Companies are using Business Intelligence tools get a deeper understanding of their data and improve the process of decision-making. Need a hand with your data analysis?
Building a data-driven decision company is not an easy task. Each decision should be seen as a gear and be analysed at each cogwheel individually. By looking at a decision’s multiple manageable pieces, we can identify, not only the outcome but also the facts that lead to it.
The process of decentralising decision-making is one of the first steps to be achieved, by distributing the authority throughout a larger group. Despite the fact that this process is mostly applied to larger companies, applying it to small and medium-sized ones can also be advantageous in raising productivity rates, profits and competitive advantages.
Here are a few key points to bear in mind when building a data-driven strategy:
Leverage your data
The universe of data has been changing substantially over the past few years, and the volume of information is rapidly growing while opportunities to expand insights by combining data are speeding up. Very often, companies already have the data they need to solve their business problem. Most of the time, they utterly don’t know how to analyse this information.
Analytics at the heart of the solution
Data is essential. However, it’s through analytics models that managers can predict and optimise outcomes, improving business performance and competitive advantage. It has already been proven that the most efficient approach, which generates faster results, is through finding a business opportunity and determine how the model can improve its performance.
Select the right technology
Integrating multiple business sources to actionable data on the fly can be easier said than done. That is why choosing the right DDDM tool is crucial. The technology selected may be the key factor that helps any company in becoming a decision-driven one.