Understanding the Five Basic Pillars for Data-Based Companies

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Data is a new object of value from the market today. To be successful, it is very important for the company to know how to deal with it and how to extract information to make better decisions. Applications and benefits reach all sectors and departments holistically. This is what drives the concept of data-based business. Data is very important even it is the backbone of all digital-based businesses including online casinos such as the popular one, onlinecasinodeutschland.com.de.

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Do you want to learn more about this concept to facilitate people’s access to data, integrate sectors and extract the value of this information? Follow this article.

What is a data driven company?

Basically, this concept refers to companies that use data as advisors for their decisions. This is an organizational culture that guides companies to gather a lot of information and analyze that basis for insight and advice. This is contrary to the old method of decision making, based on intuition.

Through customer information, markets, and the company’s internal processes, it is possible to obtain sets of inputs for analytical algorithms that identify patterns and trends and enable a broader view and provide more consistent support for management planning.

This can be used for, for example, predictive analysis, which is intended to provide estimates of the future based on historical data correlations. As a result, corporations are empowered to change markets, requests, or unexpected incidents. They also help optimize asset management, with initial maintenance, and information security, by preventing risk.

By identifying opportunities, it is possible to invest in useful fields and innovations that conquer consumers in unique ways. In other words, being data driven is also synonymous with competitive advantage. Management also gains the power to analyze a series of indicators and metrics, with a vision that ponders results and seeks harmony with the organization’s goals and mission.

What are the five pillars of this culture?

The following will look at some of the relevant fields that compose data driven culture, according to Google.

1. People

In order for this philosophy to succeed, people’s involvement is fundamental. Employees need to know the power of data collection and can analyze and understand information to provide support at a higher level. In this case, it is interesting to employ professionals with skills in statistics, calculations and mathematics, as data scientists.

2. Process

Internal processes get more agility and efficiency, because, in such cultures, they are integrated, virtualized and with information that can be accessed by employees from various sectors. Everyone works together, starting from the same base and pursuing the same goal.

3. Assets

Digital property, assets, are fundamental to new moments in the company. This includes mobile devices, which must provide optimal performance and ease of user interaction, with a focus on experience. From here, it is possible to better guarantee satisfaction and information to analyze.

4. Data

Currently it is not difficult to access data. They can be collected through pooling online and offline strategies, combining channels to get more intelligence and following consumers on their journey. Statistics, market research, and other forms to engage with information from mobile devices and service history, for example.

5. Technology

All of this is supported by strong and powerful technology tools. This system facilitates automatic analysis, enabling increased productivity and accuracy with fewer errors, and consequently lower costs. Technology streamlines information pooling, creates channels of contact with consumers, and easier ways to connect data.

Data-based strategies are important because they enable better decision making, more efficient management, and more organized planning for the future. For this reason, all members must be aware of the importance of this culture and its added benefits. Knowing the benefits well encourages employees to contribute and truly join in data driven positions.

 

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