a data-driven business

Devising A Framework For Data-Driven Decision Making

COVID-19 has thrown data-driven decision making into sharp focus. 2020 has been a year commanded by data; infection rates, mapping of high-risk areas, timeline depictions and more. Using this data, governments around the world have made important decisions that govern the running of their countries. It is the prime example of how data-driven decision making is in practice.

In this instance, data is being used to make decisions that keep us safe, reduce infections, and flatten the curve. This practice is the exact replica of what so many organisations hope to achieve, or already do, through the use of data analytics for their unique circumstances. For those that already make data-driven decisions, it is a consistent and continual process of investigation, acquiring evidence, and using it to innovate.

Still, there are a multitude of businesses that want to create a data-driven company culture, but don’t know where to begin. We’ve put together three ideas on developing a framework for data-driven decision making.

1. Adopting Data-Driven Culture Starts With Business Leaders

The best business leaders lead by example. Having business leaders who live and breathe data analytics normalises it for the rest of the business. Everyone starts to speak in data. The idea of using data to create innovation within the business filters down to newcomers and juniors alike. It becomes a prerequisite for the manner in which business is done.

2. Choose Your Data Wisely

There are so many different metrics that can be measured for different purposes. Trying to track and analyse every single one can become overwhelming, for starters. It’s also not necessary. Define what it is you want to report on based on what you want to achieve for your business.

Are you hoping to streamline operations and improve customer satisfaction? Or do you want to advocate for new technology within your business? Both requirements stem from the analysis of very different data points. Choose wisely according to your needs and add on or take away as you realize you need more or less.

3. Use Data Analytics To Assist Employees As Well As Customers

In a data-centric business you will no doubt already have data-driven practices in place that help employees measure and improve their performance. However, you can also use data to improve efficiencies, reduce workloads, and create automated tasks.

If employees are aware of how data can support them and even make their jobs easier, they are more likely to adopt a data-driven culture. They will start coming up with their own ideas to use data to innovate, simplify tasks, and create accuracy and precision within their roles.

At Robinson Ryan, we help businesses make intelligent use of data analytics to drive important business decisions and create positive change within their organizations. Start backing up your business ideas with sound evidence. Creating a framework for data-driven decision making begins here.

Contact us today to find out how.

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