In today’s fast-paced and data-driven world, businesses are constantly striving to stay ahead of the competition, and thus, data-driven decision-making has become a critical tool for businesses to make better, more informed decisions that can lead to increased efficiency, profitability, and growth. You can no longer rely solely on decisions based on your “gut” – especially when it is for major business improvements and/or changes!
In 2022, 92.1% of organizations report that they realize measurable business benefits, up from just 48.4% in 2017 and 70.3% in 2020 due to investments in Data and AI initiatives. – NewVantage Partners’ 2022 Data And AI Executive Survey
The challenge for companies today lies in making use of the vast amounts of data they have access to, and utilizing this data for informed decisions. Through data-driven decision-making, businesses can interpret this data and identify patterns and insights that can inform their strategy and decisions. Data-driven decision-making, in short, is a process that involves using data and analytics to inform business decisions.