2020 Vision: Using Data to Drive Decision-Making in the New Year
It’s a new year, and that means it’s time to plot a better direction for your company. Using Big Data can provide business insights that you might otherwise miss, allowing your business to adapt to changing customer and stakeholder needs faster than ever before.
Writing in Forbes, Theodore Henderson emphasizes the importance of creating a data-driven culture to guide decision-making in businesses:
Businesses that place great importance on using data for a competitive advantage will emerge as tomorrow’s successes. Smart company leaders realize that without the right data-driven talent and culture, they will be left behind in a business landscape in which organizations embracing data are winning.
Why The Data-Driven Method Matters
Data-driven leadership combines the power of digital technology and human insight. A data-driven approach can help executives make the bold decisions that can redefine a brand, according to Joel Schwartz in an article for Northeastern University:
Based on a data-driven decision, [Netflix] grew to internet streaming- becoming one of the most successful companies today. Without data, Netflix would not have had the basis to make such an immense and impactful decision. Moreover, without that decision, the company would not have flourished at the rate or in the direction it did … The bottom line is that this data-driven approach is putting all other methods out of business. The world is becoming data-driven, and to not make data-driven decisions would be foolish.
How Does LMS Help Companies Make Data-Driven Decisions?
When developing a data-driven business strategy, experience matters. LMS combines innovative and proven data science strategies to help our clients leverage customer data to its fullest extent. We work with our clients to help develop more robust and insightful decision-making processes, reinforced by rigorous data analysis. If you’re ready to start making better decisions, contact us at 800.257.5902 or email us today at [email protected].