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Wednesday, December 22, 2021

Data for Better Business Decision?

Ultimately this is the 'thing', how do we do it effectively?  Some starting thoughts.

SmartData Collective > Big Data > How To Use Data For Smarter Business Decisions


How To Use Data For Smarter Business Decisions

Big data technology is of the upmost importance for any company trying to meet its growth targets in 2022.

BY Sean Mallon

Big Data Technology Has Become a Nontrivial Element of Modern Business

If you intend to start resting your case with investing in data, analytics and more insightful business forecasts, stop. Instead, shift your focus toward prioritizing the business investment categories that would bring you the biggest bang for the buck in terms of both revenue and bottom line.

Most of your competitors are probably relying on data to run their businesses for a while now. They use data to automate their processes by turning some of their operational and transactional data into alerts that help them make better business decisions in the quest for income. While this is an intelligent thing to do, that’s where most of these efforts to use data in the process of running a business come to an end. The so-called insights-driven business transformation is the next level of making the most out of data. This is the ability to morph enterprise data into insights and then use these insights to spark actions that directly impact the outcome of a business. The evolution process then loops over and over again, in a continuous stream of learning and improving. This is how customer-centric companies operate. Also, this has become the top priority for many CIOs and business analysts. You should know that almost 70% of CIOs consider their company has changed or is currently changing its management culture to make quantitative decisions one of their highest priorities.  ... ' 

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