Moving away from pure intuition towards data-based decision-makingย
Data volumes are increasing rapidly worldwide, but remain mostly unused. It is obvious that data plays a central role in the economy and society; more data is being produced and stored than ever before.ย ย
Data-driven in your private life?ย
A high digital standard has already been established in our private lives. Modern technologies offer the simplest analytical options for making data-driven decisions .ย ย
- We monitor our fitness and health status with current and historical dataย
- We analyze our finances and see how they developย
- Share performance and developments were standard
We are well informed!ย
Even with private purchases, such as buying a new television, we decide spontaneously based on gut feeling and appearance, but if we invest more time, other criteria are added: price comparison, rating portals and product tests - in other words, data-drivenand fact-based decision-making!
And what about data strategy in business?ย
The use of data is also creating new challenges in the business world. The high speed requires quick decisions and an agile business strategy. Despite large volumes of data, all employees must be able to read and use the data.ย ย
In order to remain competitive or achieve growth, it is necessary to establish a data strategy - which is why we say "Away from pure intuition, towards data-based decision-making".ย ย ย
The company must equip employees with the right skills and tools so that they can analyze data effectively and thus drive decisions and strategies.ย ย
Data-driven business is specifically about using data to create added value for your own customers and the company, thereby optimizing processes and making profitable decisions.ย
Information management - strategy or data chaos?
Unfortunately, the reality of the company is different:
- No data strategy
- Data is available, but not known
- There is uncertainty about sharing data within company divisionsย
- Different departmental and system data silosย
- No relation between the dataย
- Lack of expertise
- High time expenditure for data managementย
- Poor data quality
"Data is the new oil." - If this analogy is correct, it is clear that the oil quality in German companies is often inadequate.
Data Driven Business with Microsoft Power BI ย
Mastering these challenges and becoming a data-driven company is not easy, but it is necessary and worthwhile. The BI tool Microsoft Power BI provides active support here.ย ย
As the illustration shows, the infrastructure enables data management of the raw data from the source through to appealing and clear visualization with Power BI.ย ย
Power BI serves as a single point of truthfor reporting and data visualization. The data connections of over 100 possible data sources, the self-service, in which the existing Excel know-how can be used to become a data analyst yourself, as well as the availability on all devices makes it possible to close the gap between data and decision-making. ย
For further information or the first steps towards fact-based decision-making by a data-driven company, please get in touch with our Microsoft Power BI certified contacts.
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