Data-Driven Decisions: How to Use Data Analytics to Drive Business Growth Luxembourg Phone Number

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ziaur
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Data-Driven Decisions: How to Use Data Analytics to Drive Business Growth Luxembourg Phone Number

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B2B companies now have access to more data than ever before. But what happens to this data, is it degrading its performance over time, or is it using it to drive business growth? For companies that use data to drive decision-making, they can gain a Luxembourg Phone Number competitive advantage, reduce business costs and increase profits. But how? By now, each person will generate 1.7 megabytes of new information per second. Considering that there are more than 7.7 billion people on Earth, the amount of new information generated every second is equivalent to Luxembourg Phone Number more than 25,000 hours of videotape. All our digital actions are recorded. But for many companies, this data lives in dashboards and databases and is never used. The good news is that you can use it in your business's growth strategy to make better decisions without having to let data downgrade go to waste.
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In this article, we'll share what data-driven decision-making is, how your business can benefit from using data-driven decision-making, and include a five-step process you can use to create more informed business decisions. 1. What is data-driven decision-making? Data-driven decision-making is not about using what you think is the best strategy, but about using Luxembourg Phone Number data to inform business decisions. Often referred to as DDDM or information-based decision making, you combine historical information to analyze trends and make future decisions based on Luxembourg Phone Number past work rather than intuition, opinion, or experience. Companies that contain DDDM location data are at the heart of every decision they make. 2. How can you benefit from data-driven decision-making? In business, there is always an element of risk, but data-driven decisions make you less susceptible to risky decisions going wrong.


For example, let's say you're planning a go-to-market strategy for a SaaS company. Rather than starting from scratch and hoping for a new strategy, take a look at previous product feature releases. What works? Don't implement any invalid method. In short, Luxembourg Phone Number make smarter business decisions based on collected data, do more of what works and less of what might not. Research also supports this model. Businesses leveraging big data experienced Luxembourg Phone Number 8-10% profit growth and 10% reduction in total cost. If you're still not sure, consider the following: While 91% of companies say data-driven decisions are important to their business growth, only 57% say their business decisions are based on data.
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