Many people have been talking about data-driven decision-making, but what exactly is it? Running a business is no easy task. Especially when you have to make decisions based purely on limited knowledge or third-party consulting firms. That is why many people have chosen to base their decisions completely on their company’s data.
Read on to learn what data-driven decision-making is and how it can help your business.
Data Driven Defined
If a company is data-driven it means that they are collecting and using data to best inform them on the decisions they need to make. Ultimately allowing them to be confident in their decisions before they have to commit to them.
How to start
The process can often look different for each company. Depending on goals, products, data quality, and data quantity, businesses could be led to make very different decisions. Here are a few examples of how a business might do this.
Consumer Test Market
Placing a product or service in a controlled test market could provide companies with information that they may not have previously been aware of and allow them to make appropriate changes to better suit customer needs.
Surveys
Providing customers with surveys is typically a great way to find out what products or services people would like to see come from your company.
Demographic Testing
Demographic testing is great for companies who are looking into placing storefronts or providing services in certain communities. Testing the demographic will inform you of what is needed and what is not needed in that specific area.
While all of these tests are good ways to collect data, it can end up taking a long time to draw up the surveys, collect the data, assess the data, and then make decisions based on your findings. Many companies don’t want to spend the time or money necessary to perform all of this. That is why businesses that want to be data-driven should turn to operational analytics.
Operational Analytics
Operation analytics is a digital way to analyze day to day operations of any business in real-time. Using artificial intelligence, algorithms, data mining, and machine learning, this type of analysis can provide your business with quick access to data, a better perspective of that data, the ability to make more profitable and efficient decisions, and overall improvements in your interaction with customers and employees.
Quicker Access to Data
Being able to access all of your company’s operational data with the click of a button opens up a whole new world of possibilities. With this information, you can quickly discover both smaller and larger issues. Ultimately allowing the company to produce the best products or services as efficiently as possible.
Better Perspective of the Data
It’s not just enough to be able to access data. Being able to see it all in one place is where the real improvement can take place. Not to mention it can eliminate your need to hire a consulting company to gather all of your data for you.
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Being able to see your data in this way allows you to see how your business works together as a whole. Giving you the capability to make decisions that help departments within your business work more efficiently together.
More Profitable and Efficient Decision Making
By now you are probably getting the gist. Operational analytics is the gateway to making decisions that will ultimately lead your company into efficiency and profitability. Being able to optimize your operations quickly with data will create a domino effect within your company that can improve the entire entity.
Better Engagement with Customers and Employees
One major benefit to this type of analysis is that you can apply it to the way you handle your customers and employees. You can use data to run experiments that optimize customer service, provide more efficient training programs, and give your employees more concise job instructions. Creating a welcoming and efficient environment that anyone would want to be a part of.
Examples of Typical Data Driven Decisions
There are so many examples of this type of data-driven decision-making within the workforce. Here are just a few.
Knowing Where to Locate Your Business or Products
It’s no secret to any business owner that location is key. Not being aware of the demographic or competition when bringing your product or service to a specific community would not be a smart way to do business.
Research for this kind of thing can often take weeks to conduct. So, many companies have started utilizing operational analytics to inform these types of decisions. Giving them a quicker and more accurate idea of what they should do.
Creating Better Training and Leadership Programs
One aspect that could make or break a company is its ability to train and lead its employees. No one wants to work for an unorganized company because the last thing they want is to feel like all of their hard work is going to waste. Employees who can be confident that their work is efficiently giving their company what it needs are much more likely to stick around. They may even be inspired to work more efficiently.
Using operational data is perhaps the most efficient way to create training programs and inform your company’s leaders.
Product Optimization
Last, but certainly not least. Operational data analytics is a phenomenal way to optimize your products. Having holistic access to your data allows you to run experiments that quickly put your product through a trial and error process so you can identify any major or minor issue that may be lying beneath the surface. Ultimately allowing you to come out with great products as efficiently as possible.
The Bottom Line
Data-driven decision-making is a process that companies will use to make better-informed decisions that align with their goals and products. The best and most efficient way to perform this type of decision-making is with operational analytics. The benefits that come from this include efficiency, productivity, and confidence that your business is on the right track.
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