As the digital transformation of the business becomes mainstream, the demand for data-driven decisions is becoming greater than ever. Businesses are turning to IT tools and apps for help in making faster, more informed strategic decisions.
With the right IT, your business will be able to improve decision-making through the use of data analysis, predictive analytics, and business intelligence (BI).
Using data to steer the direction of your business is becoming more critical for companies as the digital age holds us firmly in sway. A recent study stated that being data-driven makes your business 23 times more likely to acquire customers and six times more likely to retain them.
Data-driven decision-making is the process of making decisions based on data and statistics. The data is collected from a variety of sources and analysed to determine where a company should invest its resources, what strategy it should use, and what changes are needed to optimise performance.
The data can come from surveys, customer feedback, or BI tools that monitor the company’s operations. It can also come from analysing social media posts about the company or its competitors to see what customers like and dislike about their products.
Benefits of data-driven decision-making:
- Better understanding of customer needs
- Improved customer experience
- Increased efficiency in decision-making process
- Reduced risk or errors in decision-making process
Data analytics is a process of extracting insights from raw data. It has become an essential part of the business world to make strategic decisions.
Data analysis can help improve decision-making by identifying trends and patterns, such as when certain events happen in relation to one another. It also identifies specific variables that impact a business’s operations.
By analysing data, IT is able to identify areas that may need improvement, trends, and opportunities. This can help you make faster, more informed decisions, allowing you to move your company forward.
Predictive analytics is a process of using computer systems to predict future events based on past data, and can be applied in many industries such as retail, finance, healthcare, and marketing.
You can use predictive analytics to look at past performance of your products or services and make a projection about how they will perform in the future. This will help improve decision-making by identifying areas where your business can improve.
For example, if your company makes software for healthcare providers, you might want to analyse the data to identify when people are having the most trouble using your products. Predictive analytics can help you identify this information, as well as identify ways to improve your products to better serve your customers.
With the use of predictive analytics, you can improve the customer experience by anticipating issues before they arise.
BI is the process of creating information that can be used for decision-making. It often involves creating dashboards and statistical models to help make decisions and visualise data so decision-makers can see the data they need, when they need it.
This is important because it helps you turn data analysis into action. With BI, you can analyse data so you can make better decisions. Then, when a decision needs to be made, you can take action with the data already at your disposal.
BI is commonly used for reporting, managing data, and decision support.
Using the right IT tools
One of the top IT tools on the market aimed at improving business decision-making speed and flexibility is Microsoft Azure, a cloud computing service that offers a variety of solutions for data analytics and predictive analytics.
Azure provides a variety of features and tools for data analytics. It has the ability to process large datasets with its high-performance servers, create interactive dashboards, store data in the cloud, and analyse data with its SQL Server database.
With these solutions, you can run predictive analytics and machine learning models to make better decisions. You can also access data from third-party sources, including structured and unstructured data.
Power BI is a business intelligence solution included with Microsoft Azure. It allows you to create interactive, digital reports, and dashboards that help you make better decisions through data analysis. These reports can include data collected through different applications and services, letting you examine the data from different angles.
Other tools and apps that help you make decisions in your business include Facebook Insights and Google Analytics to help identify areas for improvement and see which campaigns are performing well or not as expected. You can also use social media monitoring to track conversations and engagement around your products and services.
Find the right IT for your business
As the digital transformation of the business becomes mainstream, the demand for data-driven decisions is becoming greater than ever. For businesses to succeed in today’s competitive environment, it’s essential for leaders to make informed decisions.
The IT strategists at Lindentech can help you pinpoint the right IT tools and infrastructure that will best benefit your business, improve your daily operations, and lead to better decision-making. Talk to them today and get started on your digital transformation.