Data-Driven Decision Making: The Key to Growing your Business

What is Data and Big Data?

Any piece of information or digital footprint that can help provide useful insights by being analyzed and evaluated is referred to as data.
Big data refers to larger chunks (petabytes, zettabytes, exabytes) of data sets that require special storage systems and processing tools.
Data can be primary or secondary, structured or unstructured and can vary in forms, velocity, volume, etc.

Big Data, that is structured, if used correctly can help provide insights that can be extremely helpful, not just in business but also in social and scientific research.

What is Data-Driven Decision Making?
Before business owners had access to data and tools that help organize it and analyze it, they relied on their intuition and observations.
With Data Analytics tools, business owners can now make decisions based on accurate insights based on real-time data and insights.

Data-Driven Decision Making (DDDM) involves the following steps:

1. Define a problem
2. Collect and organize data that is relevant to the problem
3. Analyse the data
4. Interpret the results
5. Take actions based on the insights
6. Measure the outcome of the changes made based on DDDM

How can Data-Driven Decision Enhance a Business?

DDDM can help organizations make decisions that are much more efficient and effective. It provides a certain clarity and accuracy to the managers and business owners that they will not find otherwise.
There can be a lot of blind spots within processes which if spotted, can be useful to either improve a business or eliminate elements that are proving to be harmful to a business model.

It also helps organizations be more agile and adapt to changes, which helps business grow more consistently.

How to get started with Data-Driven Decision Making?
Since the onset of Big Data, a lot of Business Intelligence tools and organizations have come up in the market, whose sole purpose is to gather data, organize them, analyse them, predict trends and help business improve.
Such organizations and tools prevalent throughout all sectors of businesses these days.

One sector that can really do with efficient Business Intelligence Services is the Retail Sector. Since every retail chain has hundreds and thousands of brands, offers, deals and customers, it is hard to keep a track of everything. A good BI Tool could definitely come in handy and can make enormous difference and help make bigger profits with ease.

One such organization that provides Grade A Retail Analytics Services across GCC is ClicFlyer. The ClicFlyer app has over 1 million monthly users which helps them fetch real time, primary data.

ClicFlyer’s Analytics Dashboards can help brands and retailers in the following ways:

1.ClicFlyer helps retailer to monitor their price as compared to their competitors. By using this feature they can plan their future promotions and take action on price point accordingly.

2. Monitor your weekly flyer engagement level by tracking unique user engagement, user penetration, total user activities on ClicFlyer mobile app, and your user activity share considering a competitor set.

3. Popular searches in English & Arabic language on ClicFlyer mobile application

4.Top performing categories within your competitors

5.Auto track all CG offers appearing on your flyer post promotion and check flyer competitiveness by analyzing your product price positioning with respect to a competitor set.

So, if you are a business owner, in any part of the world, I highly recommend opting for a good Analytics Tool that can accelerate the growth of your business. And if you are a Retailer in GCC, I definitely recommend ClicFlyer for the same.