In business, relevant data, aligned with the company's strategy, should feed operational day-to-day decision-making. Strategic decisions are the result of the analysis of a number of variables that come from different areas.
Nowadays, growing disruptive trends are leaving a much smaller window for organizations to identify growth opportunities, respond and adapt quickly. These trends are forcing us to rethink and identify new approaches to walk the path towards data-driven decision-making.
Today, there are more tools than a few years ago to obtain and gather valuable information. Not just any information, but data that can direct a business in making the right decisions as to how to generate value for customers.
However, according to a study by Harvard Business Review, "only 13% of executives surveyed said they have a high level of confidence in their business decisions," which tell us that the true potential of data analytics seems not to have been exploited yet.
"Managers find it hard to make real-time decisions when facing scenarios that reveal inaccurate, obsolete, or inaccessible data. This complicates decision-making processes and delays the impact on business in a market that increasingly requires timely and accurate responses." (Source http://dataiq.com.ar/blog/la-confianza-en-las-decisiones-corporativas/)
The transition into a business that employs data tools effectively calls for a cultural process that, with appropriate planning, it can be implemented successfully and bring enormous benefits for the company´s decision-making processes and monitoring efforts.
Today's business intelligence tools are accessible and simple to implement, providing business executives with valuable information.
What is Data-driven decision making?
Data-driven decision-making is a business approach that encourages executives to make decisions based on verifiable data, giving them greater confidence and promptness in making important decision as well as the ability to react effectively to changes in the market, generating a huge competitive advantage.
Agility for the organization is key to gaining a competitive advantage.
As companies begin to understand the importance of data analysis in today's world to support decision-making, they also perceive the opportunities that lay in the immediate future. These companies are the ones who are most aware on how to accomplish an effective management approach in the digital age.
We can attest to the strategic and operational benefits our customers have received with our software. They have been able to identify quickly changes or improvements to implement in order to stay head with the use of the information provided by Quick Audits. The impact of the information collected with tools like Quick Audits has allowed them to recognize issues that generated unnecessary delays or expenses, to optimize timelines and, therefore, to increase their ROI significantly.
It is natural that technologies that provide more accurate, faster, and inexpensive information create opportunities to reinvent management. Now, decision makers have not only their wisdom and experience, but also better analysis tools to boost business strategy.