With an ever increasing volume of data available, it is now feasible to do away with gut instinct and instead make decisions based on facts.
The data-driven business is able to chart its history, diagnose its current situation and forecast its future with the overall objective of making better decisions. This is exactly what serves as the focal point for a data-driven business.
have data flowing
through their veins
Experience shows that data-driven businesses on average are 5% more productive and 6% more profitable than their competitors. In simple terms, what distinguishes a data-driven business from its competitors is that the former is born data-driven while the latter stubbornly continues to be run like a traditional company. On the one hand, there’s the company with data in its DNA whereas, on the other, there’s the traditionally-operated business – and at Inspari, we have no doubts as to who wins that battle because:
- Data-driven businesses make better decisions.
- Data-driven companies improve their competitiveness.
- Data-driven businesses improve their most important key performance metrics.
the world revolves
For the data-driven business, it’s critically important to integrate the data into your business model – everything from data-driven sales and marketing to data-driven HR and financial management.
More specifically, the data must be incorporated into everything from strategy and information management to KSAs and corporate culture.
A data-driven business works with data on a strategic level and it’s only natural for the company to exploit this knowledge to achieve competitive advantages.
The data-driven business is able to assemble the right team of employees with the right skills. Data analysis is at least as important a business area as sales and finance – just like good analytical skills should permeate the entire business, not just one particular department.
To exploit the value of data in an optimal manner, the data-driven business ensures it has the right information management solutions at its disposal. Ideally, all the data are available in one solution so data silos can be eliminated, cooperation is strengthened and transparency is ensured.
In a data-driven corporate culture, every employee is motivated to use data actively and as a tool for knowledge sharing. The entire culture is characterised by the ability to use and trust data – as opposed to relying on that gut feeling.
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