What is data management and why you should start using it today?

Data-driven management: everything you need to know

The terms Big Data and Analytics have brought a new challenge for managers: using the data to support their decisions. If decisions were made in the past based on feelings and a forecasting perspective, today they need to be taken based on true and up-to-date data, because only in this way companies can prosper in a market as competitive as the one we have at the moment. In today’s article we will talk about data-based management and realize why your company should start using it today!

What is data-based management?

The speedy pace of business today forces managers to make strategic decisions at all times and with great urgency. Decisions define the success or failure of companies and therefore a data-based management is essential to reduce risk in the decision-making process and contribute to the business success.

Data-driven management is one that is guided by the large amount of information circulating throughout the organization every day. The data comes from internal and external sources, such as customer profiles, market analysis, competition analysis, quotes, among many other information. Managing on the basis of concrete data is a very important step in deciding correctly.

Why should I manage based on the data?

First of all, managing on the basis of data is essential to making the right decisions. Data-driven management must rely on business monitoring solutions, such as Multipeers, because this way you will always have the most up-to-date information about your company. A delay in decision making can mean the loss of business, especially in the current market where everything changes so quickly. Information is the most important asset in today’s businesses and needs to be managed in the best way possible.

Besides being important to have updated data to decide, managing based on real information allows you to set concrete performance indicators to evaluate the performance of your company. Knowing the actual performance level of an organization allows you to discover failures and improvement points, maximizing the company’s performance to the fullest.

Data-driven management also helps companies to reduce operational costs by being able to more easily identify the company’s most-spending sectors. Based on the information gathered, managers will be able to change processes to reduce costs.

Finally, real-time data-based management allows you to identify changes and failures at the exact moment they occur, and it is possible for the manager to act immediately.

Business information is one of the concerns of current managers because there is already the awareness that knowing is power and only with a concrete knowledge about the operations of the company and the market is that you can beat the competition.

Download our e-book about business monitoring and meeting objectives and learn how real-time data management can help your business grow!