What is being “data-driven”?
We constantly use data to make decisions in our everyday lives. What products we buy, which route we choose to take to our destinations, the content we read and the conclusions we draw from it.
Yet in business, too many decisions are made based on gut feeling. A recent global survey reported that 58% of respondents say their companies base at least half of their decisions on gut feeling or experience rather than data and facts. While we may have developed great instinct over time, our opinions can be biased, influenced by emotion and often fail to assess the entire picture.
This is where the term “data-driven” comes into play. In a data-driven organisation, strategies are developed based on facts. The guesswork and emotional aspect of decision-making is removed as insights from data present clear ways to move forward in every area of the business
Why does being “data-driven” matter?
You need to make a marketing decision. You open a spreadsheet with historic sales figures, another with past campaign results and spend five minutes searching for the most up-to-date financial report. You find three different versions – which one is correct? Which one did your staff use? Can the numbers be relied on? Frustrated, you decide to go with your gut. If it’s worked before, it will work now, right?
Imagine instead that all of the data you need is presented in automated current reports. With a few clicks, you can dig deep into the numbers and understand the story behind them. Actionable insights are presented based on the data, guiding your decisions. There is no guesswork. Your entire team works from the same source of data, from IT through to operations.
This is what a data-driven organisation looks like. There is one single source of truth instead of multiple versions. The risk of making decisions based on outdated information is eliminated. Data is accessible, at your fingertips, with insights generated for you.
Data is utilised to lead the decision-making process. The data-driven organisation has a mentality of constant improvement. Insights allow you to quickly make the best decisions for the business and predict future trends so you stay ahead of the game.
Getting started with data
To be an effective data-driven organisation, a solid data foundation is critical. If the data you start with is inaccurate, how can you expect to make the best decisions?
A Business Intelligence solution starts with building a data foundation from quality data. The data is then mapped and stored in a data warehouse where queries are run to build automated reports. Reports are delivered directly to the user, and can be accessed anytime from anywhere with an internet connection.
Toustone sets this all up for you with minimal disruption to operations. You don’t have to understand how it all works. We’ll work with you to understand your organisation’s needs and provide a solution.
Empowering your staff with reliable, accessible data means everyone can make confident, consistent decisions. You control who has access to what, so your staff only sees what they need to see. This protects the security of your data while allowing each department to focus on what is relevant to them.
Any organisation stands to benefit from being data-driven. Every department can rely on data, from finance to customer service, to make the best decisions.
To get your business started on the path to being data-driven, contact our team at Toustone today.