Home » Business » Big Data » The Benefits of Data-driven Decisions
The abundance and accessibility of data mean that organisations have huge potential to improve business.
Once upon a time, experience and intuition drove progress, but that’s become the stuff of fairy tales in a world in which credible decision-making is a construct of fact and logic.
Despite the rise of data as a clear decision-driver, many global marketers do not systematically rely on data when making decisions. Among the benefits being missed out on include optimisation of customer response and personalised marketing opportunities.
Further benefits of data-driven insight and the decision-making benefits they make include:
ROI is always a chief concern, as is getting as clear a picture as possible in terms of where results are being felt most across an organisation. Leveraging decisions off the back of reliable data vastly increases the likelihood of you being able to measure the outcomes of those decisions.
If a marketing campaign is being initiated, a cut of your audience’s social and demographic data will allow measurability of your strategy.
Keeping an eye on how your different actions perform will, over time, improves your decision-making. If half of your customers get into your webpage through a hand-held device, then having limited configuration for such devices can lead to you missing out in a big way.
On the other hand, if you know that more consumers are accessing a product or service that you can offer through apps, inadequate data-inspired research and time investment can cost money.
Analysing your actions at the forensic levels that big data allows can be life-changing for your organisation, especially when large-scale storage means no information need be lost.
Most firms will have their website as their main gateway for customers and clients. Employing big data methodology allows you to monitor what visitors are doing on your website, which aspects they most like, alongside those that push potential custom away.
Knowing these details will allow you to amend your site and to refine the messages you want to communicate to your audience.
Analysing data not only allows for making clearer, quicker decisions, it is the lifeblood of integrating technologies within organisations, which makes processes and decision-making more efficient across the board.
However, even the best data management tools, apps and systems must be built upon a business culture that respects the power of information, and which classes data as a key resource.
The strongest companies will focus on making decisions based on data, as opposed to instinct, and will nurture collaborative decision styles. The subsequently information-based, inquisitive culture, gives such firms an inimitable competitive edge.