Today’s largest and most successful organisations use data to their advantage when making high-impact decisions.
In business and in life we are generating ever-increasing volumes of data. One of the most valuable uses for it is helping businesses to make better decisions. When a business uses data effectively to make decisions, it can lead to increased sales, improved business agility, better customer service and engagement, and empowered internal decision-makers.
"It is easier to reach a confident decision about virtually any business challenge, whether you’re deciding to launch or discontinue a product, head into a new market, or re-jig your content strategy when it is based on the facts." Jamie Scott, Chief Technology Officer, Tarsus Distribution
Because data benchmarks a current situation, it allows decision-makers to better understand the impact that any decision they make will have on the business.
Over time, however, through a combination of practices and correct data gathering processes, the business can begin to proactively identify new business opportunities before the competition does or detect market threats in advance.
One of the most successful outcomes of data-driven decision-making is decreased expenses. Using data to inform decisions improves operational efficiency, enabling cost-cutting across business areas.
To effectively utilise data, experts do the following:
Effective data management and storage is fundamental to data-driven decision-making. This helps to optimise the use of data by people, the business and connected devices. A robust data management strategy is becoming more important than ever as organisations increasingly rely on intangible assets to create value.
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