How to Use Data-Driven Decision-Making to Fuel Growth

1
How to Use Data-Driven Decision-Making to Fuel
Growth
2

• 2021s inaugural issue of The Economist magazine
  boldly and rightly declared that data, rather
  than oil, was the worlds most valuable
  commodity. The world is quite simply now run with
  data. The content you read, the videos you watch,
  the updates you post and the products you buy by
  2022, new information generated per second for
  every human being will reach 1.7 megabytes.
  Considering there are over 7.7 billion people on
  the planet, the amount of new information is
  equivalent to more than 25,000 hour-long videos.
  Per second!

3
(No Transcript)
4

• All of our digital behavior is recorded. But for
  many companies, this data sits in one dashboard
  here and another database there, making it
  incredibly difficult to be used in a way that
  yields any results. The good news is that instead
  of letting your data degrade, you can use it for
  your business growth strategy to make better
  decisions.To make data driven decisions, you need
  to unsilo all that data, and unify it on one
  comprehensive platform that gives you a full
  picture of your customers.

5

• By leveraging the wealth of digital insights
  available at your fingertips and embracing the
  power of business intelligence, you can make
  informed decisions with confidence the kind
  that will lead to commercial growth, evolution,
  and a healthier bottom line.

6
What Is Data-Driven Decision Making (DDDM)?

• We read about it everywhere. The term big data
  alone has become a buzzword in recent times and
  for good reason.
• Data driven decision making (DDDM) is the process
  of using data to make informed and verified
  decisions. Modern analytics tools such as Group
  FiOs Insight Marketing Platform provide
  interactive dashboards that help people to
  overcome biases and make the best managerial
  rulings that are aligned with business strategies.

7

• And by implementing a data platform that offers
  the right data collecting and reporting tools and
  understanding how to analyze as well as to
  measure your data accurately, you will be able to
  make the kind of data driven decisions that will
  drive your business forward. Of course, this
  sounds incredible in theory.

8

• But in practice, even if you have access to the
  worlds greatest data, its possible to make
  decisions that disregard tangible insight, going
  with your gut instead. In most cases, this can
  prove detrimental to the business.Fundamentally,
  data driven decision making means working towards
  key business goals by leveraging verified,
  analyzed data rather than merely shooting in the
  dark.

9

• While sometimes its okay to follow your
  instincts, the vast majority of your
  business-based decisions should be backed by
  razor-sharp metrics, facts, figures, or insights
  related to your aims, goals, or initiatives that
  can ensure a stable backbone to your management
  reports, business operations, and marketing
  strategies. Data based decision making will
  propel your business to new heights while making
  it more adaptable to an ever-changing commercial
  landscape. It should be at the heart of all of
  your strategies, activities, and operations.

10
The Role of Data Democratization in DDDM

• Until recently, pairing data analysis and
  decision making was a tall order that could only
  be accomplished by people with advanced data
  science skills. However, now that two essential
  factorsthe proliferation of data sources and the
  adequate data processing technologyhave fallen
  into place, data democratization has put
  data-driven decision making on every executives
  agenda.

11

• Essentially, data democratization means having
  the right tools for mining, visualizing, and
  analyzing dataall with minimum adoption barriers
  for non-tech users. After decades of data
  analysis being confined to specialized IT
  departments, todays data democratization heralds
  a breakthrough that eliminates the need for the
  gatekeepers of these valuable insights.
  Comprehensive customer data platforms like FiOs
  Insight Marketing Platform can bring
  democratization to decision making by opening
  crucial data and making it transparent across an
  organization.Advances in data virtualization,
  master data management, and cloud computing are
  all responsible for this paradigm shift.

12

• The previous barriers to data-driven decision
  makingdata quality, fragmentation by
  departmental silos, integration of multiple
  sources, complex dealings with unstructured and
  semi-structured dataare now giving way.
• Taking advantage of data democratization has
  never been more valuable. Finding the right way
  to collect and deploy your current data, along
  with adding the benefits of first and zero party
  data, provide unprecedented insight into your
  customers choices, decision making process, and
  preferred touchpoints through your brand
  ecosystem.

13
Why Data Driven Decision Making Is Important

• Picture this you get into your car in the
  morning and notice your gas tank is almost empty.
  You pull into the closest gas station and fill up
  your car for 2.73 a gallon. The problem is
  solved until you drive a mile further and
  realize another gas stations price is 2.22 a
  gallon. Youre mad that you could have saved a
  few bucks if only youd known that a better deal
  was within your reach.
• This is a highly simplified version of what
  data-driven decision making can do and why its
  important.

14

• The decisions you make in your business are
  probably more important, with more money at stake
  and more details involved. Still, its not hard
  to see that making decisions based on facts and
  information can deliver better results than going
  with your gut.
• Data is critical for growth in any organization,
  especially in the age of digital technology and
  instant gratification. Because were in a state
  of constant evolution, demographics, trends, and
  other important factors can change unexpectedly.
  Data helps us avoid figuring out these shifts the
  hard way and instead gives us insight into a
  changing landscape so we can respond accordingly.

15
(No Transcript)
16

• There are a wealth of reasons that using data to
  make decisions is a pursuit every modern business
  should place at the heart of their culture

17
Continual Organizational Growth

• The core importance of data in decisions lies in
  consistency and continual growth. Data-driven
  decision making empowers companies to hone in on
  key insights based on a multitude of functions,
  operations, and departmental activities.
• One data decision after another actioned with
  consistency will empower you to set actionable
  benchmarks that result in continual progress and
  growth the key ingredients to long-term success
  in todays cut-throat digital age.

18
Innovation

• Data driven business decisions can make or break
  companies. A Wall Street Journal article recently
  discussed a study that discovered that among the
  companies surveyed, the ones that were primarily
  data driven and using a comprehensive data
  platform to guide their overall structure and
  strategy benefited from 14 higher productivity
  as well as 16 higher profits.They also found
  that companies that approach decision making
  collaboratively tend to treat information as a
  real asset more than companies with other, more
  ambiguous approaches. Know more please visit our
  blog here https//www.groupfio.com/using-data-dr
  iven-decision-making-to-fuel-growth/