Frequently asked questions
- What is data-driven decision making?
Data-driven decision making puts data and facts at the heart of your business.
Evidence based decision making relies on the various
sources of data held within a company. This data, rather than opinion, is
used to drive decision making and business strategy.
- Aren’t data warehouses only for big companies?
Data warehouses are for companies who want to listen to their customers and use their data to make informed decisions.
Data warehouses, despite their name, are not necessarily big. All data warehouses, however, bring together data to make it easier to analyze.
- We don’t have a lot of customer information, where do we start?
Most companies have more information about their customers than they
realise, although it may not all be easily accessible. Identifying
the information you need, then creating a plan to collect the data is
a good starting point.
- Is a dashboard the same as data driven decision making?
It depends. A dashboard quantifies business activity and progress, but doesn’t
require a data-driven strategy. A data-driven strategy doesn’t
need a dashboard, but will help to see how you are doing. If you need help with either,
get in touch for a chat.
- Isn’t a data driven strategy too expensive for most small and growing businesses?
The cost of implementing a data driven strategy depends on what you want to achieve.
However, we would argue the more expensive route is relying on opinion and rank. In today’s
world, it’s increasingly the customer who is the boss.