“In God we trust. All others must bring data.” – an interesting quote by W. Edwards Deming, Statistician, Professor, Author, Lecturer, and Consultant
With every passing day, large sets of data are constantly being generated through multiple data streams from a variety of sources, according to Flatworld Solutions.
With the amount of global data growing at a tremendous rate, it is no surprise that it is now being used as an actionable business element.
Today, numerous organizations worldwide are seeing the value of investing in data, as it offers numerous benefits such as targeted marketing, streamlined processes, enhanced customer experiences, etc.
If companies are still doubting to invest in data, here are some reasons why they shouldn’t hesitate...
1) Data helps you make better decisions
Data = Knowledge.
Good data provides indisputable evidence, while anecdotal evidence, assumptions, or abstract observation might lead to wasted resources due to taking action based on an incorrect conclusion.
2) Back up your arguments
Data is a key component to systems advocacy. Utilizing data will help present a strong argument for systems change. Whether you are advocating for increased funding from public or private sources, or making the case for changes in regulation, illustrating your argument through the use of data will allow you to demonstrate why changes are needed.
3) Stop the guessing game
Data will help you explain (both good and bad) decisions to your stakeholders. Whether or not your strategies and decisions have the outcome you anticipated, you can be confident that you developed your approach based not upon guesses, but good solid data.