Making decisions – based on solid data

How should modern management make decisions? Based on experience? Of course. But that should ultimately only be of minimal importance. Entrepreneurial decisions today must be based on a sound footing of data.

A company that follows this premise is known as a data driven company. It creates value systematically and constantly – by strategically utilising data and artificial intelligence (AI), thereby securing a crucial advantage for itself against the competition. Thanks to precise data processing, a data driven business optimises processes and thus decisions.

Businesses that want to stay competitive must adapt to the data driven economy. This means the following assets are crucial:

• Individualised client-centred services
• A personalised customer approach
• A focus on time to market, i.e., quick decisions, and
• Agility.

Dealing with data properly, which are already available anyway, is helpful here. By handling data in a targeted and efficient way, businesses already have a number of technical, organisational and conceptual methods and tools up their sleeve, which are all aimed at improving entrepreneurial success and generating healthy growth.

The following questions are important here:

1. Do you know your customers’ needs?
2. Do you collect feedback on your services and products, and do you evaluate it?
3. Is the relevant information available at the right place, at the right time, to all areas of the business with the required quality?
4. Do you use the results of your data analysis to optimise the customer experience/automate processes or to offer personalised offers and customised services?
5. Have you already developed a data strategy? Do you know how to practically handle the data you already have available?
6. Do you have the necessary IT infrastructure to implement data driven processes?
7. Do you have staff who are well-trained in this?

Becoming a data driven company with Grant Thornton

Did you have to answer “no” to some of these questions? No problem! The way to becoming a data driven company is complex but manageable. We deliver custom-fit technologies, a clearly defined data strategy, understandable guidelines and practical data governance.
Find out with our ‘data driven business check-up’ where you currently are on your way to becoming a data driven business and where there is still potential for optimisation. We will be happy to give you an initial assessment whether your business is ready to become data driven. Plus, we will also give you some initial recommendations for action.
Talk to our experts, Thomas Takkin and David Peter.