Find the gold in your data!
You have probably heard of “data-driven decisions”. It would not be strange if you do! This has probably been a topic around the table in most management groups and boardrooms. But what is it, what does it mean, and why is it so important?
Kai Mydland | 15.08.2022
In brief, it is about making decisions based on facts and the available data.
Today, data-driven business decisions are more important than ever. And while it may be okay to rely on your gut feeling, the majority of business decisions should be based on facts, figures, and calculations that are consistent with the business goals. We can say that one goes from “what do we think” to “what do we know”, and thus changes from being governed by assumptions to being data-driven.
That said, computer-driven decisions are nothing new. People have been doing this for hundreds of years, if not thousands.
So, what is different now than before? It is first and foremost about the amount of data available and the ability to process and understand it quickly. We often talk about Big Data – simply explained datasets that are so large and complex that they are difficult to manage with conventional tools. There is often a large volume in combination with a large variety of information and frequent changes.
Business Intelligence makes it easier to make data-driven decisions
At one time, the tasks of collecting and analyzing data insight were all-encompassing and often led to decision delays. Today, however, Business Intelligence (BI) software has made it much easier to make data-driven decisions. Even users who do not have deep technical expertise can easily extract insights from data using these programs. It also makes the competitive advantages that one could previously achieve increasingly difficult to utilize – because there are so many others who come to the same or an even better conclusion just as quickly. It is not without reason that the chocolate in the store is close to the checkout. Not only your local grocery store knows it – everyone knows that.
Business owners may use BI tools to take advantage of the limitless digital knowledge now available at their fingertips and embrace the potential of data-driven business intelligence to make even better decisions. Making the decisions that are better for the business’s growth and development, while at the same time achieving increased profits. Understanding how to effectively measure and analyze the data accurately, as well as, how to use the right reporting tools, will enable you to make data-driven decisions that will help the business flourish.
Why data analysis?
Data analysis also allows companies to choose new business opportunities with a greater chance of success, create a higher level of revenue and prepare the business for future growth by predicting the future trends more accurately. The use of data in decision-making will keep the business in the right direction, optimize current and future efforts, and make it easier to produce insights that can be quickly used in the best interests of the business. In practice, things aren’t always black and white, and it is probably more common than unusual that combinations of gut feeling, perception, and assumptions go hand in hand with available data.
A data-driven decision should be accompanied by various strategies and actions to get the most out of the process. Among other things, you must be aware of whether you are collecting the correct data, whether you are asking the right questions, that you are considering several alternatives, and that you are considering possible biases in the data. The goals one sets should also be measurable in relation to the facts used to make the decisions.
Our solutions provide access to valuable data
How can Eye-share contribute? Our solutions contain a wealth of interesting data. Data that through reporting and analysis provide access to trends and patterns that can help your firm make better decisions. Data from new and historical documents and invoices, basic data from ERP solutions, static user data, user history, and usage patterns as well as a very comprehensive document log – here lays the uncut diamonds just waiting to be put in context.
One can uncover new connections that were not before feasible among the data available in eye-share applications, and one can recognize opportunities and potential for automation of business processes to a larger level. For firms that want to prosper, data-driven decisions have never been more vital.
We are happy to show you how
Contact one of our advisors to find out how Eye-share can help you find the gold that is hidden in your company’s data through our solutions and recommended BI tools!