Strategic decision making? Invest in Big Data!
Running a business is a job that needs to be done on solid foundations. Strategic decision making aims at your goals, but to do so, you need reliable sources of information.
This is precisely what Big Data provides — concrete, realistic data. It is an extremely important tool for companies to understand their activities and to know what the next step to be taken is.
Knowing more about Big Data is essential to make important decisions, always emphasizing strategic management. This post will bring more on this subject. Check it out!
Understand what strategic decision-making is
Leaders and managers are always facing crucial times when important decisions need to be made. Of course, it is essential that these choices are appropriate, always favoring the company. Management, however, must always have one main goal.
The company needs to know where it is going to, and this setting of goals and objectives always brings positive results, including business development. Strategic management is nothing more than making decisions based on these perspectives, aiming to achieve them efficiently.
In this management model, widely practiced, every strategic decision making is of the utmost importance. However, how do you make the right choices without references and data to provide a baseline? The manager cannot, in popular jargon, “take a long shot”.
Decisions that involve the future and the health of the company must be precise, supported by a concrete story. Therefore, it is said that these choices are strategic, since they are made in the face of a planning that will lead to the desired results.
The Importance of Optimizing Decision Making
Strategic decision-making requires tools that make that choice sounder and more reliable. To follow the best path, it is important to have mechanisms that offer clarity on the current situation of the company.
Good resources make those choices even more accurate. If a manager has a reliable foundation, chances of good results are great. Seeking to optimize the reading of the business situation is critical.
Learn about the Big Data role in strategic management
Big Data is already a reality of today’s technology. It consists of analyses of large volumes of data, with very heterogeneous characteristics and, mainly, from several different sources. Nowadays, every activity carried out by a company generates information.
If you can access this data, you can understand how the procedures and actions of a business are being performed. For instance, it makes it possible to point out what has worked, what needs improvement, and at what points the company is suffering losses.
Big Data captures all the records of a company coming from documents, software, social networks, and wherever else is possible. All of this information is delivered to key departments and used for improvement.
The captured information reveals trends, shows results, and generates valuable insights for managers and leaders. All things cleared, the right path is more visible, favoring strategic decision making.
Key Big Data Tools
Big Data is the basis of some fundamental tools to the routine of companies that work in strategic management. Microsoft Power BI and Analytics are two of the most important ones.
Microsoft Power BI
Microsoft Power BI is a piece of software that fetches information from all sources on a computer. It collects these data in a single environment, making it much easier to visualize those records. Its integration happens with a series of tools, enhancing the ability to collect relevant data.
The great differential of Microsoft Power BI is its ability to deliver processed information ready for user consumption. It offers reports, graphics, and a content layout in fully customizable dashboards.
Google Analytics is more focused on analyzing data coming from the web. It gives you access to user interaction information with corporate social networks, as well as ad results on the Google network.
It is possible to know the performance of the campaigns and if the positioning of the company on the web is appropriate. The user has access to various performance indicators and he or she can always work on optimizations.
See the benefits of using Big Data in your business
The use of Big Data is very important to a company that seeks the best results. Its usefulness is as much in obtaining improvements as in fundamental adjustments to correct what is not performing well.
Here are the key advantages!
Analysis of a large volume of data
That is Big Data’s job, and it makes a big difference in how management is done. If you have access to more data, you become more aware of what is happening in your business. Of course, this better perception of the current situation increases the chances of competent management.
Identification of revenue opportunities
The data also shows what opportunities can be harnessed. They generate positive and focused insights about what can give the most returns to the company. Based on this analysis, the company can act with confidence in the expansion of its activities.
Accurate targeting of marketing campaigns
Big Data offers good returns on how campaigns are reaching the company’s target audience. The numbers are realistic and make it clear which efforts have converted well and which ones have not been effective. The marketing department has a lot to gain, as it can work more and more on top of what works.
If marketing strategies are efficient, the trend is to attract more customers. The same is true when you make consumer-friendly services and products available on the market. Continuity on these two fronts tends to attract more customers, but mainly, keeps them loyal.
Strategic decision making happens more efficiently when Big Data is present in the company’s data analysis. Only then is it possible to have solid references and directions, reaping positive results.
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