What Does Data Driven Mean in Modern Business?

Data Driven Definition

Data-driven is the basing of strategy development and decision making on good quality data analysis rather than on instinct or past experiences alone. When an organisation operates in this way it is said to be data-driven and to have a data-driven culture. 

What is Data Driven Decision Making (DDDM)? 

Data-driven decision making is the leveraging of data to make informed and substantiated decisions to drive business growth and provide a better service to members and customers. 

Working with businesses across a range of sectors, including retail, sporting clubs, hospitality and travel, Clekt build trusted long term partnerships with their customers. Operating as an extension of their internal capability, with an expert commercial lens and technical skillset, Clekt support customers in extracting long term value from their data.

The Benefits of Leveraging Data to Inform Business Decisions 

The list of advantages and gains to be made through the use of data in the business decision making process are innumerable. The majority of businesses will find value in the following areas: 

• Improved confidence in decisions and investments. 
• Visibility of cost saving options. 
• New revenue streams and business opportunities highlighted. 
• Cross department collaboration & increased communication. 
• Increased accountability. 
• Alignment across the Organisation on key goals. 
• Improved operational efficiency. 
• Increased agility and ability to pivot. 
• Clarity on opportunities to scale. 

Roadblocks to Becoming Data Driven 

To achieve a truly data-driven culture, many pieces of the puzzle need to come together. The term digital transformation is often seen as a solution achieving data transformation also, but there are other aspects requiring consideration: 

• Quality of data available for use. 
• Siloed data stored in multiple repositories. 
• Timeliness of data & delays in accessibility. 
• An inconsistent level of buy-in or adoption across the business. 
• Absence of tech/tooling to transform the raw data into actionable insights. 
• Lack of internal knowledge on the modern data ecosystem.  
• Lack of internal available skillset 

What is a Data Partner and What Value Does a Data Partner Provide the Modern Business? 

A data partner is an organisation of data experts which can be utilised an extension of in-house capabilities to expand available skill set and resource to support the development of a data strategy, whilst offering a commercial lens on the question of value to be gained from business data. 

By engaging with a data partner or consultancy and proceeding in a staged approach ROI can be seen from the first steps on a data journey, along the path to becoming data driven. 

Clekt offer an extremely high level of technical expertise to be leveraged as a part of your internal capabilities. Whilst working in partnership with our customers to develop a clear and achievable roadmap to their business goals we deliver return on investment in a step-by-step approach. 

Working in this way supports the development of a data-driven culture by working alongside various departments as individual projects come online and users see the results the leveraging of data provides. 

To arrange a call to discuss how you might move your organisation towards a data-driven future get in touch here.