by
Robbie Hoeft
| Jun 23, 2022
Experts at McKinsey Global Institute have said that modern data-driven organizations are 23 times more likely to attract new customers than those who are getting by without doing so. How can you turn all those mammoth amounts of rough data into actionable insights and create a strong basis for decision-making? An equally good data-driven company culture could be the way to go.
Business leaders and executives have exploding quantities of information nearly at their fingertips that can drive future-ready data-based innovation—better customer satisfaction, refined action plans and streamlined operations. Yet, with the more than two-thirds of amassed data that remains unused each year, such ambitious targets are just elusive for most companies, meaning there is no such thing as a lack of data. Instead, there is a need to create a company culture that encourages new initiatives, practices and habits to root decisions in data across the company.
Benefits Of Data-Driven Decision-Making For Your Business
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Sustainable Improvement: It gives a spur to continuous improvements across the organizations as it becomes much easier to implement best practices and courses or actions with controllable outcomes based on past results.
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Faster Decisions: This optimizes the average time spent making up objective solutions and highly accurate expectations. Besides, when used right, data can make experiments less risky, in line with giving better chances for earlier success.
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Greater Transparency: Data-driven decision-making contributes to faster and, more importantly, fully-visible and trackable approval processes by team members, in turn supporting high levels of compliance and accountability.
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Unabridged Market Research: Data helps generate actionable market insight based on real facts and proven statistics. By eliminating guesswork and uncertainty, it becomes a good companion to comprehensive market research and winning business initiatives that could be unavailable so far.
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Optimized Spend: The money-saving potential of data-driven decisions should never be underestimated, as it can quickly elevate operational efficiency, in line with providing a solid background for cost-effective strategies and sustaining the best of them in the long haul.
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Organizational Consistency: This helps every member deeply understand in what way it’s better to root data in decisions, highlighting best practices and actionable scenarios that could be unified and popularized across different areas of operation and departments. Eventually, getting in the habit of making decisions in a data-led way can greatly improve the consistency of service and engagement in the company.
The core obstacle to making the business decisions truly data-driven is not technical. The issues are cultural by nature, as there is no problem with bringing data and technology into a process of decision-making when we have to. Making this course normal, running nearly on autopilot, for employees—it’s a shift in mindset. And it’s a challenge that every modern company is facing
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Source: Forbes