Cookies help us display personalized product recommendations and ensure you have great shopping experience.

By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    sales and data analytics
    How Data Analytics Improves Lead Management and Sales Results
    9 Min Read
    data analytics and truck accident claims
    How Data Analytics Reduces Truck Accidents and Speeds Up Claims
    7 Min Read
    predictive analytics for interior designers
    Interior Designers Boost Profits with Predictive Analytics
    8 Min Read
    image fx (67)
    Improving LinkedIn Ad Strategies with Data Analytics
    9 Min Read
    big data and remote work
    Data Helps Speech-Language Pathologists Deliver Better Results
    6 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-25 SmartData Collective. All Rights Reserved.
Reading: Data-Driven KPIs Are Pillars For SME Decision Making In 2021
Share
Notification
Font ResizerAa
SmartData CollectiveSmartData Collective
Font ResizerAa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Big Data > Data-Driven KPIs Are Pillars For SME Decision Making In 2021
Big DataExclusive

Data-Driven KPIs Are Pillars For SME Decision Making In 2021

Ryan Kh
Ryan Kh
5 Min Read
Big data and KPIs
Shutterstock Licensed Photo
SHARE

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.

Contents
Big Data is the Foundation of Modern Decision-makingDefine ObjectivesContinuously Gather DataDemocratize DataBig Data is an Invaluable Commodity for Businesses in the 21st Century

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 perhaps using a sample KPI library is critical to focus only on what is at par with your objectives, as these help you find different metrics depending on the industry and department.

More Read

New analysts and teenage love
Big Data? Big Deal.
Data Labeling Improves Machine Learning & AI Efficiency
Cloud-Centric Companies Discover Benefits & Pitfalls of Network Relocation
5 Benefits of Training Data-Driven Teams in Microsoft Office 365

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.

TAGGED:big datadataDecision MakingkpiSME
Share This Article
Facebook Pinterest LinkedIn
Share
ByRyan Kh
Follow:
Ryan Kh is an experienced blogger, digital content & social marketer. Founder of Catalyst For Business and contributor to search giants like Yahoo Finance, MSN. He is passionate about covering topics like big data, business intelligence, startups & entrepreneurship. Email: ryankh14@icloud.com

Follow us on Facebook

Latest News

sales and data analytics
How Data Analytics Improves Lead Management and Sales Results
Analytics Big Data Exclusive
ai in marketing
How AI and Smart Platforms Improve Email Marketing
Artificial Intelligence Exclusive Marketing
AI Document Verification for Legal Firms: Importance & Top Tools
AI Document Verification for Legal Firms: Importance & Top Tools
Artificial Intelligence Exclusive
AI supply chain
AI Tools Are Strengthening Global Supply Chains
Artificial Intelligence Exclusive

Stay Connected

1.2kFollowersLike
33.7kFollowersFollow
222FollowersPin

You Might also Like

big data cloud computing are future of robotics
Big DataCloud ComputingComputingExclusiveIT

Merging Big Data and Cloud Computing is the Future of Robotics

5 Min Read
multi-factor authentication solution
Big DataExclusiveSecurity

The Relevance of Big Data For Multi-Factor Authentication Solutions

6 Min Read
electric vehicle big data
Big Data

An All-Electric Future? Big Data is Vital To The Transition

6 Min Read

Economic crisis gives boost to Agent-based modeling

5 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 is improving the safety of cars
From Bolts to Bots: How AI Is Fortifying the Automotive Industry
Artificial Intelligence
ai chatbot
The Art of Conversation: Enhancing Chatbots with Advanced AI Prompts
Chatbots

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-25 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?