Individuals make thousands of decisions every day. Sometimes, decision making is easy, but in many cases, it is considered an intricate process of selecting one option or choice from the available based on a defined criterion. In this way, the process of selection can be intricate, particularly when it comes to the business sector owing to the grave impact on the progress of the companies.

Nevertheless, more than 58% of business-people base their decisions on past experiences, complicated projections, and gut-feelings to make wise decisions for the collective benefits. It is, no doubt, a risky strategy where the probability of failure is significantly high because facts and statistics available in this digital world are ignored altogether.

Keeping the risks in view, business people have started adopting systematic approaches to decision making based on facts and financial forecasts. In this way, data-driven decision making is trendy high in severely competitive marketplaces, including the business industry of UAE. According to recent findings, decisions made using data-driven techniques helped the companies to perform 5% better in terms of productivity and 6% higher in terms of profitability as compared to competitors.

There is no denying that data-driven decision making has helped the business to come up with better strategies to make decisions for higher business growth. But, it is imperative to understand that decision-making tools and techniques can only work well in the presence of leaders with strong decision-making skills.

Before rolling out a promising data-driven strategy, you should consider acquiring the services of training companies in Dubai for decision-making skills grooming among the manager and leaders. In this way, you can add value to the decisiveness and resoluteness of your decision-makers for higher success in business.

Remember! Advancement in technology has transformed everything gradually, including the business sector. So, if you want to boost your business for higher progress, you should consider decision making in the view of data facts instead of gut feelings.

Decision-making is a crucial process of every organization owing to a long-lasting impact on the progress of the business. Let’s consider how decision making has evolved in response to digitalization and what skills are imperative for effective decisions making.

Do you know?

• According to the Economist, Data is the most valuable asset of the world even more important than oil.
• The traditional methods of business decision making are considerably transformed in response to rapid data accessibility.
• Today, companies dealing in B2B have more access to the world’s data for defining business strategies and decision making.
• The information generated per second for every individual is expected to reach 1.7 megabytes by the year 2020.
• Every bit of human digital behavior is recorded and stored in corporate databases to help companies in decision making for business progress.

What is data-driven decision-making?

Data-driven decision making is usually termed as DDDM or 3DM process in business. It is referred to as the process of making decisions using available information data in accordance with experts’ observations and analysis.

How data-driven decision-making benefits businesses?

The presence of risks and uncertainties is considered as the bitter realities in every business when it comes to decision making. Data-driven decision making offers the following advantages to the business:

• Strengthen Decision Process Agility because of the clarity of fact and figures related to business
• Effective utilization of data analytics helps companies to unlock concealed growth potential
• Data-driven decisions enable the businesses to get the veracious business practices in place
• Availability of digital data improves the efficiency of decision-makers due to the ease of analysis
• Automation of data analytics enables the companies to clean and compile information optimally
• Targeted data insights render higher significance in progress-oriented decisions to the executive level
• Accuracy of data and improved analysis help companies to generate higher revenues in the long run
• Data-driven companies outwit business competition using innovation in decision making for progress

How to make smart decisions using data?

Rapid digitization has transformed the world while compelling the businesses to rely more on available information assets than taking a decision in the dark based on human intuition. So, here are the tips to help you start your journey of data-driven decision making:

Consider business objectives

• Consider the industry-related data for personalization
• Focus more on business goals and objective for clarity
• Set priorities to define a direction for smart decisions
• Look at the industry trends for data evaluation

Rely on trusted databases

• Find relevant information for a particular issue
• Ensure you have personal data repositories
• Rely on authentic third party services for data
• Consider CRM software and social listening tools

Construct a smart strategy

• Trust leaders with strong decision-making skills
• Plan your decision-making process in advance
• Base your decisions on comprehensive analytics
• Estimate success, evaluate results and repeat

Focus on skills grooming

• Foster emotional intelligence among leaders
• Cultivate the habit of Cost-Benefit Analysis
• Foster a culture of critical thinking based on data
• Ensure training to improve decision-making skills

Conclusion: Data-Driven Decisions Boost Business Growth

Business success in the 21st century depends on effective decision making. Don’t rely solely on traditional procedures when you can get reliable insights into real-time business data available to assist you in making crucial decisions easily.