A Measure of Efficiency and Honest Conversations
Data is such an essential part of how businesses operate today, informing nearly every decision made by organizations of all shapes and sizes, with the potential to significantly impact long-term success. Relying on analytics, businesses can make smarter decisions, realize financial gains, and improve operational efficiencies. Data helps to pinpoint trends and patterns, as well as outliers. It allows for benchmarking and realistic goal setting.
So many business decisions are still made based on intuition. And while we are often encouraged to rely on our “gut” feeling, in business, that can be detrimental. Intuition is certainly valuable in some settings, but critical business decisions cannot be made based solely on intuition. A PWC study suggests that data-driven organizations are 3 times as likely to see improved decision-making. But remember, that doesn’t mean data should always be trusted at face value – it requires interpretation and context. Data helps tell a story with confidence but it’s not the whole story.