According to a report published in 2020 on the state of business analytics, most decision-making in companies is based on perceptions. Even though 94% of corporations consider data and its analysis important, 97% of their decisions are not based on it.

These results are a drag on digital transformation and business growth—two factors that are now more crucial than ever. Improvisation and delays can be highly damaging to the survival of SMEs, so it is time to take the first steps toward adopting self-service analytics at all levels of the organization. After all, this is the best way to bring knowledge to light for the benefit of the entire company, the business, and its workforce.

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Decision-Making in Companies

In general, management positions, to varying degrees, have access to data to perform analyses and extract relevant information. However, according to the study, only 11% of frontline employees have access to it.

Furthermore, 60% take a long time—sometimes days—to obtain the information they need. In this context, the small 3% who can find it in seconds represent a significant competitive advantage for the company.

Another finding worth reflecting on is that professionals who need data to make a decision, but who are not analytics experts, often need help. Specifically, 79% of these profiles require assistance from IT or systems colleagues. For this reason, a self-service analytics tool like Qlik can save time and money, and above all, improve performance.

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Why Make Data-Driven Decisions

Data-driven decision-making is more effective because it is grounded in evidence. Overall, professionals who use data analytics to make decisions tend to be more efficient and productive.

Decision-making also becomes faster and, ultimately, delivers better financial performance. It also has a positive strategic impact: 46% of respondents said it allowed them to identify or create new revenue streams; 45% use data to create new business models; and 59% of companies can predict their near future.

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Recommendations for Data-Driven Decision Making

To incorporate data-driven decision-making at the organizational level, start by identifying the fears of not doing so. According to the aforementioned report, 43% of respondents are concerned about security and privacy, so it is essential to develop a security strategy tailored to their needs.

Other concerns include the lack of talent (27%) and the need for training (27%). Using an easy self-service tool can help address both, as well as the fourth most common concern: the complexity of solutions (25%).

From here, some recommendations to keep in mind are:

• Look for a tool that allows for different capabilities, access levels, and approaches, and that is scalable.
• Provide a secure and governed environment.
• Enable data collection from different systems, allowing users to continue their regular work without disruption.
• Empower each user, taking into account their processes, applications, and devices.
• Start with trusted data and enrich it to obtain valuable insights, allowing users to see the benefits and improvements provided by analytics.