By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    predictive analytics in dropshipping
    Predictive Analytics Helps New Dropshipping Businesses Thrive
    12 Min Read
    data-driven approach in healthcare
    The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas
    6 Min Read
    analytics for tax compliance
    Analytics Changes the Calculus of Business Tax Compliance
    8 Min Read
    big data analytics in gaming
    The Role of Big Data Analytics in Gaming
    10 Min Read
    analyst,women,looking,at,kpi,data,on,computer,screen
    Promising Benefits of Predictive Analytics in Asset Management
    11 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: How Data-Driven Decision Making Is Giving Companies Competitive Advantage
Share
Notification Show More
Latest News
ai software development
Key Strategies to Develop AI Software Cost-Effectively
Artificial Intelligence
ai in omnichannel marketing
AI is Driving Huge Changes in Omnichannel Marketing
Artificial Intelligence
ai for small business tax planning
Maximize Tax Deductions as a Business Owner with AI
Artificial Intelligence
ai in marketing with 3D rendering
Marketers Use AI to Take Advantage of 3D Rendering
Artificial Intelligence
How Big Data Is Transforming the Maritime Industry
How Big Data Is Transforming the Maritime Industry
Big Data
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Big Data > Data Mining > How Data-Driven Decision Making Is Giving Companies Competitive Advantage
Big DataData ManagementData Mining

How Data-Driven Decision Making Is Giving Companies Competitive Advantage

Rehan Ijaz
Last updated: 2017/11/18 at 9:13 PM
Rehan Ijaz
5 Min Read
Data-Driven Decision Making
SHARE

The best ideas came after analyzing the data carefully and also when you can answer your key questions that are arising in your company. Whether you run a small business or part of a huge company, data is the heart of your organization. Companies rely on data to make important decisions and expect a better financial performance in return. So when they implement better tools and know how to organize their data correctly they get competitive advantage.

Contents
PlanningDefining objectiveCollect the relevant dataAnalyze the data

Data-Driven Decision Making is basically an approach for companies to make valuable decisions for the growth of their company to survive in the present era. The question arises, in what form a data can be analyzed? Data can be quantitative or qualitative where quantitative data is in form of numbers on the other hand qualitative data cannot be measured but both are very important for the growth of your company and also help to make smart business decisions. That is why companies are nowadays opting for data-driven decision making since it is the best way of working to gain a competitive advantage.

In the past data collection was considered to be the most hectic work for the employees but now with the help of different sources in the company, we can access data easily. As a result, good data-driven decisions are also making help in data quality improvement. So it means, while collecting data you are improving your data as well. So how does it work?

  1. Planning

The first step is to plan what you are thinking and what you want. A better way is to make a sketch of your steps for taking decisions.

More Read

How Big Data Is Transforming the Maritime Industry

How Big Data Is Transforming the Maritime Industry

Utilizing Data to Discover Shortcomings Within Your Business Model
Small Businesses Use Big Data to Offset Risk During Economic Uncertainty
The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas
Analytics Changes the Calculus of Business Tax Compliance
  1. Defining objective

First of all, you need to identify your goals. Why you need data? And what type of data you need? This will help you to gather relevant data.

  1. Collect the relevant data

After Defining your objective you need data but relevant data. Start gathering data by observing, interviewing and with the help of your IT department

  1. Analyze the data

Now identify the key players. They will usually the department heads. Now you need experts that will thoroughly analyze your data. The more complex the data, the more skilled person you will need.

  1. Take an action.

Now it’s time to turning insights into actions. Make evidence based decisions and happily watch your company growing

E-commerce sites are also using their valuable data to drive profits and increase their sales’ volumes. Have you ever noticed that you get recommendations and receive regular emails about their latest updates on their sites and also about the things you were interested in shopping when you last visited their site? This is called a data-driven purchase strategy, the product you search the most and also whatever you have in your wish list shows in the recommendation so that you could grab them easily. Likewise, when you visit a restaurant and before leaving the place they provide you a card to fill in which they ask you for the recommendation and also about their service quality. After collecting the data they try to improve their quality of the service to boost their sales. They use data-driven decision-making strategy for the betterment of their business. They actually keep the record of their customers by which they get suggestions for improvement. Lastly, Google is the multinational tech giant that uses data-driven decision making as well, it gives us a good example of excellent use of this strategy. They collect data to answer their own raised question for upgrading their services. They started with the aim for better user experience.

Rehan Ijaz November 18, 2017
Share this Article
Facebook Twitter Pinterest LinkedIn
Share
By Rehan Ijaz
Follow:
Rehan is an entrepreneur, business graduate, content strategist and editor overseeing contributed content at BigdataShowcase. He is passionate about writing stuff for startups. His areas of interest include digital business strategy and strategic decision making.

Follow us on Facebook

Latest News

ai software development
Key Strategies to Develop AI Software Cost-Effectively
Artificial Intelligence
ai in omnichannel marketing
AI is Driving Huge Changes in Omnichannel Marketing
Artificial Intelligence
ai for small business tax planning
Maximize Tax Deductions as a Business Owner with AI
Artificial Intelligence
ai in marketing with 3D rendering
Marketers Use AI to Take Advantage of 3D Rendering
Artificial Intelligence

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

How Big Data Is Transforming the Maritime Industry
Big Data

How Big Data Is Transforming the Maritime Industry

8 Min Read
utlizing big data for business model
Big Data

Utilizing Data to Discover Shortcomings Within Your Business Model

6 Min Read
big data use in small businesses
Big Data

Small Businesses Use Big Data to Offset Risk During Economic Uncertainty

7 Min Read
data-driven approach in healthcare
Analytics

The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas

6 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

ai in ecommerce
Artificial Intelligence for eCommerce: A Closer Look
Artificial Intelligence
giveaway chatbots
How To Get An Award Winning Giveaway Bot
Big Data Chatbots Exclusive

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?