their data to improve their core businesses and introduce completely new business models. Unfortunately, most companies still do not see themselves as data driven.
It is not always the easiest way, but if you are data driven and open to information and failures, it will only help your long-term business strategy. A data-driven culture that follows a strategy and focuses on the openness of information about failures can give your company the confidence to pursue challenging and rewarding growth.
Some of the the world’s leading companies have successfully leveraged data to create a sustainable advantage over competitors. The reason data-focused organizations are successful is because they gain a strategic advantage over their rivals by shifting focus to data, rather than simply relying on intuition. With the data and technology that underlies almost every aspect of your business, you can use it to see exactly what is happening in your organization, and use that information as a guide to making the company more agile by testing different scenarios and making them successful.
Data allows business owners to harness the endless digital insights that are now available to them and use data – driven business intelligence to make more informed decisions that are better for business growth, development and boost profits. Data analytics technology has made business decisions much more efficient and effective than ever before. By understanding how to accurately measure and analyze data and using the right reporting tools, you can figure out what to do with the questions that plague your business.
Sometimes it is best to work with gut feeling, but a large majority of business decisions must be based on facts, figures, and metrics tied to goals and objectives. Think about what your goals are and what questions you want to answer: What are you looking for, what do you need and how can you help? This means that the first and most important step is to take the necessary steps to understand what you are looking for in your data analysis. This leads to the right conclusions and helps you to make the right strategic decisions for your company, depending on your goals.
Once you start collecting and analyzing data, you will probably find that it is easier to make confident decisions about virtually every business challenge, whether you choose to launch, adjust, or adjust your marketing messages. Get in touch with Datadvise to help your organization harness the power of data.
Thamsanqa Ndlovu, Founder and Lead Consultant, Datadvise