Why and How to Improve Decision-Making Through Data

Posted on:

May 30th, 2024

Posted in:

Insights & Thought Leadership

How Can the Data Within Your Organisation Improve Decision-Making?

The data generated by your organisation’s day-to-day operation can provide opportunities and inform decisions across all business departments.

By examining historical data, decision-makers can identify patterns, anomalies, and trends to inform strategy and future actions. Once these foundations are in place more advanced use cases can be employed using AI and ML to predict market change and identify opportunities before they would otherwise be available.

But where to start…… How can stored data be translated into insight and commercial gain?

Is your data available in a single source of truth?

The data already sitting within your organisation is your most valuable asset, but can only be translated into commercial gain once it is organised, accessible and accurate. This is made possible by aggregating data from disparate systems, added to a business technology architecture as it evolves over time, into a single location.

As this process is undertaken the accuracy and quality of the data is checked, ensuring the version of the truth collated is up to date and honest.

Is your data available in near to real-time?

Your data can only be translated into commercial gain when it is available in a timely manner. Basing decisions on data which is already out of date by the time it is available is clearly unacceptable. Businesses who collate data weekly or monthly suffer a clear disadvantage to competitors who have the same insights instantly on tap.

Are Business Stakeholders able to use data to facilitate business understanding?

A real-time view of key company KPIs needs to be accessible to the Board and senior management at all times to drive growth, seize opportunities as they arise and maintain a competitive advantage.

Are key business processes automated via Al and ML?

To leverage any AI functionality including machine learning use cases your data needs to be available in real-time from a single source of truth, only then can you build AI models with confidence.

AI can automate manual processes, cutting costs and optimising operational efficiency as an entry point to leveraging this advanced form of technology. Generative AI and more creative industry-specific use cases often follow at pace.

Do you have the internal capability to achieve the above steps?

Bringing a data partner in on your data project ensures you have access to a multi-skilled and experienced team, practised in delivering projects like yours at the highest quality and in the fastest possible timeframe.

Clekt are a data partner with a difference. In tandem with the data expertise we bring to our customers, we also provide a highly experienced commercial lens through which to view the opportunities your data holds. We work in partnership with our customers to craft a bespoke roadmap to data maturity, in bitesize projects each step providing ROI from a staged investment in data.

Get in touch to discuss where your next return on investment in data could be.

Lets work together

To unlock your companys most important asset and find out more about Clekt, please get in touch.