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Data-driven business is the use of data to improve strategy, planning and operations. This is a basic technique that applies to all industries and is the primary value added by information technology. The following are common types of data-driven business.
AutomationThe use of data to automate work such as business processes. For example, sales data can be used to automatically order inventory.AnalysisBusiness analysis typically relies on data to produce strategies, requirements and plans. For example, a business analyst might use customer surveys to develop a business case to remove an unpopular product feature.
Decision SupportApplications that provide employees with the data they require to make decisions. For example, a salesperson might prioritize their efforts by looking at customer data in a CRM.Tools for exploring data to find useful patterns. For example, a business analytics tool that allows a marketing team to look at price versus sales data by demographic and product.
Metrics are measurements of business performance that are widely used to evaluate and optimize strategy and operations. For example, availability rate is commonly used to manage the reliability of services. Benchmarking is the process of comparing your results to a competitor, industry or standard.
ReportingThe process of reporting data such as metrics or status on a regular basis. Considered a basic type of internal control.Market ResearchThe process of acquiring more data. Common in areas such as branding and product development that requires an understanding of customer needs, perceptions and the competition.
OptimizationUsing data as an optimization tool in areas such as marketing and operations. For example, a manufacturer may examine manufacturing control data to identify bottlenecks on a production line.ExperimentsThe process of experimenting to generate data. For example, a retailer may try different types of coupons at different locations to compare results.
Business Metrics
This is the complete list of articles we have written about business metrics.
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