Data Driven Decision Making refers to business decisions taken on the basis of hardcore facts and statistics. A practice that was getting obsolete because of the time and effort involved, made a comeback thanks to the Internet Of Things.
IOT has absolutely changed the way businesses function. It’s a sharp contrast to the times when experts had to be hired especially to collect data and make reports. A time-consuming and complicated process, most businesses had to do without the precious nuggets of information that hardcore data provides. Thankfully, Data Driven Decision Management did not lapse into oblivion. Widely regarded as more stable than predictive and observational decision making, DDDM has seen revolutionary change with the phenomenon known as Internet of Things where everyday devices can be connected via the internet to ensure a closer sync with other computing devices. Examples of this include fitbit bands, blood sugar monitoring devices, environment monitoring devices, tracking couriers and deliveries and so on.
So how does this work? Let me explain with a couple of examples. When products are bought on Amazon, the app immediately suggests similar products, streamlining a customer’s shopping habits with each buy. Google Analytics utilizes search history of internet users to decide which suggestions show up in the drop down text boxes. Soon enough, using Internet of Things for DDDM will be such an ingrained part of businesses that running one without it will simply not be an option. It’s time to jump on the brandwagon now!
Timely and Convenient: No more depending on technical experts who cost you a bomb to get your reports. Everything is just a quick click away. Such a system leaves you free to concentrate better on problem solving and troubleshooting instead of waiting days for information that is quite likely to become stale by the time your report is in hand.
Up to speed: With due process shortened, reports can be made with speed and tracked in real time. The analytics tools across various platforms ensure that any report can be in your hand at the snap of your fingers. You can make a world of difference to a brand with data driven decisions. The quick delivery of data definitely makes optimum support and services easy to deliver.
Connecting with customers: With fresh data, it’s easier to engage with customers for immediate solutions and communication. In this day and age, communication is of essence to maintain current customers and attract new ones. With online attentions spans being what they are, no brand can afford to lag in response and information. IOT gives businesses the incredible opportunity to make the most of any customer base.
Cost effective: With the reduction of employees needed, expenditure will plummet drastically; even more so because of the quick turnaround of information thus allowing more capital to be spent on providing better services.
Changing the world has become much easier thanks to IOT and its role in making data driven decisions. The fourth industrial revolution is sweeping the world and we’re lucky to be part of such an exciting time, don’t you agree?