Data-Driven Decision Making Requires More Than Just the Facts

July 20, 2023 | Connectbase

It started as a whisper data…data…data. Then it grew louder Data…Data…Data. Now it’s a mantra DATA…DATA…DATA

In today’s business world, you’re expected to know your data. But do you? And, more importantly, do you know how to make decisions based on data?

Understanding your data fabric 

Forbes tells us “Data-driven decision-making entails using facts, metrics, and data to make strategic business decisions that align with your company’s goals, objectives, and initiatives. It empowers your employees to make informed decisions every day.”

Market research firm Drive Research explains the concept this way, “Data-driven decision-making is defined as using facts, metrics, and insights to guide strategic business decisions that align with goals, strategies, and initiatives. It is a process that involves analyzing collected data through market research and drawing insights to benefit a business or organization.”

Northeastern University even gives us a useful visual model to follow.

Essentially, it all boils down to doing something with all those mountains of data you’ve collected.

Making sense of data-driven decisions in the connectivity industry

Connectbase CEO Ben Edmond says that shared connectivity data can actually be a pathway to the powerful integration of all your business tools. But first, you have to digitize everything. “Stop trying to execute transactions with spreadsheets and emails. That method doesn’t work at the speed of today’s business and it’s a process riddled with opportunity for disaster. We’ve found a better way,” he said.

The Connected World is the Connectbase SaaS platform that serves as the industry cloud for connectivity buying and selling. By partnering with global service providers and collecting corroborating data from multiple public and private sources, Connectbase has digitized more than 2.4 billion locations around the world. “So we’ve given you a digitized view of your market. Then we’ve gone further to integrate this location intelligence with your GIS, CRM, Ticketing and other tools using powerful APIs,” Ben explained. “This integration gives you a wholistic picture of not only where you are today, but where you can be tomorrow.”

Finding the value to accelerate your business

Using data as a foundation for making your business decisions has a unifying impact. “The relationship between your CEO, COO, CIO, CTO, and CCO has never been more important. And data gives them all a common foundation on which to evaluate the business and a common language for resolving conflict and creating a cohesive path forward,” Ben said.

Plus, with digitization comes speed, better customer experience, and innovative new ways to be opportunistic in a market facing radical change and growth. To learn more, watch the recent discussion between Ben and Connectbase CCO Jezzibell Gilmore.

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Author: Catie

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