“The goal is to turn data into information and information into insight.” – Carly Fiorina, former executive, president, and chair of Hewlett-Packard Co.
Data-driven decision making, often known as DDDM in the language of business, is the spectacular procedure of making organisational moves and decisions based on highly factual data. This does not let the users to solely rely on observation and intuition, which was mostly the case with traditional business bodies a decade back. The democratisation and advancement of business intelligence technology have significantly empowered users to evaluate as well as extract insights from their data with not much requirement for profound technical expertise. This is why a substantial percentage of businesses in the modern landscape aims to earn a data-driven competitive edge to reach solid decisions. And why not? After all, data is the new oil for the business world and is indeed one of the most important mantras for the twenty-first-century business world.
So, why being data-driven is the ultimate notion for driving business decisions?
Consistent and repetitive growth is what the businesses require to stay aloof in the market. And data-driven insights are definitely providing this edge to modern businesses. It is noteworthy how holding strong data insights empowers organisations to foresee emerging business paradigms, produce higher revenue, generate new business prospects, produce actionable insights, and optimise current operational efforts. Data has been this enabling the businesses to evolve, flourish, and lead, making them more adaptable to growth and advancement. The digital world is in a continuous state of flux, and to pace along with the ever-evolving landscape, it is imperative for organisations to leverage data to make more powerful data-driven business decisions.
Using data to drive performance
Data-driven insights play a significant role in plummeting inefficiency and streamlining business operations. For instance, reporting and analytical dashboards can easily detect data correlations and offer managers with detailed insights into peer benchmarking, cost valuations, and pricing segmentation. As per sources, organisations who adopt data-driven marketing are more likely to have an advantage over the competition. In fact, they are five times more likely to be lucrative year-over-year.
Tapping into the consumer psyche
Research from Mckinsey suggests that companies that utilise their consumer behaviour insights strategically are outpacing their peers by approximately 85% in business productivity and growth margins, and by more than 25% in gross margins. This signifies how vital it is for business bodies as well as entrepreneurs to consider the strategic significance of customer data. If the consumer data is aptly utilised, it can provide the businesses with new avenues to know their customers on a whole new level and make their next moves more effectively.
Risk management through analytics
The concept of risks and menaces in business are no more considered as a negative occurrence. The modern business bodies are into embracing risks more than ever before. They are more willing to take chances and drive their reputation, productivity, and revenue to an entirely new level to lead ahead of the curve. Analytics and data-driven insights can significantly help businesses in understanding, identifying, and most importantly, managing risks on the path. Companies can now quantify, measure, and predict risks much accurately and well in time.
Market surveys indicate that in the year 2018, more than 63% of business owners, as well as marketers, have amplified their spending on data-driven advertising, and around 20% of all marketing spend goes on data-driven advertising campaigns. The figures make it pretty evident that the value of data is being widely appreciated by the modern business world. This also signifies that there is a huge demand for data experts in the job market, which is going to surge even higher in the times to come. If you are too looking forward to utilising the power of data like any other competitor and in an even wise way, we, at Times TSW, the professional education wing of the reputed Times Group, presents you with an apt opportunity to make the cut.
We, at Times TSW, in partnership with Intel, bring to you our Post Graduate Diploma in Data Science, where you will gain a deep-seated insight into the art of analysing and utilising data for driving maximum business growth. You will learn the underlying methods of converting business issues into machine learning statements. This Post Graduate Diploma in Data Science will enable you to take your skills, as well as your organisational performance, to the next level of success. Join our Post Graduate Diploma in Data Science and broaden your prospects in the modern, data-driven business landscape.