Are you data driven

1. Are you Data Driven

2. When it comes to making important
choices for the greater good of an
organization, intuition only goes so far.
While a gut feeling can point executives
in the right direction, having some
concrete evidence to back up that
thought can go a long way in convincing
others of its correctness. It’s critical for
company leaders to utilize data in order
to

3. make the best decisions for the current
and future state of their business. Failing
to do so could come with consequences
that leave enterprises in the wake of their
competitors. SFG has a closer look at
data-driven decisions and why they’re
important for all org.

4. The definition :
Back in the day, businesses relied on
Excel spreadsheets and other more
simple forms of crunching numbers.
Today, the world of analytics has opened
the door for companies of all sizes to
look at more in-depth data relating to
past and present figures and how they
will relate to future forecasts.

5. In essence, data-driven decision making
(DDDM) values choices backed up by
verifiable materials, according to Tech
Target. Organizations no longer need to
wait for specific data-minded and capable
employees to interpret company numbers.
Instead, executives themselves – along with
workers at all levels – can now mine for
information without the input of IT
technicians.

6. While analytics can be a bit of challenge
at first, learning how to run reports and
understand critical numbers is very
beneficial to business leaders.
Selection of a goal
Data can open up a number of doors for
companies, but leaders need to know
which avenue they’re truly interested in.
A clear focus is necessary to truly use

7. the data yielded by business analytics to
make a change. Executives should work
together to designate a specific purpose
for the outcome of their information.
Whether it’s understanding the
inefficiencies of their supply chain or
identifying what products or services are
challenging revenue, a goal is a vital
element of DDDM, according to Inside
Big Data.

8. Realism is key
As their business analytics tools churn
out streams and streams of data, it’s
understandable why organizations would
get excited at the prospects of what the
information holds. With these materials,
leaders may think they can alter their
practices and processes to become more
effective in no time. Unfortunately, this is
rarely the case.

9.  Implementing data-driven decisions is a
step-by-step procedure, requiring
executive input every step of the way. It’s
important for businesses to be realistic
about the actions they can take and how
quickly these steps will truly make a
change. Jumping into a decision without
consulting peers and employees could
result in reduced workplace satisfaction.
Workers want to know their opinions are
valued,

10.  so choices that will affect them should
include their input – to a certain extent.
Ultimately, the selection is up to business
leaders. The data will help executives be
more informed, but real-life insight could
make the right decision
Ignoring the data
While many businesses choose to utilize the
data they glean from business analytics tools
to make decisions, even clearer.

11. some companies opt to go another way
for various reasons. These information-
packed decisions are mainly handled by
organizational leaders, so executives
should know that there are negative
consequences that result from ignoring
critical figures.

12. The majority of these outcomes depend
on the goal of the data research. Let’s
take, for example, companies looking for
inefficiencies in their order management
system. If they decide to overlook the
figures pointing to the root of the
problem, the issue will continue to exist,
furthering hindering their organization
over time. In addition, deciding to wait to
make an alteration to certain

13. processes could hurt a business’s
competitiveness in its industry. To stay
ahead or at least remain neck and neck
with opponents, companies need to act q
You’re not alone
All of this information as well as the
thought of making important decisions
using business analytics can be
overwhelming for executives.quickly but
intelligently.

14. These aren’t small choices and company
leaders frequently look for as much expert
advice as possible.
How will it be Important for Managers
Data-driven decision making can seem
overwhelming to company leaders,
especially those unfamiliar with the wealth
of information they’ll glean from business
analytics.

15. While the practice opens organizations
up to a number of advantages, the
materials can also be challenging for
leaders to decipher and use wisely.
Partners like SFG can help enterprises
through every step of the process, giving
valuable insight and experience into how
data will continue to improve a business
over time.

16. Thank you