Making the right decisions for your business is the second-best thing that you could do after initiating a big business endeavor. Not that, it all comes easy. Data-driven decisions are what driving the entire business gamut worldwide today. Harvard Business Review reflects upon the fact that after closing the growth rate of data-driven decision-making at 24% last year; it is projected to reach a whopping 48% in 2024. This was far beyond the improvement at any time over the history of the survey. This is an incredible fleet to achieve by businesses of all sizes in making data-driven decisions to their benefit. Adding to the numbers, the global data science platform market is experiencing a never-before surge while touching USD 155.41 billion in the previous year; it is all set to soar at a CAGR of 20.4% from 2024 onward (Expert Market Research).
Role of Data-driven Decisions in Business:
Sample Image Source: LinkedIn
Until last year, NewVantage Partners report reveal 59.5% of business leaders accept that their companies are using data analytics to drive business decisions and innovations. 3 in 5 organizations are utilizing data to drive business growth. This could just be the warm up for many businesses worldwide which are dependent on data to make big revelations possible.
Here are some of the incredible ways Data-driven decision-making helps businesses.
Brings in valuable Insights
Usher Consistent Growth
Enhances Program Outcomes
Optimizes Operations
Future trends prediction
Actionable insights
Understanding Data Agility?
Data agility is the ability to distribute and consume data efficiently so that businesses can respond quickly and effectively. It enables a prompt active system that works fast and churns out accurate results. Data agility gives businesses:
Real-time visibility into their data supply chain
Can quickly identify trends and patterns in their data
Automate their data supply chain processes
Eliminate errors
Reduces overall time and effort
Allows easy and prompt sharing of data across departments and among stakeholders
Ensures timely communication and effective collaboration
Popular Business Agility Use Cases:
Business agility is becoming extremely mainstream with the advent of digitization. Businesses that were able to pivot easily are better positioned to thrive in the evolving landscape. Data gility assists organizations to become more responsive and flexible. It allows them to quickly identify and address areas that require immediate improvement; making them highly efficient. This further makes the businesses highly aware of the changing consumer behavior and needs; to innovate better products and services. This is where demonstrating business agility becomes the norm. Let us understand the popular examples:
Project management becoming agile
Scrum, Kanban, and many such agile methodologies are utilized to manage diverse business projects. It allows teams to instantly pivot and adapt to changes in the project, thereby churning out high-quality results promptly.
Consumer-centric approach
Businesses that prioritize data agility also possess a customer-centric approach. This allows active listening to the customer’s feedback, and utilizing it to make quick changes to their products and services.
Data-driven decision-making
With the world going digital since the pandemic; businesses of all sizes need to grow with this evolution as well. This digitization of business processes has led to making data-driven decision-making that targets business amplification. Companies having access to real-time data can analyze quickly and make informed decisions in time.
Cross-functional teams
Teams across the board can function smoothly with the business data agility. By possessing a diverse range of skill sets, businesses can promptly solve problems and make business-driven decisions for success.
Consistency in Improvement
Business data agility is all about consistency. Organizations embracing this philosophy are keenly looking for ways to improve their processes, products, and services. They are quick in identifying and addressing areas of concern that require immediate improvement. This yields higher efficiency, effectiveness, and improvements.
Benefits of Adopting Data Agility for Business:
Sample Image Source: RingCentral
The data science industry has been showing a promising growth trend over the past years. This trend is surely going to continue in the future as well. With the Big data market volume expected to reach USD 84 billion in 2024 (bigdataanalayticsnews.com); it must be expected to reign in the years to follow. Adding to the above number, around 2.5 quintillion bytes worth of data are generated each day already. It also goes on to predict a 28% surge in data science jobs by 2026. This sets the bar high for a thriving career in data science with a tremendous boost.
The above image reflects the benefits that the adoption of data agility could bring to businesses worldwide. The percentages being reflected above ensure a widespread spectrum of far-sighted adoption and big gains thus experienced over time. From efficiently managing evolving priorities to increased project visibility, business-IT alignment, prompt delivery speed; and enhanced team productivity. Data agility is here to bring in more diverse business enhancements like never before.
Sample Image Source: LinkedIn
Furthermore, use real-time data to ruthlessly prioritize and tackle decision-making or you will be buried in indecision. That holds so true for the businesses adopting data agility. Let us explore the benefits that business data agility upholds for them.
Wider market success
Improved ways of working
Collaboration across teams
Increases Employee satisfaction
Provides boost to the market
Enhances customer satisfaction
Fosters agile mindset
Focuses on adaptive leadership
How to Bring Agility into Your Business Culture?
Business agility has become the nucleus of the entire business landscape. Not only that, it has gained momentum over the past years. With enhanced digitization, businesses are leveraging higher benefits with the ever-evolving landscape to thrive. The 7 most incredible ways of bringing agility to your business have been explained below.
Establishing Psychological Safety
Google’s HR team shares that psychological safety is one of the most critical determinants of a team’s success. This enhances the comfort levels of the employees; which is reflected in:
Identifying issues
Proposing solutions
Taking risks
Cross-Collaboration
Bringing in newer ideas and processes
An empowered employee base always assists in embracing agility; and performing high-level tasks, both individually and in teams.
Heightened Collaboration
Data science technology has garnered much attention over the decades. effective tools to collaborate enable employees to break barriers and work together across teams and departments. Project management platforms, messaging apps, and cloud-based files are popular examples of collaboration tools being implemented.
Embracing Change
Change management; as is popularly known as Change Readiness, reflects upon the business’s ability to respond to change in ways that sustain high performance, curtail risks, and amplify newer opportunities.
Employee Autonomy Affirmation
This could take several forms including
empowering team members to seek training whenever a skill gap is identified;
encouraging knowledge sharing among team members;
celebrating employee strength;
boosting team members to take risks; and
enable team members to make decisions without asking for permission
Future Trends Prediction
This is a massive leap that is offered by business data agility that entails capturing and frequently reviewing available data, drawing conclusions, and taking swift responsive actions.
Seek Feedback and Act Accordingly
Cashing on the wealth of knowledge that an employee possesses about company procedures, redundancies, roadblocks, opportunities, and others. This knowledge pool works in favor of the business when in amalgamation with constructive feedback.
Stay Committed
Setting a target and staying consistently focused offers enough employee empowerment to experiment, iterate, and make autonomous decisions. When teams are aligned around a common goal and purpose; business growth powered by data agility is a fail-proof plan.
Final Word:
Data science platform is a popular software solution that is optimized to run experiments and test new ideas, review them, and make alterations as necessary. The availability of large data sets is supporting the data science platform market to grow at an astounding rate. This is where it becomes inevitable to incorporate data-driven decision-making into business action in real time. Mark a stronger beginning in the global data science industry with the right skills and expertise today!
This website uses cookies to enhance website functionalities and improve your online experience. By clicking Accept or continue browsing this website, you agree to our use of cookies as outlined in our privacy policy.
