Data-driven decision making
Data-driven decision making enables both the profitability and the continuous development of business. Understanding how data can be turned into knowledge, refined into wisdom and turned into profits could be exactly what your business needs right now.
Data-driven decision making is rooted in data analytics which aims to produce actionable insights. We help you understand the big picture and bring you the facts which will support you in making even the hard decisions. We will also show you how its value can be enriched even further and how this value can be managed.
Any decision made is just a guess if it’s not data-driven
Measuring enables development and profitability, as this sets the foundation of your new data-driven decisions in facts rather than guesses, estimations, and past experiences. Just measuring is obviously not enough, because data without analysis lacks context. Once your data has been measured and analyzed correctly, these facts can be presented, and your data becomes actionable. Plans without facts are merely guesses and plans based on guesses seldom lead to the desired conclusion.
Understand your business, it’s necessary
Measurements and data collection need to be planned carefully and all the things in focus should have a direct application to the business. Once you’re creating your plans, it’s extremely important to understand the big picture of your business, its core goals and reflect all the data you’re about to gather against them.
Development begins with measurement
Measurement should be at the core of development. Once one undertakes a new project, it should be ensured that all relevant data is accessible and utilized as early in the project as possible.
Once starting an entirely new venture, data can be gathered from a variety of sources and your customer base should be involved right from the start. Once you’re piloting and creating MVPs (Minimum Viable Products), you have a means of gathering feedback and data at the earliest stage possible. By doing this, you are enabling agile development, in which plans may change if the feedback and data show that the end-results are not what you expected.
In data-driven decision making numbers aren’t enough
Visualizing data and information make them more understandable and faster to interpret. Visualization helps in picturing new angles and detecting anomalies. Visualized data is also a way to make complex data more easily digestible, accurate and efficient. Correlation between different sources of data becomes much easier to understand once they’re combined whereas if you’re just looking at a spreadsheet of numbers, it’s easy to lose the big picture.
Data and information can be visualized with a variety of dashboards, reports, and business intelligence tools, which enable key personnel to access data relevant to their role and see how well for example their department is performing in regard to the organization’s key performance indicators with one quick glance. This saves time as one no longer has to spend time deciphering the data presented to them.