3 reasons to become a data-driven organisation in 2022
Netflix has been a data-driven organisation since it’s inception.
1. Data helps you to set relevant and realistic business objectives
When a business is in its growth stage, the excitement of the potential future can be overwhelming. Setting business objectives can be daunting, particularly as you don’t want to fall short, but then setting the bar too low can also be anti-climatic if business booms as you’d like.
Being data-driven means removing any confusion and hesitation and making decisions that are suitable for your current business performance. The only way to do this is to have clear visibility of performance through collating the right data.
2. Make better decisions for the future of your business – while improving employee relationships
According to PWC’s Global Data and Analytics Survey, Global, “Big Decisions™,” organisations that are data-driven are 3X more likely to note significant improvement in decision-making.
No longer the case where management teams have to argue endlessly and those with the loudest voice come out on top, management teams instead can utilise data to ensure decisions are unbiased and represent the needs of the business only. Removing the subjectivity and focusing entirely on analytics can help improve communications, decision-making and employee culture.
3. Help you track and improve performance amongst employees and with your customers
McKinsey note that data-driven companies are 23x more likely to outperform their competitors. Leveraging customer analytics and employee insights means that your customers and employees are heard, and a business you are not stabbing in the dark about what your customers want. Happy customers + happy employees = business growth.