Data-driven decisions: Are you making them? And if not, then why?
Making data-driven decisions is one of those things that business owners and managers should be doing daily but the fact is, it doesn’t always happen.
And there are valid reasons why data-driven decisions might not be happening in your company, non-profit or organization. Limited or no access to financial information, little teamwork or cooperation and just plain lack of knowledge can all be reasons.
Data-driven decisions are a process where you decide things after gathering data, checking for facts and patterns and then using the data, facts and patterns to make your decisions. They don’t rely on intuition, feelings or observations.
If you want to start making more data-driven decisions, here are three things to consider. Read on:
Name and know your goals
If you want to start making data-driven decisions, you’ll need to start with identifying the problems you need to solve and how to solve them. This should start before you even gather any data or facts; you need to know what questions you want and need answered before you try to answer them. Then, you’ll need a strategy. What this does is set you up for success and speed, because you are only collecting the data you need to work on the problem at hand.
Get your data
If you don’t have data, you can’t make data-driven decisions. While this might seem obvious, and it is, it is also an important step that needs some serious consideration. You’ll need to collect, analyze and process the data. The real work here is collecting and organizing your data. Analyzing it takes much less time when you complete these steps first.
Make a conclusion or decision
This is probably sounding like a science experiment at this point and it sort of is. After you identify the problem or issue and then collect and analyze the data, you’re ready to make a conclusion or a decision. By asking yourself what you’ve learned and how you can use the data, you’ll likely come up with answers to the things you originally sought.
The real benefit to data-driven decisions is that you are making decisions based on facts, not on intuition or bias. You can put assumptions aside because you’ll actually KNOW the facts.
At AccuNet, we have solutions to help your business make data-driven decisions. We can help find a solution that fits your needs and budget. Contact us today.