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Is your business decision making informed or informal?

Is your business decision making informed or informal?

Tuesday 16 June 2015
Author: James D - BI Consultant

We take a look at data driven business decisions and why businesses need to equip themselves with the right tools to make them.

According to a study by Aberdeen Group, companies who base their decisions on real data, those that are "data-driven” rather than on instinct, see nearly four times more increase in turnover annually – a 27% increase for a data-driven organisation versus just 7% for those not harnessing their data.

Nevertheless, the study also indicates that 44 % of executives are dissatisfied with data analysis capabilities at their disposal and are often making decisions based on incorrect information or not adapted to their needs. (Source: Forbes)

So, the question is what can better data analysis really bring to your company, and why is it so important?

All internal and external data you collect becomes a goldmine for your business if correctly utilised. Without proper tools to cross-reference, to sort, to view or to disseminate data among members of your teams, it is simply worthless and its potential is never realised.

Getting to know your customers and your market

Highly accurate knowledge of your customers, their expectations and their brand positioning is every marketer or sales professional’s dream. Contrary to what one might think, by implementing KPIs and sharing dashboards updated in real time with your team, that dream can become a reality! You can implement campaigns that are better tailored to your targets’ needs and even identify new, unexplored opportunities that you might otherwise have missed. Hence, you get ahead of your competition. To quote a real life example from our experience, Renault managed to better focus the efforts of its sales force by doing just this.

Get to know your employees and your internal resources

Data analysis is a breakthrough for many HR departments as it helps to better manage talent and understand the resources available to your business. Thanks to a three-dimensional view of your employees, you will identify more rapidly their strengths, the existing skills in your company, and the effectiveness of your HR policy in relation to productivity.

Identify the strengths and weaknesses of your strategy

By defining the KPIs that are adapted to your company in advance, you can monitor your strategy progress thanks to dashboards updated in real-time, take any necessary action without delay.

And ultimately save time and get ahead of your competition!

With a better understanding of the way your company works and a better knowledge of its environment, you can identify exactly where your efforts should be focused to succeed. You do not waste time making assumptions only to realise, often too late, that you weren’t quite right.
Data analysis will also reveal opportunities you hadn't even thought of; a new type of consumer, a promising location...

But, of course, data alone is not sufficient. It is important to know how to interpret and understand it, which comes in with experience.

An IDC report estimates that companies could save a total of over £1trillion by better compiling and analysing their data! There is no time like the present for you and your business to start making data driven decisions and the technology to help you achieve this is now smarter than ever before.

 

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