The Data Driven Approach How-To

Nearly everyone in the world has already heard the ‘data-driven’ term. Some of you even use it on a daily basis. The IO Technologies does that too, as we work with data, base our decisions on it, and of course, aim at becoming more data-driven every day.

In a nutshell, ‘data-driven’ means that all decisions are based on strict facts, not on hypothesis. This concept can be used in business, everyday life, even in personal life.

Business owners are aware how much money mistakes can cost sometimes. Due to this, data-driven approach is vital for business. Facts and statistics can help to correct mistakes and build an effective strategy and tactics. Finally, strategy and tactics are the main points for any business.

In the modern world, data-drivenness is not just an approach to problem solving, it is a culture of smart and logical thinking. It makes decisions well-thought and goals clearer.

The Main Pros of Data-Driven Approach:

As long as you are already familiar with this term and its philosophy, let’s dive into the details and find an answer to the question: "Why data-driven?".

1. Each team member is responsible

Imagine an average team. What if every member used data for improving their own workflow? They would be able to achieve better results without any orders from the company’s headship.

Consequently, every member would become more efficient, and company’s success would grow. It’s called synergy and it affects the final result greatly.

For example, while developing our analytical tool, we aimed at high usage percentage. Editors, writers and marketers can use data and make decisions. It’s simple and ready for use.

2. Testing

Every business owner or experienced marketer knows that A/B tests can help survive on the market and overtake competitors. They provide specialists with knowledge of what people like and give them an opportunity to improve their activities or services.

We’ve heard that Linkedin conducts nearly 200 tests per day. Can you imagine this amount of work?

It’s about getting data to experiment with.

3. Forecasting

The approach of data-drivenness helps analyze the results and forecast the future. You just backtest your previous decisions and use this information as facts for the further work. This gives businessmen better understanding of clients and customers, leads to improvements and innovations.

4. Inner motivation

Data-driven companies and teams don’t need much outer motivation, as they motivate themselves from the inside. Competitive spirit, progress and evolution are natural for people. The accent on data-driven insights helps business create a healthy atmosphere inside the groups and teams, and then to share this culture with clients.

You see? It really works and improves the final results and company’s success.

As a bonus, we want to share a short instruction on how to become data-driven.

A Content Lead at IO Technologies