“Many collect data. Few know what to do with it!” - Piyanka Jain, Aryng
One big element of decision making is to identify the BEST course of action. Since business problems often have too many varying solutions, learning how to optimize can help you identify the best option. Organizations are relying more than ever before on their internal and external data sources to drive business planning, decision-making, and problem solving. Businesses are increasingly encouraged to use intelligence and data tools to accomplish this. Such unprecedented data collection and manipulation has permitted organizations to respond quickly to market changes and opportunities.
“Making good decisions with data can give you a distinct competitive advantage in business.”
Strategy and business analysis best practices assess how data analysis and analytics are used in needs analysis, opportunity identification, business problem solving, improvements, leadership ethics, and business stakeholder communications. These are the basic ingredients for any business to identify and secure market and organizational opportunities, and become customer centric.
Analytical techniques allow business owners to understand and stimulate demand, develop an efficient production plan, effectively source and allocate production resources, and lower distribution costs. Across all industries, many companies are excelling at applying these techniques, recognizing them as necessary to maintain a competitive advantage. Analytics therefore enhances all areas of business operations are demonstrated in the figure below.
Visualization is one way to help stakeholders focus on their KPIs by presenting information in a user-friendly format. Proper verbal and visual presentation approaches, as well as ethical leadership, better communicates with and motivates business stakeholders to make informed decisions. Businesses (Startups especially) are encouraged to communicate their data to these business decision-makers using data visualization tools, such as Tableau, and storytelling. This, in turn, increases trust in the results.
Data analytics helps businesses to recognize the fundamental of sound statistical thinking that can be applied in wide contexts. Consequently, businesses are able to assess the most important ethical dilemmas and the human behaviors that drive them. They can therefore recommend to themselves how to best navigate corporate landscapes, political influencers, and social contexts to ensure ethical and optimal decision-making, upto and including;
- Variability in the real world and implications for decision making
- Data types and data quality with appropriate visualizations
- Applying data analysis to managerial decisions, especially in start-ups
- Making effective decisions from no data to big data (what should we collect and then what do we do with all this data?)