How do you use data to make business decisions?
Show Long gone are the days when businesses made decisions based on instincts or uninformed beliefs. Advanced data analytics has become a key aspect of any company's activity . We talk about the power of data-driven decisions and why they are the key to ensure the good performance of a company. In this article you will find...
Data intelligence is trending, it's a fact. But, unlike other fashions, this one is here to stay, since its value in the business world continues to grow. New technologies and their ability to obtain information have revolutionized the business world, making business intelligence one of the decisive elements for the progress and growth of an organization. With the arrival of digitalization and Big Data, companies now have all the necessary information at their fingertips. Thanks to this, today it is possible to make informed decisions - based on data - that, in practice, will give better results and lead to the growth and evolution of the business. Obviously, having a large amount of data does not always result in making better decisions. In order to achieve them, it is necessary that the data is analyzed and treated correctly, by specialists in the field, so that they become insights. As we have already explained in this blog, information and insights are not the same. Insights are data that has been treated to provide value, knowledge and allow us to better understand a specific aspect of our business activity, based on specific contexts and goals. What Are Data-Driven Decisions?As the name implies, data-driven decisions are decisions based on data (DDD). In this case, business decisions are made from a process that involves collecting data based on measurable goals or KPIs, analyzing and processing the data so that it turns into insights and transforming it into visual and understandable information. In other words, data-based decision making involves working to achieve business objectives, through data that is verified and analyzed. When we collect data with the intention of supporting business decision making, it is essential that the data is related to those goals and business strategies that we want to develop, based on a specific business area and context. Without conscious data analysis that allows us to extract insights and knowledge that have real value to the company, decision making will not be effective. In this sense, other processes related to data such as data management, data governance and data visualization are particularly relevant; procedures that greatly facilitate the process of making data-driven decisions and support their operation.
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