GoodFirms, a universally renowned B2B ratings and reviews platform, released its recent survey research report,”Data-Driven Decision-Making (DDDM): Key Advantages, Expert Tips, and the Future Trends.” The survey aims to gather a few tips to deeply understand the benefits, challenges associated with DDDM. The survey also attempts to highlight the process and the future trends of DDDM.
According to the survey, 73.6% of businesses are already utilizing data for making efficient decisions for their businesses, while only 26.4% of the businesses have not yet adopted DDDM for several reasons like they are either small businesses with budget constraints, need more skills/knowledge, poor change management and inadequate collaboration.
As a tip to those who are yet to explore DDDM,, GoodFirms survey brings forth a few proven tips and processes to implement data-driven decision-making. It includes defining a clear-cut goal, focusing on the data that is crucial, practice of collecting and analyzing data to make decisions aligned with the demand, using free and open source data analytics tools, and upskilling with DDDM knowledge.
GoodFirms survey reveals the different factors and practices adopted by the surveyees on DDDM; about 41.5% of the respondents gave data collection the first stop, then evaluate, visualize and get quality data to implement future strategies.
Sales and revenue data, marketing data, customer data, current trends in the industry, product performance, financial data and operational data are the different types of data that plays a critical role in decision making, according to the survey.
Through this research survey, GoodFirms also attempted to find out the advantages of data-driven decision-making (DDDM) and these are the points quoted by the survey respondents – helps in more confident decisions (91.4%), improves productivity (76.1%), achieve cost savings (63.8%), proactive steps against risk (57.6%), competitive advantage (51.3%), visualize meaning in every data (48.4%), saves time (43.9%), and establish accountability (42.1%).
“Ensuring the quality of data, data privacy and security, scattered data, change management, data overload, absence of required skills are the challenges while implementing data-driven decision-making,”GoodFirms survey
Regarding the future of data-driven decision-making (DDDM), advanced-data analytics, hyper-personalization, real-time insights, increased data democratization are likely to take more center-stage.
Technologies like AI, ML, cloud computing are going to further play a crucial role in DDDM – Concluded GoodFirms Survey.
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