Are your strategic business decisions driven by data or intuition?

 

 

Today’s Data-driven businesses utilise data to inform strategic business decisions. Data is collected and analysed from multiple data sources across all departments in order to consistently drive results and improve skill sets.

 

Then why do most top executives still rely on gut feel when making important business decisions?

 

Gut feel seems to be a safe bet when the information they receive is either outdated, no longer relevant or incomplete. The reality is that companies simply process too much data and IT departments are overwhelmed with the number of systems being used as well as the volume and variety of the data being processed.

 

Organisations seem to be lost in a swirling pool of systems and information, losing focus on what really matters  – real-time data that is accessible, relevant and accurate. Paul Weiskopf, SVP of Corporate Development at Domo has identified four leading causes of data dysfunction within organisations, which are briefly outlined below:

 

Data Explosion

The amount of data that is consumed, accessed and analysed within organisations has exploded (we are after all in the information age) and the variety of data-generating systems implemented across company departments remain siloed, lack integration as well as ease of use – most requiring data analysts to make sense of it all.

 

Distributed Decision Making

Decision making within today’s businesses requires input from all company levels through insights made available from a variety of data sources. This structure has caused the decision-making process to slow down as the data needed to make these decisions remains siloed and difficult to understand leading to analysis paralysis instead of enlightenment.

 

Greater Demands of Our Data

We all consume data at the speed of light, all made possible by smartphones, fast internet and social media, therefore businesses ‘big’ and ‘small’ face greater demands for information from customers, prospects, partners, vendors, and employees—in real-time, without geographic limitations.

 

The Legacy of Traditional Approaches

Traditional tools and approaches for collecting and sharing data, no longer apply in today’s data-thirsty, fast-paced and highly competitive world of spreadsheets, PPTs, BI platforms and interconnectedness. Modern tools enable users with the ability to access data at scale, in real time and with pinpoint accuracy.

 

Paul Weiskopf, continues to discuss company challenges, implications and how to piece it all together.  Read the full article HERE.

 

YOUKNOW + Domo

YOUKNOW are the authorised resellers of Domo in Sub-Saharan Africa. Domo is an operating system for your data-driven business. It is able to collect, combine and transform data from multiple data sources to enable strategic insights for business solutions.
Email theteam@youknow.co.za to book your free demo.

 



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