Data driven decision making
Humans aren't perfect. We get sick, we get angry, but most importantly — we make bad decisions. And it's not just someone in the supermarket getting the wrong brand of peanut butter — it's also influential decision makers in multinational companies.
Managers, Vice Presidents and even CEOs — even with decades of experience, it's impossible to never make a mistake. So what do we do when we're doubting something? Just like with many other things, we leave it to the machines.
Data-driven decision making
Most modern company look at data as the ultimate way to understand their customers and how they interact with the brand. What most are missing is a insiders view on their company data, to understand employees and create a better experience for them and also make savings with process optimisation.
Obviously we are not talking about search history or lunch preferences but about information that can really help you make strategic decisions as a CFO or HR manager.
By effectively using data, businesses are able to make well-informed decisions that could end up being extremely lucrative. This kind of data-driven decision making doesn't just apply to billion-dollar companies, either — any size business can apply a similar strategy
Torture the data and it will confess to anything
With the help of the right tools, spending data of your employees can be gathered and used to adjust business strategy or internal policies.
Let's take a travel platform like Rydoo travel, it gives you direct insight in your employees' travel behavior, what hotels are most booked, what airlines they use, do they prefer plane or train for certain destination etc ... - These information help you decide on what you need to negotiate on or what action you need to take to save on your company's travel budget.
On the other hand, Rydoo Expense makes it possible to see what your employees are using their company credit card for. If your employees are using and abusing Uber on business trips, may be a car rental service would be more efficient. It gives you all the necessary information to make realign everyone on the company's expense policy.
There's no way around it anymore: data analysis needs to be at the heart of every company. Leave it out of your business strategy and you'll risk missing out on valuable chances, while the data-driven competition inches closer.