30 Sep The Power Of Evidence-Based Management
You have managed to push this far basing your business decision on intuition. Granted, you are seasoned and highly experienced in your field of business. However, nobody can guarantee what tomorrow holds. That is why you have to give your business the best chance at success by basing your decisions on facts and not gut-feelings. Hence the need to shift towards evidence-based management.
Many business leaders underestimate the power of business intelligence and, as a result, miss out on the advantages of converting data into digestible formats, ensuring visibility and real-time business information.
Business Intelligence, used as a tool for evidence-based management, provides an up-to-date look into the wellbeing of your business by providing a visual presentation of your current metrics and KPIs. Custom Visual reports make it easy to track your progress, success, and make forecasts and decisions based on real-time evidence.
What is Evidence-Based Management?
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Decisions made by management should be driven by critical thinking and the best available evidence. Many businesses collect data daily. From transactions, customer interactions, the movement of inventory, and more.
Correctly compiled, this data can produce great insight into opportunities in efficiency, productivity, and cost-effectiveness of relevant business processes. As business leaders, we no longer have to rely on guess-work and ‘best practice’ when we have more accurate and real-time insight through business intelligence.
Evidence-Based Management Helps to Increase Organizational Performance
Decision-making is part of daily business. The pace of business is increasing daily, and even the most experienced business leader can be overwhelmed. The quality of the decisions we make is reliant on the quality of the data or evidence on which we base those decisions.
Hence, the key benefit of evidence-based management is the increase in the quality of business decisions. This ultimately affects the performance of the business.
Evidence-Based Management Reduces Entrepreneurial Risk
Many a time, entrepreneurs fall prey to the excitement of new ideas and the assumptions that customers will be as passionate as they are about new products and services. Making data-driven decisions can help entrepreneurs reduce costs, risks, and wasted time and effort.
The obvious question then becomes, how do I gather data if I am launching a new business, product, or service?
You can leverage the data on online databases and libraries such as Google Scholar to gain insight into almost any industry and possible question you may need clarity on.
For an existing business, you may be sitting on a goldmine of insight available from the data you collect daily. Speak to one of our consultants on 011 792 9521, and we would be glad to guide you through how you can leverage business intelligence and kickstart your shift towards evidence-based management.