As the world is going through the crisis of a pandemic, business in every sector is disrupted and leaders are struggling to manage the uncertainty following the impact. The ability to make important decisions better and faster is the key to your business resilience. It is time to take advantage of data-driven BI tools for decision support and make the most of your own data for a post COVID-19 recovery. How to be data driven in business and how to create data driven culture in your company?
1. You need to make more good decisions
Let’s start with a simple question – How to make your business a success?
‘’Success is often the result of making more good decisions than bad ones over time.’’ - Harvard Business Review
Especially now, if you want a speedy recovery, there is no time for bad decisions. We all need to focus on doing the right things and respond quickly to minimise the loss.
Many business leaders have been relying on their gut-instincts for decision-making. It works well in some situations, but it also presents a risk because oftentimes you couldn’t see the complete picture of your entire business. That is where data-driven Business Intelligence (BI) tools come into place. Good BI tools pull data you collected from numerous sources into one place with easy-to-read dashboards that tell you what is going on within your business.
With global business disrupted by the COVID-19 pandemic, we are in an unprecedented time when you couldn’t rely on your gut-instincts anymore. Data-driven BI tools give you accurate and timely insights as the strong support you need for better decision-making.
2. Data driven decision making for operational efficiency
You need to use your time and resources wisely. By improving your operational efficiency, you will have extra capacity to handle potential uncertainties. Tools that help to improve transparency and the speed of communication within an organisation will be very powerful. For instance, BI tools with automated reporting features can absolutely shorten the internal process and drive your productivity.
With data-driven BI tools, you will get a clear picture of your business operations – what has been done inefficiently and what actions should be taken in time. These insights will be critical for you to redesign your business process post COVID-19 and improve your operational efficiency.
3. You need to maximise Return on Investment
Although the business climate post COVID-19 is still unclear at this stage, you can start to recover your revenue by improving the Return on Investment (ROI) – to maximise your profit without increasing the cost. Here are a few areas you can work on:
- Improve your productivity to boost business growth
- Examine the ROI of your spending by measuring the results regularly
- Uncover the business opportunities that you have missed out
Some of the insights you need to achieve those mentioned above lie in the data that you already have. The only problem left is the lack of integrated, structured, and automated data reporting. Imagine having reports with all your data and insights at your fingertips, you will be able to get on top of everything within your business and maximise your ROI.
4. You need a good management tool for digital integration
We have seen that the pandemic has accelerated the shift to digital in nearly every industry. Businesses that can adapt to a new operation model faster could shorten their revenue gap. Now, when it comes to post COVID-19 recovery, digital adoption is playing a defining role, according to McKinsey.
While part of your business switching to online, customer behaviour changing, and your team members working remotely, the company’s ability to integrate all the information from different places is the key to successful operations. The need for a good tool to manage data across the organisation has never been higher.
Real World Analytics helps pharmacies, auto dealers and retailers to drive their profitability by becoming data driven. If you would like to learn how our Business Intelligence cloud services can help your business, click here to find out what we can do for you, or contact us to have a chat!