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September 1, 2023Voiced by Amazon Polly |
Overview
The use of facts, metrics, and data to influence strategic business decisions that correspond with your goals, objectives, and projects is referred to as data-driven decision-making. When organizations see the full value of their data, everyone, whether you’re a business analyst, a sales manager, or a human resource professional, is empowered to enhance data-driven decisions every day. This, however, cannot be accomplished just by selecting the best analytical tools to uncover the next strategic opportunity.
Your firm must establish data-driven decision-making as the standard, fostering a culture of critical thinking and inquiry. Individuals of all levels participate in data-driven conversations, and they hone their data skills via practice and application.
Fundamentally, this necessitates a self-service approach in which users may access the data they desire while also maintaining security and governance. It also necessitates competency, which necessitates providing staff with training and development opportunities to learn data skills.
Finally, having executive advocacy and a culture that supports and makes data-driven decisions will encourage others to do the same.
Five steps to data-driven decisions
Acknowledge that the visual analysis cycle is not linear. One question frequently leads to another, requiring you to return to one of these phases or skip to the next, eventually leading to useful findings. These five steps will help you in achieving the goal.
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Organizational goals
This stage will involve the understanding your organization’s executive and downstream goals. This could be anything as specific as increasing sales and website traffic or something as broad as raising brand awareness.
This will assist you later in the process in selecting key performance indicators and metrics that affect data driven decisions and these will assist you in determining which data to study and which questions to ask so that your analysis supports key business objectives. If a marketing strategy are aimed at increasing website traffic, a KPI could be linked to the number of contact submissions have been received. This allow sales to follow up with leads.
Survey key sources of data
It is essential to collect input from employees across the organization to comprehend short- and long-term goals. These inputs influence the questions people ask in their studies, as well as how verified data sources are prioritized.
Valuable input from throughout the organization will aid in the direction of the analytical deployment, including the roles, responsibilities, and processes, as well as the success metrics to analyse progress.
Data Compilation
Accessing high-quality, accurate data may be challenging if your company’s data is scattered across multiple sources. Once you identify the scope of your company’s data sources, you may begin data preparation.
Begin with preparing high-impact, low-complexity data sources. Prioritize data sources with the most people to have an immediate impact. Begin with these resources to construct a powerful dashboard.
Data Exploration
Data visualization is essential for data-driven decision making. You will have a better chance of influencing the decisions of senior leadership and other people if you visually represent your opinions.
Data visualization, with its various visual features such as charts, graphs, and maps, is an easy way to observe and analyse trends, outliers, and patterns in data. There are numerous popular visualization types for successfully displaying information, including a bar chart for comparison, a map for spatial data, and more.
Develop insights
Finding insights and expressing them in a useful, engaging manner is what critical thinking with data entails. Visual analytics is a straightforward approach to ask and answer data queries. Assess the opportunities and threats to success or problem solving.
Summary
Data driven decisions are game changers. When everyone in a business embraces visual analytics, data becomes a crucial enterprise asset. Data driven decisions become a company mission rather than a headache with a modern business intelligence solution. This benefits smoother, more accurate choices. These decisions will lead to a stronger bottom line, increased creative and commercial success, and increased staff involvement and collaboration.
References
https://aws.amazon.com/executive-insights/content/how-do-you-become-a-data-driven-organization/
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