Unlocking Business Success: The Power of Data-Driven Decision-Making (Full Transcript)

Speaker 1: Data-driven organizations are 23 times more likely to improve customer acquisition and 19 times more likely to increase profits. Let's discover the basics of data-driven decision-making and watch this video till the end to find out which companies with global recognition use this approach. You're on the Jelvix channel, weekly videos on tech in 5 minutes. Don't forget to subscribe. So, data-driven decision-making refers to the decision-making process based on the profound analysis of massive volumes of data and its patterns. Striving to be data-driven, many enterprises are developing three core capabilities, such as analytics agility, data proficiency, and community. Among the leading countries with data-focused decision-making approaches in organizations worldwide are the United States, the United Kingdom, and Germany. Aren't you wondering why data-driven decision-making is so important? Let's learn. Implementing data-driven analysis helps companies to reduce costs and optimize expenses by uncovering the most efficient ways of doing business through massive data analysis. Businesses can also apply data analytics to make better business decisions and deeper analyze customer behavior, industry trends, and product or service performance. And what about you? How do you follow and analyze the latest industry trends? Share your experience in the comments. Some other reasons that data-informed decision-making make businesses better include adding more confidence to various business decisions, increased proactivity in decisions, better control over different aspects of business performance, fostered fact-based decisions over assumption-based ones, evaluating and reducing the related risks as well as leveraging the potential outcomes, decreasing the bias in decisions and plans that transform from the occasional idea into a step-by-step strategy, more transparent and objective decisions, easier progress evaluation and performance analytics, access to agile and flexible business decisions, improved forecasting and more efficient future decisions, and the eliminated possibility of human error, as the stats and trends analysis don't lie. Among the most essential benefits any business can gain with a powerful data analytics approach are greater transparency and accountability, as a data analytics approach significantly impacts the collaboration and improves the communication and contribution of each team member. Continuous improvement, as obtaining key data from a decision-making process ensures the business achieves consistent results. Business decisions are always tied to analytics insights, so it becomes easier to spot the patterns as relevant data emerge and identify the gaps to work with. Reduced costs and improved revenue, as data-driven approach can provide tons of valuable insights on how to optimize business budgeting and a better understanding of market trends, as adopting a data-backed methodology helps to better understand the market trends and customer needs. This methodology is much easier to implement in practice. All you need to do is identify business objectives, as it significantly helps organize the data collection and ensures effective resource utilization. Then, research data sources, as it helps to launch a long-term, multi-use and functional data-informed decision-making. Then, clean and organize your data, as it's important to have all the data structured and organized before the actual analysis is started. Then, perform statistical analysis and develop insights, and finally, draw conclusions that would help you put your business in the right direction. By the way, we recommend you read our article with a review of the top data science programming languages. The link is in the description. Finally, to prove the efficiency of the data-based approach, we'll name the most famous companies with global recognition that use data-driven decision-making. The list includes Google, Amazon, and Netflix. More and more companies today started leveraging big data to enhance their decision-making. This approach helps companies to grow faster than ever. And do you think your company needs to implement such an approach? This video was prepared by the Jelvix team. We help top brands worldwide to innovate and accelerate digital transformation. We share the latest news about tech trends and innovations weekly. So, make sure to subscribe not to miss a single video. Also, share which topics we need to cover next on our channel. And don't forget to press the bell button. Bye for now.