Vantage Business Solutions

At this time, the value of data in decision making is obvious. However, while understanding the mechanics of data-driven business decisions and investigating real-world examples will point you in the correct direction, knowing what to avoid will help you secure your success. How many times in your life have you prepared for a meeting, had all of the facts and data ready, just to have the decision reversed? It probably felt like the choice was determined before the meeting even started. If this sounds familiar, you're not alone. We aren't talking about a startup full of newcomers who believe that going with their gut is more important than KPIs; we're talking about large corporations. Rob Enderle, a former IBM employee and Forrester Research Fellow, authored an excellent piece documenting the flaws of IBM and Microsoft management. While the article has numerous examples, probably the most severe is IBM's partial selling of its ROLM branch to Siemens. Enderle and his team

To compete in today's increasingly competitive marketplaces, you must stay up to date on industry developments. This is where well-conducted market research can help. In this post, we will investigate: What is market research, and why is it importan Various market research types and approaches. How to conduct market research.Market research is the act of acquiring and analyzing data about your company's target audience. The key goal is to find out who your customers are and what they desire. Market research can assist you answer questions such as the following Market research analysis is more than just tracking figures. It goes one step further by seeking to figure out the "why" underlying the figures.Market research can be time-consuming and resource-intensive. Be strategic about when you perform your study. Here are four occasions when you might consider undertaking market research Before you start a new business or venture: Initial market research enables you to

In the past few years, things have gone up and down a lot. Businesses, both new and old, have been hurt by changes in the market and the economy. When planning strategically, people often forget how important it is to deal with things that didn't go as planned. Businesses can gain more trust as they move forward if they plan for resilience. Firms are given projects to help them stay open during dangerous times as part of planning for resilience. It makes things easier to see and makes it easier for people to work together, among other things. To keep a business strong, people need to come up with new ways to do things that let them be flexible and quick to respond. In times of fast change, you should always think about "what if" scenarios. Things should be able to look at your resources, make changes, and adjust them as needed when things change quickly or out of the blue. It doesn't help to plan carefully if your departments and teams work alone. Cross-functional tea

Ignoring clear aims and objectives Although we desire not to sound like a broken record here, we cannot stress enough the need of having well defined objectives for effective data driven decision making. Many companies fail when they believe that simply compiling the facts suffices. Though the procedure depends mostly on having the knowledge at hand, the company has to make use of it. Given the enormous volume of gathered data, it is advisable to define which data will be most useful in assisting to meet overall corporate goals. To keep ahead of rivals and make quick strategic moves, this habit saves great time. Six) Inaccurate correspondence Another often occurring and quite preventable error is not using effective data storytelling methods throughout the decision-making process. High-level decision makers may ignore your analytical conclusions regardless of their strength if they do not fit the correct approach. Interactive storytelling helps your audience stay interested, which will