Data-Driven KPIs Are Pillars For SME Decision Making In 2019

In another example of data transforming the business world, data-driven KPIs are a major decision making pillar for modern SMEs.

September 30, 2019
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Big data is changing the entire nature of decision-making across organizations of all sizes. Companies on either side of the world have identified countless applications for big data, which is helping them save considerable amounts of money and get better ROIs from various assets.

Big Data is the Foundation of Modern Decision-making

These days, 92% of businesses are using data and analytics to gain greater insights into marketing. Doing so helps them expand their reach and generates more leads. By utilizing the wealth of digital information at your business’ fingertips and embracing the power of big data, you can make more informed decisions that will lead to better growth, development, and profitability of your company. Not to mention, 72% of companies report that their enterprises are regular to heavy users of social media data to improve customer relationships.

While some rely on their instincts for business decisions, a vast majority of businesses in this digital world prefer to use metrics, figures, and facts to help them reach their targets. This helps create a stable backbone for your company’s management reports that daily business operations rely on for insight and guidance. Consider these practical tips for better data-driven decision-making in your business.

Define Objectives

For your company to get the most out of your data, you should first define your company objectives. Data is only valid when it is accurate and relevant to your company’s aims. By implementing the right IT solutions, reporting tools, and learning how to analyze and measure your data accurately, it is only then that you can make the data-driven decisions to propel your company forward. You must define your goals before beginning data analysis. Follow your strategy and not what’s trending in your industry, so you can define the much-needed KPIs or Key Performance Indicators. These are units of measure to gauge how effective your plans are in hitting the various objectives of your business. There are many kinds of KPIs that you can set for your company, so it is critical to focus only on what is at par with your objectives.

Continuously Gather Data

Data gathering is not a one-shot deal. It is a continuous process that requires consistent measures and updates for your company to remain cutting edge and effective. It is critical to ask the right questions and continue gathering the right set of data. There is a wealth of knowledge waiting after data analysis and interpretation, where you have the potential to uncover hidden patterns and correlations between various variables. With this data, your business can improve customer experience, help you refine your digital marketing strategies, conduct more efficient advertising, and even create new streams of income by selling your data to other companies.

Democratize Data

Democratizing data means providing everyone in your company access to these pieces of information with no gatekeepers blocking anyone in the company from having access. By having the data available to everyone with no barriers to accessibility and understanding, everyone in your team gains a competitive advantage. Giving your team clearance to access data empowers them because it signifies that you trust them with this sensitive company information. The more people with various backgrounds and different levels of expertise who have access to your data, you gather up more insight which you can use for making critical business decisions. When your staff possesses the freedom to use data, they can uncover many possible opportunities for your company.

In this digital world, businesses rely on massive data to better support their services. By gathering data and analyzing them, you stand to gain more insight that could enhance your business performance.

Big Data is an Invaluable Commodity for Businesses in the 21st Century

A growing number of companies in every sector are turning to big data to get better returns. They have found that big data is playing a very important role in every process.