Harnessing Data-Driven Decision Making for Business Success
Learn how to replace gut feelings with data-driven insights to enhance decision making, boost productivity, and drive successful business outcomes.
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Data-Driven Decision-Making See it in Action
Added on 09/26/2024
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Speaker 1: If you're in the habit of basing your decisions on gut feelings, your business will not be able to hit its full potential. So let's lose the notion of intuition and replace that with data-driven insights that provide value, identify opportunities, and eliminate potential errors. So are you making gut-based decisions or are you actually data-driven? Let's start with what is data-driven decision making. It's the choice to use data as the main informant for every type of decision your business makes and guide campaigns and processes with data right at the helm. So this means everyone needs access to data, teams need to know how to use data, and your visualizations need to be insightful. Data-driven decision making builds your campaigns with confidence and helps your teams lead successful business outcomes confidently forward. So let's dive into some of the clear data-driven decision making advantages that you have. Making more confident decisions, having a more proactive team, a better understanding of your customer needs, increased revenue, which leads to reduced cost, and enhanced customer experience, which then leads to new opportunities. So let's kind of see a little bit of this in action for how you can utilize tools such as digital workplaces to really drive this data-driven decision making. So let's look at data-driven decision making in terms of a digital workplace. A digital workplace has really everything that you need in order to be productive every day. You have content, you have data analytics, you have your task management, you have collaboration, whether it is with people at a project level or one-on-one or group. But what you have in addition to all of that is a data catalog. So if I come here to my Apex Charts organization, you can see that I am now in our organization's data catalog. And I can move these kinds of things around to have more room. And let's say that I am working in marketing and I need to know what is going on with our Facebook leads. So I'm going to come here and I'm just going to search Facebook. And by default, I get some results here for two Facebook dashboards. I can see who they're created by and the level of certification. So silver, gold, gold now I know that I can trust this data source a little bit more. So I'm going to click on here and I'm going to just take a look at now the insights that I'm seeing. So I'm seeing my conversions from social, my Twitter followers, and I know that I'm not getting as much traction on Twitter than I was before. So I'm going to come to this overflow menu and I'm going to start a conversation with the people on my marketing team within my social media project. I will come here to organic performance and I will choose the discussion that we have going on around Twitter. I'll click next and I'll say, hey, to either all of social media or to specific members, what can we do to get more Twitter followers, which will help me increase my engagement organically. Just so they know exactly what I'm talking about, I'm going to come here to the annotation icon and I'm going to take an image of this chart expanded and then I'm going to annotate it so that they can see exactly what it is that I'm seeing within my data and I can take additional screenshots of either the whole dashboard or more visualizations if I wanted to. And now I'm going to send this out. So right from looking at the question that I had to the insights that I gained right into a conversation that is bringing real-time analytics right to my team members, I am now driving a data-driven conversation, which will then drive into a data-driven decision. So from here, if we were doing spend on Twitter or something like that, I can now come here to this overflow menu and now I can create a task where we need to do follow me ads again for Twitter. So I'll do launch follow me ads. I'm going to assign this to myself and I'm going to make sure that I get this done tomorrow and I'll click create. So now at the task level here for the follow me ads, I have a task. I have a link right to the dashboard, a link right to the conversation that was going on in case I need to go back and reference everything, and a really, really nice flow of going from insights to conversation to action in a matter of clicks, as you can see. All right. So now that you've seen some flows in action, let's see how you and your organization can take the steps you need to achieve the same level of productivity that I just showed. So we're going to go through the five steps to data-driven decision making. So first, create a company-wide policy for your data. Adopt a mindset embraced by company leadership and make it clear that data should back every decision in all apartments. Let your C-level team set aside time for learning new data skills and help your teams to do the same with high priority. Commit to a data-driven culture. Building a data-driven decision making process involves long-term commitment from everybody in your company. So make sure your data stays at the forefront and invest in technologies that keep it ever present in your team's discussions, tasks, workspaces, whatever it might be. That'll help it be easily accessible for anybody in your organization to quickly digest. Choose wisely what to measure. If you measure the wrong KPIs, you won't get the right answers. Measure and focus on the right data to set realistic goals and look at historical data to make sure that you're not repeating the same mistakes twice. Make it collaborative. Data should be accessible to everybody and you should be able to chat and have conversation all around it. Help your team to use data in context of their work, following exact metrics that they need and allow everybody to align on those same goals. Choose the right technology. Try Slingshot. Choose a tool that'll help your organization with data-driven decision making and make everybody's life easier. Visualize the most important metrics, share them with your teammates, collaborate around them and decide on next steps all in the same place. Slingshot really is the all-in-one digital workplace that brings data-driven decision making to everybody in seconds. Connecting to data and building your business decisions all around insights has never been easier. Put data at the front and start today.

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