We live in an age of data, analytics and statistics – whether we like it or not. And in order to remain competitive, businesses need to grab hold of the data-driven opportunities on offer and incorporate analytics into their strategies. Companies that have not only embraced data, but utilised it where they can, are examples of a data-driven business. And as a result, have reaped the rewards.
A data-driven company is defined as an organisation where every person who can use data to make decisions has access to the data they need – when they need it. Not simply about analysing a few reports as and when they come in, being data-driven is about providing the decision makers with the opportunity to examine data autonomously. But what is the value of becoming a data-driven business?
Businesses will get measurable results
Return on investment is always a top priority for companies. And data is key to measuring this. Leveraging key decisions off the back of reliable data hugely increases the likelihood of you being able to measure the outcomes of those decisions – and of course measure ROI.
Decision-making is improved
How your activities and actions perform will always improve decision-making going forward. But how do you expect to know about these unless you quantify the data? Likewise, will you know where your customers are coming from if you don’t track it? Analysing both your actions as a business, and the actions of your customers can be game-changing for your company.
User experience is improved
Most companies (should) place their website as their main gateway. And a well-designed website is often the driving-force behind revenue. Websites should be designed for the end-user – no doubt about it – and the only way to ensure this is the case is to test, survey and analyse behaviour – which of course accumulates in useable data. Employing a big data process allows you to monitor what visitors are doing on your website, how they got there, and of course what works and what doesn’t.
The most robust tech-savvy companies focus on making decisions based on data. But there is more to being data-driven than simply keeping up with the times. Quality, reliable data not only opens the door for clearer, quicker decisions, but it is the only way your business will be able to stay competitive in an increasingly saturated commercial world.
To discover more about how your business can benefit from becoming data-driven, register free to attend Big Data LDN at Olympia London on 15-16 November 2017. The event will host global exhibitors and use-case presentations from data-driven businesses.