Advantages of Data Driven Decisions
Do you know more than 2.5 quintillion bytes of data was created by people almost every day in 2021? Yes, data now means a lot to all businesses across the world. In the digital age, businesses have the tools to access voluminous data sourced from various sources like social media platforms, surveys, publications, and internal departments. Many are using tech-driven powerful tools to collect and make out the meaning of this vast amount of data in minimal time to harness its power. As a result, they access valuable business insights like customer buying patterns, marketplace competition, business performance, etc. So, decisions based on these insights are more accurate than those on assumptions and instincts. However, apart from accuracy and effectiveness, there are other advantages of data-driven decisions within a business. Let’s have a look. Increased Transparency When a business prefers to make data-driven decisions, transparency is increased in the overall business operations du