Data Driven or data-driven management, the future of business

Data Driven, data management, the future of business | Qaleon blog

Data Driven or data-driven management, the future of business

Data Driven, data management, the future of business | Qaleon blog

The Data Management or also known as Data Driven in business is becoming more and more widespread. In this article we tell you how it works. Making data-driven business decisions is a must if a business is to survive in the face of competition.

In Spain only 30% of companies are Data Driven according to a report by Capgemini Research Institute. Experts say that Data Driven is very important for the success of organisations, whether they are SMEs or large companies.

Why manage business data?

More and more companies are harnessing these data streams to drive growth. By identifying new opportunities and leveraging strengths to mitigate weaknesses and threats, companies can improve and grow. For this reason, the future of organisations lies in the use of Big Data and Data Analytics for data-driven management optics.

The businesses of the future will all have integrated database management to analyse their sales and processes and thus save costs, for example. In other words, it will be the backbone of business decision-making.

Uwe G. Seebacher, a well-known and passionate Data Driven expert, explains in one of his books that the future of business lies in data management. It has been the limits of technological feasibility that have placed barriers to real data management and although progress has been made, some projects have been half-hearted or have been wrongly executed. But, in short, progress must continue to be made in data management, as it is the future.

""Around 80% of these systems still do not bring the expected added value to their users".

Uwe G. Seebacher

Where does all this data come from?

Data integration is necessary for data management. This integration usually comes with the data stored in the companies' ERP and CRM systems. Data can come from multiple sources, integrating them automatically or manually. For example, from an automatic counter on a door, automatic picking for stock control or sales, to entering customer data by hand when making a sale. In addition, it is necessary to implement a data culture in the company so that the data generated is treated and this valuable information is not lost.

Benefits of Data Driven

The rise of computer technology used in business is increasing, as we have already mentioned, and this is because it brings with it numerous advantages. Therefore, the digital transformation in this industrial revolution 4.0 leaves numerous benefits in companies with respect to Data Driven, which are:

  • Increased productivity: can increase productivity by up to 11% within the company.
  • Technological and competitive advantage: This is an opportunity that not all companies take advantage of and that makes the business grow.
  • Implement a data governance policy: Facilitates the access of information to all departments of the company.
  • It injects agility and predictability.: Data driven companies have the ability to make faster and more optimal decisions.
  • Driving digital transformation: Promotes the corporate culture of digitisation in all projects.

Which sectors have implemented Data Driven the most?

In the different business sectors, there are some types of companies that work more on Data Driven and they are:

Banking sector 65%
Insurance companies 55%
Telecoms 54%
Healthcare sector 53%
Automobile companies 51%
Manufacturing industry 43%
Retail 43%

Source: https://www.capgemini.com/wp-content/uploads/2020/11/Data-powered-enterprise-report.pdf

 

In short, a data-driven, data-centric company is an organisation that has adapted and transformed its culture to be more effective in the 21st century and that uses data at the heart of its operations.

At Qaleon we can help you manage your business through our business intelligence and artificial intelligence services and solutions, for optimal data management and to become a Data Driven company.