How Data Driven is Your Company?
Data driven decision making is an increasingly important part of the modern business landscape. 58% of business leaders who responded to one survey said that the majority of their decisions are still based on gut feelings or experience rather than data. While the human element will never be eliminated from the process of making decisions, there’s a strong argument for an organization focusing on developing a data driven attitude.
Data Driven Decision Making Frequently Fixes Biases
For most industries, making money is a question of discovering what hasn’t yet been exploited by other companies. Spotting and exploiting these sorts of inefficiencies allows firms to gain first-mover advantages
Data Driven Marketing
Some sectors have found the concurrent rise of social media and big data to be the confluence of events they required to get out in front of the competition. For large corporations, this has allowed them to target niches that were often unreachable.
The difference between a profitable year and a bad one often boils down to nothing more than costs. Nearly 50% of Fortune 1000 firms say they’ve started data driven initiatives to cut expenses and seen a return on the investment.
Ultimately, a data driven approach is about competitiveness. Other companies are already doing it and succeeding. The sooner your operation becomes one that values data, the sooner it can attract the right candidates for jobs and become more competitive.