{"id":5262,"date":"2021-12-06T06:35:29","date_gmt":"2021-12-06T06:35:29","guid":{"rendered":"https:\/\/www.aiproblog.com\/index.php\/2021\/12\/06\/do-data-based-solutions-give-enterprises-a-decision-advantage\/"},"modified":"2021-12-06T06:35:29","modified_gmt":"2021-12-06T06:35:29","slug":"do-data-based-solutions-give-enterprises-a-decision-advantage","status":"publish","type":"post","link":"https:\/\/www.aiproblog.com\/index.php\/2021\/12\/06\/do-data-based-solutions-give-enterprises-a-decision-advantage\/","title":{"rendered":"Do Data-based Solutions Give Enterprises a Decision Advantage?"},"content":{"rendered":"<p>Author: Shardul Bhatt<\/p>\n<div>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/storage.ning.com\/topology\/rest\/1.0\/file\/get\/9883153867?profile=original\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" src=\"https:\/\/storage.ning.com\/topology\/rest\/1.0\/file\/get\/9883153867?profile=RESIZE_710x\" width=\"720\" class=\"align-full\"><\/a><\/span><\/p>\n<p><span style=\"font-weight: 400;\">A study by New Vantage shows that<\/span> <a href=\"https:\/\/techjury.net\/blog\/big-data-statistics\/#gref\"><span style=\"font-weight: 400;\">97.2% of its participant organizations<\/span><\/a> <span style=\"font-weight: 400;\">are investing in big data and AI. Today, data has all sorts of benefits &#8211; from cutting down costs to understanding customer behavior to coming up with innovative processes &amp; solutions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data is central for organizations to succeed. Gathering and analyzing data is now a full-time process for enterprises that want to increase their profitability. They are now transforming into a<\/span> <a href=\"https:\/\/www.tntra.io\/\"><span style=\"font-weight: 400;\">data-driven enterprise<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is a Data-driven Enterprise?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A data-driven enterprise keeps data as the primary focus of its operations. It conducts rigorous data analytics to gather valuable insights from data and use them for decision-making.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Netflix is a prime example of a data-driven enterprise. The company uses analytics and AI to understand the user\u2019s previous watching habits and history to suggest to them the best option that matches their requirements.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The three primary goals of data analytics are to improve the user experience, deliver a better product, and maximize revenue generation capabilities.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How Data-based Solutions Lead to Better Decisions<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Data analytics makes the decision-making process objective. There\u2019s no room for hunch or feeling-based decisions. Enterprises work smarter when they have exact data about what works and what doesn\u2019t.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s how data-based solutions enable companies to make better decisions:-<\/span>\u00a0<\/p>\n<ol>\n<li>\n<strong>Data Provides Greater Transparency\u00a0<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">To attain an objective view of the product or enterprise performance, data is important. Once stakeholders and teams have access to data, they have greater transparency.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Teams can work in harmony when they know what their efforts will contribute to. Data showcases how teams have performed and the accuracy of results.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Once this is achieved, they can make decisions that lead to proper result delivery. Transparency drives teams to work with integrity and match their efforts that would lead to an improvement in performance.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">When everyone knows what is actually going on, they can collaborate better and perform operations seamlessly.\n<p><\/span><\/li>\n<\/ul>\n<\/li>\n<li>\n<strong>Data Leads to Continuous Improvements<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">When it comes to product-related decision-making, data has an important role to play. By monitoring vital performance metrics, companies can make changes in the products and get better results.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Each data-based operation provides access to newer information related to the product. It showcases the gap, errors, and changes that need to be made. Data leads to continuous improvements, making product development highly effective.<\/span><\/li>\n<li>\n<span style=\"font-weight: 400;\">Building a<\/span> <a href=\"https:\/\/www.tntra.io\/new-economy\"><span style=\"font-weight: 400;\">data-based solution<\/span><\/a> <span style=\"font-weight: 400;\">enables companies to decide what improvements need to be made in the short term and the long run.<\/span>\n<\/li>\n<li><span style=\"font-weight: 400;\">The decision on improvements is an important one as it helps to identify what customers like about the product and what doesn\u2019t work.\n<p><\/span><\/li>\n<\/ul>\n<\/li>\n<li>\n<strong>Data Encourages Insight-driven Actions<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">It is essential for companies to take actions that have a positive impact. Without data analytics, it is biased and based on gut feelings and value judgments.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Businesses that want to analyze their performance from each and every angle and decide upon the direction they should take, need access to high-quality data. Analytics generates insights that are transformed to actions that deliver sustainable outcomes.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">To enhance the customer experience, data-based solutions are a necessity. They tell the accurate numbers what the customers actually want.<\/span><\/li>\n<li>\n<span style=\"font-weight: 400;\">It also enables companies to deliver hyper-personalized products that increase customer engagement and attract new customers.<\/span>\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p><strong>Wrapping Up<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Data is key to better understanding the customers, the performance of the<\/span> <a href=\"https:\/\/www.tntra.io\/engineering\"><span style=\"font-weight: 400;\">enterprise<\/span><\/a><span style=\"font-weight: 400;\">, and the market as a whole. It offers a deeper understanding of every aspect of the product and company.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the dynamically changing markets, data analytics provides insights that help companies match the pace of digital disruption. It is essential, therefore, for enterprises to make data-based decisions and use it as a primary player to elevate their performance.<\/span><\/p>\n<\/div>\n<p><a href=\"https:\/\/www.datasciencecentral.com\/xn\/detail\/6448529:BlogPost:1068156\">Go to Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Author: Shardul Bhatt A study by New Vantage shows that 97.2% of its participant organizations are investing in big data and AI. Today, data has [&hellip;] <span class=\"read-more-link\"><a class=\"read-more\" href=\"https:\/\/www.aiproblog.com\/index.php\/2021\/12\/06\/do-data-based-solutions-give-enterprises-a-decision-advantage\/\">Read More<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":473,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"footnotes":""},"categories":[26],"tags":[],"_links":{"self":[{"href":"https:\/\/www.aiproblog.com\/index.php\/wp-json\/wp\/v2\/posts\/5262"}],"collection":[{"href":"https:\/\/www.aiproblog.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.aiproblog.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.aiproblog.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.aiproblog.com\/index.php\/wp-json\/wp\/v2\/comments?post=5262"}],"version-history":[{"count":0,"href":"https:\/\/www.aiproblog.com\/index.php\/wp-json\/wp\/v2\/posts\/5262\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.aiproblog.com\/index.php\/wp-json\/wp\/v2\/media\/463"}],"wp:attachment":[{"href":"https:\/\/www.aiproblog.com\/index.php\/wp-json\/wp\/v2\/media?parent=5262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.aiproblog.com\/index.php\/wp-json\/wp\/v2\/categories?post=5262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.aiproblog.com\/index.php\/wp-json\/wp\/v2\/tags?post=5262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}