To make the right decisions…

Data can equate your business with the giants in your industry. Your smartest competitor is already investing in data-backed infrastructure. But how can you make the most of the opportunities offered by data-driven decision-making or data-driven decision-making? The first step is to be transparent about the data that is important to your business. So it doesn’t risk leaving you in the background.

Are your business decisions based on data?

A survey conducted by the Center for Business Applications Research showed that 58% of respondents use their intuition and experience rather than data and facts. But can feeling be a solid basis for making decisions?

Data is the raw material that drives successful companies. To gain the transparency they need to make smart decisions based on data and facts rather than opinions and guesswork, data-driven organizations are investing in big data and data analytics. From doctors using data to accurately diagnose disease, to credit card companies using big data to prevent fraudulent transactions – data is rapidly changing choices in many different industries.

According to PWC, companies that successfully use data and analytics quickly discover opportunities, quickly evaluate ideas, and quickly test and learn from these experiences. They are constantly innovating. Understand and accept new business models. They use data and analytics as a core ability to use it. Using data to support business strategy leads to better decisions and can help you gain a competitive advantage.

Data won’t be of much value if you can’t analyze and use it purposefully. Companies that can clearly see and structure their data are better at identifying opportunities and creating insights that form the basis of data-driven decisions. Clear data transparency, for example, can allow for business intelligence that highlights specific areas where improvements can be made. Data-driven decision making stems from the ability to gather raw information and translate it into accurate and useful results.

Developing a data-driven culture is an important step. However, you need to make sure in advance that you can see your data clearly and with complete confidence in what you are getting. You cannot implement successful data-driven strategies if they are based on misleading or inaccurate data.

Clarity and confidence

Before you can rely on the data that influences your decision-making process, you have to trust it completely. When data analysis supports a long-term business strategy, there should be no ambiguity or doubt about the quality of the data.

Making decisions based on questionable information can do a lot of damage to the company. Strategic decisions can only be made if the data sources on which they are based provide a complete and reliable picture. Using the right technology to gain insight into the data will help you trust it. Can you imagine the confusion that can occur in retail supply chains with predictions based on inaccurate data? If the information is incorrect, retailers may have more inventory than they can handle or may not have the necessary merchandise at all.

In addition to being accurate, the data sources themselves must also be organized and categorized in a way that allows for full use of the power of data analytics.

The key is that the data is correct

In addition to providing visibility to aid data-driven decisions, the right technology helps data-driven organizations not spend too much time processing and preparing data. This is an important aspect, as with faulty infrastructure there is a risk that data teams will spend more time searching and editing data than doing analytics. Hiring a highly trained data team that is only related to data collection would be a costly mistake.

Data-driven strategies are driven by real data and not necessarily all available data. Business objectives and strategies will help decide what data you want to collect. This will prevent employees from working in isolation and collecting data that no one really needs.

However, if you have a lot of raw data, you can process that data at scale using AI and machine learning. This technology helps companies make sense of large amounts of data. As the efficiency of algorithms is constantly improving, artificial intelligence and computer learning can change most industries in the coming years. With the increased access and ease of use of artificial intelligence, machine learning, and big data, more data-driven businesses will emerge.

Use them to your advantage

Data-driven decisions help companies move away from a culture of intuition and focus on accuracy and precision. It is much easier to influence stakeholders if you can back up your opinions with data and facts. A clear business outlook is a strong foundation for future success.

Konica Minolta can give you an edge over the competition by helping you get valuable insights from your data. Our heritage lies in presentation and we have improved our display technology for generations. We use this legacy, along with current knowledge and technologies in the Internet of Things and AI, to help our customers see data clearly and make data-driven decisions.

Konica Minolta, for example, has developed a technology for non-destructive inspection of bridges called SenrigaN. It uses a combination of magnetic field sensors and artificial intelligence, which can easily detect potential hidden damage. This helps identify fatal vulnerabilities that can then be addressed before causing bridges to collapse.

Data can be used in many different industries to help people make smart, data-driven decisions. These decisions can completely change strategies, improve business activities, and improve business processes that achieve the highest levels of efficiency. To take full advantage of your business data, ensure transparency in the data.

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