The increase in the use of internet and broadband access, mobile phones, and social media has led to the growth of data worldwide. This new trend is shaking up the whole market and that is why business organisations are shifting to a data-driven culture to avoid falling behind their competitors.
To stand shoulder to shoulder with their competitors and make an identity for themselves, businesses are trying their hand at the data-driven culture. A data-driven culture is one that uses data and analytics to get business insights that can lead to improvement. Data-driven refers to a strategic process of leveraging data insights to identify new business opportunities, serve customers better, grow sales, and improve operations, along with many other things. It enables organisations to make decisions on evidence-based data and carefully plan to achieve business objectives. A data-driven decision is built on strategic research, allowing leaders to make informed decisions that lead to positive business outcomes.
Making decisions based solely on speculation is the polar opposite of a data-driven process. Listening to one's gut instinct may be part of the decision-making process for data-driven business leaders, but they only take specific actions based on what the data reveals. This is why there is an increase in the demand for Data Science graduates.
Data-driven decision-making has numerous benefits for businesses, ranging from improving operations to increasing sales. The reasons below highlight some of the numerous advantages of data-driven decision-making for businesses and the reasons for corporates hiring a Data Analysis Specialists.
A Data-Driven Culture can reveal the insight helping corporates create a surplus source of revenue by developing and launching products and services that meet customers’ needs.
Data and analytics can assist organisations in responding to market changes more quickly. Businesses can gain a competitive advantage by leveraging data analytics to predict future trends, identify consumer behaviours, and detect new business opportunities more quickly.
Data can be used by businesses to determine what their customers prefer. Data, for example, can help organisations learn the most cost-effective way to address customer questions and issues, reducing problem resolution times and improving customer experiences in the customer support centre.
Every company wishes to maximise revenue growth. Data is critical in identifying and translating data into revenue opportunities in a competitive global marketplace.
Business leaders in data-driven organisations recognize the value of relying on data insights to make sound business decisions. To grow your insight on how to enhance your data analytics skills an MBA in Business Analytics and Data Science is the perfect solution for you.
The last decade has seen the emergence of an MBA in the PGPBA & DS programme, which prepares you to gain an understanding of how to effectively use data and implement it in your business to increase conversion. Given below are the reasons why you should invest your time in a Business Analytics and Data Science programme.
To kickstart your career in Business Analytics and Data Science enrol now at the Bengal Institute of Business Studies (BIBS).
Posted on Oct 20, 2022
Categories Business Analytics and Data Science
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