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To determine which course of action may be best when in a dilemma in the workplace it might not be easy. This way our instincts may provide us sufficient confidence in the decisions made, but are they the right ones for the team? When we use facts to make these decisions, we could feel more at rest because these decisions should aim at optimising the effect on the organisation.In the contemporary business context, improving the state of data-driven business processes is a crucial part of data-driven business strategy, whether the overall goal is to increase financial returns or provide business stakeholders with accurate data points to ensure that they can replicate cognisant actionables or excel competitors.
It refers to the method of applying statistical information in management processes in place of hunch, judgment or estimates. Thus the application of data driven decision making strategies if conducted appropriately and at the right time can enhance the performance efficiency profitability the satisfaction of the customer and offer the business a competitive edge.
Now, let’s look at the benefits of data-driven decision making on how we have improved our decision making by having sound reporting systems and structures.
Business analytics is about using factual information and knowledge within an organization to guide important business decisions. This approach minimizes risks, comes up with opportunities, and in general leads to high performance. As pointed out in the above discussion, in a world of plenty of data, how one uses it marks the difference between one business and another.
At Tally Solutions, we understand how the power of data drives success. Our Data Analytics & Engineering team has played a pivotal role in developing a robust reporting structure and framework that empowers our employees to:
A strong foundation for such decision making is a well-established concept of data infrastructure. We use current solutions for data warehousing that gather data from multiple sources and make the data clean and consistent for usage. This infrastructure supports real-time data processing for timely insights that ensures Sales has real-time outlook on sales performance, product has a glance on the release adoption across our over 2 million customers, Customer Support is updated on the current CSAT score, telecall flow, desk sizing, and so on This means our partners also get a real-time overview of their customers’ interaction touchpoints on the acquisition and retention – in real-time.
Dashboards are a creative way of presenting information in a manner that can be more easily understood and put to use. We have designed Dashboards and have called them Operation and Analysis Dashboard, Strategic & Executive Dashboard listing down key performance indicators (KPIs) encompassing sales, customer satisfaction, operation, and product use. These dashboards are purpose-built to provide the right, accurate and useful information to different departments/teams.
Descriptive analytics deals with an analysis of past data, while Predictive and Prescriptive analytics focus on the future trends to be expected and what actions should be take respectively. Thus, in our business team, the people who are working with statistical analysis apply machine learning to discover some usage patterns, and these patterns are given to the reporting engines for the team on the ground to take action.
It is not only a question of efficient tools but more importantly about a cultural acceptance of data. We have used training and seminars to educate the employees on what data means and how it can be analyzed. Due to a developed approach to Data Literacy throughout the organisation, teams are using Business Intelligence analytical tools to make decisions with confidence.
With great power comes great responsibility. As custodians of sensitive business data of our customers, we prioritize data security and privacy over everything. Our robust security protocols and compliance with industry standards ensure that our customers’ data is protected at all times, fostering trust among our customers and stakeholders.
As Data Analytics department, it is our task to develop and continuously refine the reporting system and solution that enables our employees to have access to various reports and dashboard presenting overall and detailed status, results, and performance of our business, in terms of sales, customers, features, partners, and key indicators, etc. The following are some of the objectives of our reports and dashboards; To ensure that our employees make informed decisions that will support the attainment of our business strategies.
Among the most important dashboards and reports we have created and that our stakeholders frequently utilize to drive actionables are:
Thus the reports and business intelligence dashboards are not just used for the purpose of gaining insight and making presentations. These are action and decision oriented constructs as defined by Oliver (1991) above. We use our reports and dashboards to enhance our data driven decision making in the following ways:
Effecting decision based on the data is never a one-time process, rather it involves a lot of problem-solving all of which need a personalized approach. For enhancing this on-going and iterative process a culture on how to read and work with data, a structure on how to handle data, as well as tools and techniques for analysing and visualizing the data are needed. It also requires the understanding of the existence of strategy, goals and objectives of an organisation together with how each of these may be supported by data.
At Cevious, as we embarked on our data analytics process, the idea of data analysis as a value proposition and source of competitive advantage was given. Over the years we have invested a lot towards developing a strong and reliable support system for data analytics that enables us to produce and deploy numerous kinds of reports and dashboards that depict the evolution and productivity of our company in many ways. We set up improved judgments to achieve the objectives and to deliver enhanced service response to our partners and stakeholders by opting for our reports and business dashboards.
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