Applying the data driven concept to enhance your business

Data driven, in free translation from English, means “driven by data”. Simply put, it is a very literal term. This is because, in practice, it is a management methodology with the premise of making decisions based on facts documented in measurement results.

In other words, it is the use of data to understand elements such as: the market, customer profile and processes of a company, which allows the company to make effective and objective decisions. It is definitely a concept that can be implemented in the most diverse market sectors or departments of an organization, resulting in relevant benefits in all its applications.

Continue reading and learn more about how data-driven management can bring benefits to your company!

The origin of the term data driven

As can be expected, the term originates from the field of information technology, more specifically data science, from the English “Data Science”. This interdisciplinary area combines disciplines from mathematics, computer engineering, statistics, among others, to study and analyze a large amount of data efficiently.

It is true that the concept arises amid significant changes in all social sectors, due to the growing protagonism of the internet and digital resources that we have witnessed since the end of the 20th century. Thus, the precept of having data as the focus of decisions goes beyond the borders of information and computing sciences, and can be implemented in different ways and in different branches.

What are the advantages of data-driven business?

In the context we live in today, data is the most valuable asset of any company. From large multinationals to micro and small companies, all organizations demand computerized resources. This presupposes the manipulation of a large amount of data, which can reveal relevant information for the business and speed up processes.

Furthermore, we must recognize that, nowadays, consumers are increasingly demanding. Therefore, companies increasingly need to meet these demands and also go beyond them, trying to predict the desires and needs of their audience. Data-driven management is certainly what makes this possible.

Furthermore, speaking more tangibly, companies that adopt the data driven principle generally obtain the following benefits:

Better understanding of the market

Based on data, the company has the opportunity to identify market trends, by collecting information from customers (or potential customers), competitors and even other sectors that can influence the business. In other words, the growth potential becomes greater because you have the chance to identify your opportunities more assertively. 

Process optimization

Companies with a data-driven mentality find it easier to identify bottlenecks in processes, that is, sectors of slowness or insufficient production, as well as opportunities for improvement. Furthermore, with data it is possible to promote greater automation of processes, eliminating repetitive and exhausting tasks, which makes workers more productive.

More efficient business decisions

How to choose which route to take, without knowing the route or having a map at hand? Well, many times, in business, we are forced to make somewhat uncertain decisions, causing a feeling of insecurity, which could even harm the company. In this way, data-based management can build the “map” necessary for your decisions.

More satisfied customers

Data helps us understand customer needs, preferences and behavior. All this in a much more agile way than without them. Furthermore, it also makes it easier to develop more personalized and segmented actions, as well as better service, offering differentiated experiences to customers.

Better financial performance

Everything that has already been exposed above are factors that can result in a better financial performance. After all, they contribute to reducing excessive spending and increasing sales.

Application of data driven in marketing

The data driven concept has already been established in marketing for a few years and has shown exemplary results. This is because marketing is one of the most important management areas when it comes to its impact on sales performance. If we talk more specifically about digital marketing, the importance of data becomes even more relevant, after all, its strategies are based on the acquisition and analysis of data from ideal leads and customers.  

Furthermore, digital marketing tools and processes are constantly evolving, making access to a huge and complex network of data even easier. Thus, the Data Driven Marketing allows for an even more precise and efficient process in terms of digital strategies.

This is why companies that aim to keep up with current technological developments and changes in consumer profiles cannot disregard investment in data-driven digital marketing. If this is your desire, Beatz can help you. Talk to our experts and find out how!