All Modern Business Decisions Must Be Data-Driven
We are indeed in the data age, and as such, it is about time that all businesses, not just the multinational monopolies, but the small to medium businesses as well, are able to use big data to drive growth, establish themselves in a niche market and develop a brand.
The only way that this can be done cogently is to use and exploit big data. Both B2B and B2C companies are gathering and saving enormous amounts of data; it is now pertinent to analyze, structure and use this data to make decisions that will serve to drive the business forward.
The term data-driven decision-making (DDDM) has come to signify those businesses that are using big data analysis to inform their decision-making process and validate a particular course of action.
How to build the DDM capacity of your business?
- Collect surveys
This is one of the best ways to build the company’s repository of customer data. You will need to determine the population that you want to sample and then the methodology. Will it be all your customers or only those who bought a specific product, and will it be online or telephonic and where will the data be stored. These are all the essential questions to ask as you set up and design a survey to gather the data that will be used to drive business decisions.
The best way to do this is to use an example like professional web design in Gloucester that is able to either link or imbed a survey and then transmit results directly to Google Analytics to provide a seamless and efficient process. The survey is a fantastic way to start the data collection process as it will reach a large number of people and businesses and can be easily analyzed to provide statistical inferences.
- User testing
Having your users evaluate your products and devices and then be able to gather this information and analyze it to improve product ranges and services has become one of the best ways to gather incredibly useful product data. It is also a means to both create additional customer contact points and improve customer service.
Having your business products tested by those in the sector or who will use these products for their business, is essential but can also be quite risky. Ensure that the products have been well evaluated internally and are ready for market before you ask for sector and customer feedback.
- Analyze shifts in demographics
Being able to gather data that shows the shift in demographics of your overall consumer base is the best way to keep as up-to-date as possible with your client and customer needs. As a B2B concern, you will need instead to have detailed historical market data. This will allow you to both understand the market and be in a position to determine future possible needs and trends.
Once you have such data, it is about ensuring that it is organized and saved accordingly. Determine exactly what information you have and create a data analysis plan that will detail the nature of analysis required and timeframes for such work.
