08.22.2022 Executive Data Bytes – Deriving business insights and making sound decisions based on findings

Executive Data Bytes

Tech analysis for the busy executive.

Welcome to another edition of Executive Data Bytes! This week, we are considering the advantages of using data to drive business decisions. Read on to learn how to gain better insights through analytics.

Focus piece: “How to use Analytics to Derive Business Data Insights”

Executive Summary

Data is valuable only if it can be translated into insights, and organizations are still struggling to see insights clearly through their data. In this article, Treehouse Technology Group outlines the steps you can take to derive actionable insights from your data.

Key Takeaways

• To turn data into useful information, you need to put context to the data and establish why the data is important. You also need to anticipate the outcome of the project and elaborate on how the results will be used or integrated into the business.
• Raw data needs to be cleansed and prepared before it can be made ready for analytics. You need to consider how the data was collected, and whether it is accurate and consistent.
• The quality of your IT infrastructure, teams, and data will determine how well you can generate high-quality actionable insights from your business data.
• Today, a number of data analytics tools are available that can blend multiple types and sources of data, and can be used to create customized dashboards and crystallize data into actionable business data insights.

Focus piece: “5 Steps to Data-Driven Business Decisions”

Executive Summary

Top-performing companies use data to make decisions about their business, and these companies gain a strategic advantage over their rivals. This blog from Sisense Team aims to help you improve your decision making process.

Key Takeaways

• 40% of top-performing companies base the majority of their decisions on gut feel or experience, rather than actual data.
• Data-driven companies are more customer-focused, enjoy deeper insights into the customer and their journey, and are more agile and better able to respond to markets.
• The vast amounts of data at your disposal don't necessarily add up to improvements in the way you do business. The key to drawing real value from it is identifying which data to use.
• Data-driven decision making starts with a strategy. Identify your goals and build a strategy around them so you won't be dazzled by all the possibilities big data has to offer.
• Becoming a data-driven organization is more than selecting the right analytical tools and putting the right technology architecture in place. It's about realigning your organization's culture to make sure that everyone knows the value of the data.

Focus piece: “Data-Driven Decision Making” 

Executive Summary

Due to the recent advancements in modern technology, data-driven decision making is starting to be employed across various industries. This article from Softjourn explores the ways various companies are benefiting from data-driven decisions.

Key Takeaways

• Data-driven decision making is already affecting Fortune 500 companies across every industry, and the biggest markets for big data and analytics are the United States, Japan, China, and the United Kingdom.
• Data-driven decision making (DDDM) uses past information to predict what will happen in the future. KPIs are used to measure the performance of systems and to see how close they are to achieving business goals.
• Making data-driven decisions depends on the mindset of the company. It involves collecting and processing data, creating reports, dashboards, and visualizations, and making informed decisions.
• Data-driven decision making improves transparency in companies and helps staff to adopt data-driven decision making in their own daily work. This in turn helps the organization deal with risks and enhances its overall performance.
• Precise analytical insights help solve multiple problems for business. Data-based decision management increases the speed of decision making and gives confidence to businesses that they are making the right decisions.

Driving Data Together!

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