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Utilising data-driven strategies is essential because it enables businesses to forecast future trends and make informed decisions , which is crucial for both emerging start-ups and established businesses .

Poor decision making has led many companies , in all industries , to struggle . But by harnessing the data you already own , your business can make better-informed decisions which aid in boosting your productivity , costs and market influence .

By simply adjusting your IT to better collect , store and analyse your data , your business will be able to make better informed decisions sure to bolster your company ' s future .

Harnessing a data-driven approach

Harnessing your data is a must when it comes to improving your business decisions . In fact , 72 % of businesses claim to use their data at the core of their decision-making models .

One thing to consider is the need for a strong data infrastructure within your business . By adopting managed IT , you can collect , store and analyse your data – ensuring that your business is getting the most from its information .

A robust infrastructure is important for business , and one way to achieve this is by working with a trusted partner for your managed IT needs . This support can ensure that you ’ re getting the most out of your technology stack and data for better business decisions .

According to Gartner , businesses that harness their data correctly are five times more likely to succeed over competitors . Ensuring that you ’ re gaining the best perspective for decision-making by understanding your business metrics and market trends is a must for a strong business .

Reasons to adopt data-driven decision making

• Appealing to stakeholders

Decision making can often be held at a standstill when stakeholders have objections . Getting your business plan past these vital contributors is important for the quick action and success your business needs .

Decisions are dictated more by stakeholders than previously , with an average of 11.4 stakeholders contributing to your business decisions in 2022 , compared to 6.8 in 2016 . This new heightened level of investor input means your business needs to have a strong business case backed by data .

• Taking a transparent approach

Data is transparent and informative . You can make clear decisions based on data that everyone has access to . This can cut down on the decision-making timeframe , improve accountability , and encourage transparency , as everyone has the same data .

Ensuring you ’ ve got the right infrastructure in place , as well as a trusted managed IT partner , can make your information easily accessible and manageable .

Every company has data , but not every company uses it to its advantage to in the right way .

• Better business planning

Data-driven decisions are a great way to plan your coming business year . Using Big Data and even AI models , you can predict coming trends , anticipate buyer wants and plan where your business can feasibly grow .

It can also be used to evaluate and improve service lines and offerings that aren ’ t profitable – meaning you can approach your CFO with everything they need to approve and adjustments in the budget .

• Predictive horizon scanning

If you ’ re keeping an eye on your numbers , you ’ ll be able to inform decisions from market and insight trends . Following changes in the market , your business can be ahead of the curve and gain a competitive advantage .

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