Data-Driven Initiatives Could Be the Key to Success

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More businesses are implementing custom database software solutions that allows them to organization and draw conclusions from a wide variety of company data. In a recent InformationWeek article, contributor Ellis Booker cited Economist Intelligence Unit survey results, which indicated that top execs who said that their organizations handle data collection, analysis and sharing of findings well are also more likely to say their respective companies outperform industry peers or competitors.

“There’s a clear link between how an organization uses data broadly and how it performs financially,” Elissa Fink, CMO at Tableau Software, told InformationWeek in a recent phone interview.

The survey collected responses from 530 C-level and senior business execs from North America, Western Europe, Asia Pacific and Latin America. The results help to illustrate just how important of a roll analytics plays in determining business success, which can easily be performed with help from online database software.

In a recent Business 2 Community article, contributor Lindsey Nelson shared two ways that businesses can see success through the use of BI dashboards to synthesize data. When a corporation has so much data, it can be difficult to draw meaningful conclusions from it. BI dashboards provide a way for users to clearly visualize company data and stride toward success. Nelson explained that while some business owners make decisions based on instinct, using a custom online database and BI dashboard can help ensure that decisions have a higher likelihood of success by using historical data to inform them.

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