Creating a competitive advantage with data-driven decision-making
The world is fast and competition for market share remains fierce, perhaps more so today than ever before. Meeting this competition head on means leaning into the potential of your organization and its unique value proposition, providing a service or a solution that sits above the rest because it is more refined, aligned and perhaps, more connected to your customer. For businesses to discover and understand their sources of competitive advantage, they need to leverage data.
Described in 2006 as the new oil by Clive Humby, a British mathematician, data sits at the heart of long-term, sustainable business success because it can transform how you approach your decision-making. It can also change how successfully your organization navigates the markets, disruption and uncertainty.
McKinsey found that data-driven organizations have a demonstrable EBITDA increase of up to 25% and that allows for decision-makers to take a more holistic view of the business and their planning. It’s a sentiment echoed in another report by the firm which found that there is up to $17.7 trillion of available value potential within data and analytics and that it anticipates data-led firms to ‘dominate industry specific markets over the next decade’.
Data-driven means data-led. And data-led, says Gartner is the new way of prioritising the use of data within the business. The firm has said that companies are moving beyond just a data-driven vision towards approaches that are decision-centric. This means data is more than the insights it generates; particularly as artificial intelligence (AI) bolsters its capabilities and potential. Now, data is a collaborative partner in reimagining decision intelligence.
Accessing the data, building the intelligence
For many firms, finding their data-driven feet feels intimidating. What is the best way to get started without having to invest in a large data estate right away? The road to informed decision-making doesn’t have to be intensely complex or expensive. Microsoft Power BI, bolstered by Microsoft’s exceptional AI R&D and capabilities, is easily able to integrate within your organization and help you generate and acquire insights.
Powered by Microsoft Fabric, Power BI will allow you to explore your existing data assets and bring these together to create meaningful insights for your organization. Over time, this approach with Power BI and Fabric can evolve into a full-fledged centralized data platform (including storage, governance and analytics) while realising business value along the way.
Implementing Power BI with Mint means you not only get to tick the strategic data boxes, you also benefit from:
- The ability to go to market faster with differentiated data products and offers thanks to a comprehensive understanding of your performance and the ability to identify areas where your business is proficient or deficient.
- The ability to observe and explore your data through reports, live dashboards and analyses.
- Optimizing your global clouds so you can connect to cloud-based sources, navigate platforms, discover data patterns, develop actionable insights and so much more.
Let Mint guide you towards a successful, data-driven future where your decision intelligence is powered by insights that are relevant and accessible.
