These days, businesses have access to more data than ever before. Analytics can help you make sense of the information you gather. In addition, there are many ways companies can utilize data analytics to guide and enhance operations.
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Advantages of Data Driven Decision Making
While we all do a gut check every now and then, it is usually in conjunction with other information we are using to make a decision. A study by the McKinsey Global Institute reports that organizations which utilize data driven decision making are 19 times as likely to see profitable results, 23 times more likely to acquire new customers, and 6 times as likely to retain their customers.