Hassanbenjamin
Active member
How can businesses fuel data-driven decision-making?
Data is taking over the planet. The data plays a key role everywhere, from the articles you read to the movies you watch, the status updates you publish, and the goods you purchase. With the emergence of digitization, businesses, people, and governments are producing vast volumes of data. But do all of these businesses utilize data to their advantage? No, not in the slightest.
According to Gartner, over 85% of Big Data projects fail. One of the primary causes of failure in most cases is the inability to gather the appropriate data based on quantifiable goals, analyze it, and use it to generate business-friendly strategies.
In this blog post, we will define data-driven decision-making, discuss the advantages for your company, and provide different approaches for making better business decisions.
DDDM, also known as information-based decision-making, is gathering historical data to assess patterns and make judgments for the future based on what has previously worked – as opposed to making choices based only on intuition, opinion, or experience. Businesses that use DDDM put data at the center of every decision.
Ask these questions for yourself before you start utilizing the data for decision-making.
Finance: What is the least expensive approach to advertising a new product or acquiring new employees?
Growth: What are the things that are hindering growth? Are your company’s objectives likely to be impacted by the additional features you’re planning? How can you increase client loyalty?
Which marketing and sales channel yields the highest return on investment? What sales strategies provide the most leads?
Customer service: Which method of handling support issues is the most economical? What media outlets speed up response times?
Data is taking over the planet. The data plays a key role everywhere, from the articles you read to the movies you watch, the status updates you publish, and the goods you purchase. With the emergence of digitization, businesses, people, and governments are producing vast volumes of data. But do all of these businesses utilize data to their advantage? No, not in the slightest.
According to Gartner, over 85% of Big Data projects fail. One of the primary causes of failure in most cases is the inability to gather the appropriate data based on quantifiable goals, analyze it, and use it to generate business-friendly strategies.
In this blog post, we will define data-driven decision-making, discuss the advantages for your company, and provide different approaches for making better business decisions.
What is data-driven decision-making?
Data-driven decision-making is a method that uses data to mentor businesses in the right direction in making well-informed decisions rather than just relying on someone’s views and perspectives.DDDM, also known as information-based decision-making, is gathering historical data to assess patterns and make judgments for the future based on what has previously worked – as opposed to making choices based only on intuition, opinion, or experience. Businesses that use DDDM put data at the center of every decision.
What business decisions can companies make using data?
Now that you know what data-driven decision-making is, the next step is to determine how your organization might utilize data to make decisions on expanding its operations.Ask these questions for yourself before you start utilizing the data for decision-making.
Finance: What is the least expensive approach to advertising a new product or acquiring new employees?
Growth: What are the things that are hindering growth? Are your company’s objectives likely to be impacted by the additional features you’re planning? How can you increase client loyalty?
Which marketing and sales channel yields the highest return on investment? What sales strategies provide the most leads?
Customer service: Which method of handling support issues is the most economical? What media outlets speed up response times?