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How to become a data-driven business in the modern ages

In a fast-paced, modern working environment it is not uncommon to notice that data has become vital to the everyday running of many businesses in their quest for growth and prosperity. To stand out in this data obsessed era, businesses need to transform themselves into data-driven businesses where insights gained from data help to formulate any decisions made. This is where the use of Dynamics 365 along with Power BI and Advantage can help your business to transform the way they work. 

It doesn’t come as a surprise to realise that making decisions based on accurate data can bring with it a whole host of benefits, enabling businesses to innovate, adapt and provide the very best customer experiences. By bringing together all the data in your business, Dynamics 365 can help deliver real-time insights to your teams which will allow them to work smarter and respond quicker to customers as well as market demands. 

How to recognise and take advantage of data 

You will find that many businesses are taking advantage of the potential of leveraging data to help formulate decisions across their businesses. It is important to understand at this point that data-driven businesses go far beyond the basics of both collecting and assessing data; it goes a step further by requiring a significant shift in both approach and overall culture. This is where you will need to keep accurate data, quality data as well as keeping it accessible, which will allow your employees to make better choices through the use of highly accurate data insights. Therefore, by using data as the main focal point of your operations, you will give your business a competitive edge, improve customer experiences and help to increase innovation. As well as this, it is important to understand that by doing these things will enable you to leverage data to make better decisions for your business. 

How can my business become more data focused? 

It is important to understand that in order to become a data-driven business you will need to see this as a journey that requires excellent planning, strategic implementation as well as a companywide buy-in to championing data excellence. The need for a robust data infrastructure that enables seamless data collection, integration and accessibility cannot be underestimated. You will find that cloud-based solutions such as Dynamics 365 give you scalability, flexibility and easy data access thus allowing businesses to take advantage of the power of data where required. However, data alone is not the only thing that needs to be looked at, businesses must be able to analyse their data to help formulate better decisions to be taken. This is where Dynamics 365 combined with Power BI can come in as it can deliver powerful tools for data visualisation as well as reporting thus giving users the ability to transform complex and sophisticated data into clear dashboards that can aid decision making. 

Don’t underestimate the value that data-driven decisions can provide for your business 

This may seem obvious, but you will find that data-driven decision making is a vital cog in the wheel of delivering successful business strategies. This will allow businesses to make better more informed decisions, boost innovation and attain growth. Through the use of both monitoring and assessing data, businesses will then be able to easily identify opportunities and potential risks early on, allowing them to make tweaks to strategies and tactics where necessary at the right time. 

The best approach to use as part of a data-driven strategy is agile and iterative 

The best data-driven strategies line the overall business goals up with data, thus allowing informed decisions to be made, innovation and continuous improvement. The best thing to do is to begin by outlining exactly what the overall business objectives are and identifying exactly what success looks like in the form of KPIs that will enable you to mark your progress against these metrics. Furthermore, you will need to make sure that these objectives match up with the overall business strategy and serve the purpose of data analysis and measuring performance. By having one source of truth in place and guaranteeing data consistency, businesses will be able to use their data to inform their decisions and strategy. You will also have to take into account that a data-driven strategy is not just a one-time thing but an ongoing process to allow you to continuously learn and improve. 

At Advantage, we suggest to our customers that they should embrace an agile and iterative approach, constantly evaluating and refining their data strategy based on both feedback and insights. By going down this path, businesses will be able to react and adapt faster to changing business requirements, technological changes and changing data which will help to guarantee that the business will continue to be successful in the long term. 

If you didn’t know this already, data is very much the fuel that helps ignite modern businesses. By understanding how much value can be delivered through data and investing accordingly in the necessary infrastructure, tools and skills, businesses will be able to use this data to fuel growth, optimise operations as well as improve customer experiences. If you aren’t already using data, then you should be as it’s absolutely essential in a vastly competitive environment. You will find that the possibilities are endless and the time to get started on this journey is very much now! Advantage is happy to support you every step of the way on your journey towards being a 100% data-driven business through the use of both Dynamics 365 along with Power BI. To get started on this journey, talk to our team of experts now

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