More companies are starting to ramp up their digital transformation as the role of data analytics becomes more significant during the global pandemic. This rise in digitalization is due to the fact that businesses that leveraged data analytics experienced more than a 10% increase in profits and were able to cut up to 10% of their costs.
Aside from that, data analytics also helps business owners make smarter decisions that allow them to make their operations more efficient and boost their productivity — which is the key to thriving in today’s highly competitive and volatile market.
Here are 5 steps you can take to make data-driven decisions that can drive growth for your business.
1. Setting your goals
Before you even start, you need to have a clear idea of what kind of goals you want to achieve. Are you looking to create a more personalized marketing strategy? Do you want to make your inventory management system more efficient? Or are you looking to reduce operational costs?
2. Choosing your data sources
Figure out what kind of data you already have in hand and define what kind of data you need to gain using either primary or secondary data channels.
3. Setting your metrics
To ensure that you’re on the right track, be sure to set a specific metric so that you can measure your progress. Don’t forget to choose the metrics that have the most impact on your business.
4. Keeping track of your progress
After setting the metrics, you need to constantly monitor your performance. You can do that by leveraging a powerful data analytics tool like SYCARDA can give business owners access to real-time data and reports any time, anywhere, on any device — allowing you and your team to easily keep track of your progress.
5. Analyzing data & creating a data story
Now that you have your metrics and access to relevant data, it’s time to analyze it and create a data story that explains the “why” behind certain events. Your data story will be the key to tackling various issues in your company and help you make better data-driven decisions.
It will also ensure that your team actually understands the insights gained from the data, and in turn, create actionable strategies that can improve your operational efficiency moving forward.
SYCARDA has helped hundreds of business owners gain valuable insights from their data and make data-driven decisions to drive business growth.
Now it’s your turn to reap the full benefits of data analytics.
FAQ
How does data-driven decision-making benefit businesses?
Data-driven decision-making allows businesses to make more informed and efficient choices. By analyzing relevant data, businesses can set clear goals, track performance, and create strategies to improve operational efficiency and boost productivity.
Why is real-time data access essential for data-driven decision-making?
Real-time data access, provided by tools like SYCARDA, allows business owners and teams to monitor progress constantly. This helps them stay on track with their metrics, make timely adjustments, and respond quickly to changing market conditions.
How can SYCARDA help business owners with data-driven decisions?
SYCARDA’s data analytics tool empowers business owners to gain valuable insights from their data and make data-driven decisions for business growth. With real-time access to reports, business owners can analyze data, create data stories, and develop actionable strategies to tackle challenges and drive success.
