It is an open secret that different types of startup agencies and organisations leverage data to multiply their productivity in the long run. It’s important to understand how this is done. In this article, we explore the ways and means of using a data-driven approach for multiplying business productivity. We also take a closer look at how Big Data Analytics courses can help enhance this productivity.
Data and decisions go hand in hand
When we utilise the power of strong ideas to guide our decision making, we call it data driven decision making which is different from intuition and generic feelings. In data driven decision making, we harness the power of historical information to supplement our facts and figures and take such decisions which can increase the efficiency of a business. The data that we collect in this process is very important from the point of view of validity and reliability. It is this data that is going to construct the ground or launch pad to kick start your business. It should be noted that data needs to be processed and its effectivity and efficacy has to be chalked out in advance.
How can data contribute to increasing productivity?
In the present times, data driven decision making is a key asset for financial and marketing based organisations. The power of data insights enables these organisations to target their customers and expand the operational horizon of their business. A survey by Statista concluded that data driven decision making leads to an increase of more than 10% in business productivity. This is important because the landscape of data and fields that are related to it multiply in the present times. In this way, businesses are competing in a close competitive landscape in which only the fittest have the chance of survival. There have been instances in the past when small startups have turned into big business entities and wiped out other competitors from their respective domains.
Another survey found out that the established companies in the sector of finance take more than half of their decisions by harnessing the power of data analytics.
Concluding remarks
We come to the conclusion that data is becoming the nucleus of decision making for a lot of organizations that are desirous of competing in the market. So, in order to match the demand of the expanding market, big data analytics courses need to be promoted.
