Data-Driven Decision-Making: See it in Action

Slingshot
6 Oct 202207:46

Summary

TLDRThe video script emphasizes the importance of data-driven decision making in businesses, advocating for a shift from gut-based choices to data-informed strategies. It outlines the benefits of such an approach, including increased confidence, proactive teams, better customer understanding, and enhanced revenue. The script provides a practical example using a digital workplace scenario, showcasing how data cataloging and analytics can drive informed conversations and actions. It concludes with a five-step guide to implementing data-driven decision making, highlighting the need for a company-wide policy, choosing the right metrics, fostering collaboration, and selecting suitable technology for data visualization and accessibility.

Takeaways

  • 🚫 Avoiding gut-based decisions: Rely on data-driven insights to maximize business potential.
  • πŸ“Š Data-driven decision making: Use data as the primary source for all business decisions and processes.
  • πŸ’‘ Access to data: Ensure everyone in the organization has access to data and knows how to utilize it effectively.
  • πŸ” Insightful visualizations: Create visualizations that provide clear and actionable insights for better decision-making.
  • πŸ› οΈ Digital workplace tools: Utilize digital platforms that integrate data, analytics, and collaboration for productivity.
  • πŸ”Ž Trustworthy data sources: Verify the credibility of data sources to make more confident business decisions.
  • πŸ“ˆ Identifying areas for improvement: Use data to understand customer needs and increase revenue while reducing costs.
  • 🌟 Enhancing customer experience: Leverage data to improve customer interactions, leading to new opportunities.
  • πŸ“ Task integration: Connect data insights directly to tasks and team discussions for immediate action and follow-up.
  • 🏒 Company-wide data policy: Establish a policy that emphasizes the importance of data in every department and at every level.
  • 🌐 Choose the right technology: Select tools that facilitate data-driven decision making and enhance overallε·₯δ½œζ•ˆηŽ‡.

Q & A

  • What is the main message of the transcript?

    -The main message is the importance of replacing gut-based decisions with data-driven decision making in businesses to achieve better outcomes, understand customer needs, increase revenue, and enhance customer experience.

  • How does data-driven decision making benefit a business?

    -Data-driven decision making helps businesses make more confident choices, fosters proactive teams, improves customer understanding, boosts revenue, reduces costs, and leads to new opportunities by eliminating potential errors.

  • What are some advantages of using a digital workplace for data-driven decision making?

    -A digital workplace provides productivity tools such as content management, data analytics, task management, and collaboration features, along with a data catalog that makes data easily accessible and promotes informed decision making.

  • How can a marketing team use a data catalog to improve their strategies?

    -A marketing team can utilize the data catalog to access and trust data sources, analyze social media performance, identify areas needing improvement, and start targeted conversations to strategize and take action based on data insights.

  • What is the process of data-driven decision making in a digital workplace?

    -The process involves using data analytics to gain insights, starting conversations within the team based on those insights, and creating tasks or actions directly linked to the data and discussions to drive informed decisions.

  • What are the five steps to achieving data-driven decision making?

    -The five steps are: 1) Create a company-wide policy for data usage, 2) Choose the right metrics to measure, 3) Make data collaboration a priority, 4) Select the appropriate technology, and 5) Visualize key metrics for team collaboration and decision making.

  • Why is it important for C-level executives to learn new data skills?

    -C-level executives play a crucial role in fostering a data-driven culture within the company. By learning new data skills, they can lead by example, prioritize data-backed decisions, and drive the adoption of data-driven practices across the organization.

  • How can a company ensure that its data is always accessible and useful?

    -By investing in technologies that integrate data into daily tasks, discussions, and workspaces, a company can ensure that data remains at the forefront and is easily accessible, allowing for informed decision making at all levels.

  • What role does visualization play in data-driven decision making?

    -Visualization is key in making data-driven decision making more effective as it helps teams understand complex data, identify trends, and communicate insights more clearly, leading to better collaboration and more informed decisions.

  • How can a business avoid repeating past mistakes with data-driven decision making?

    -By focusing on the right data, setting realistic goals, and analyzing historical data, a business can learn from past experiences and make more informed decisions that avoid repeating the same errors.

  • What is the ultimate goal of adopting a data-driven decision-making process?

    -The ultimate goal is to build a culture that relies on data insights to drive confident and successful business outcomes, leading to increased productivity, better customer experiences, and sustainable growth.

Outlines

00:00

πŸ“Š Data-Driven Decision Making

This paragraph emphasizes the importance of moving away from gut-based decisions and adopting data-driven insights for business success. It defines data-driven decision making as the use of data as the primary source of information for all business decisions, ensuring that data guides campaigns and processes. The paragraph highlights the benefits of this approach, such as making more confident decisions, having a proactive team, better understanding customer needs, increased revenue, reduced costs, and an enhanced customer experience leading to new opportunities. It also provides an example of utilizing digital workplaces to drive data-driven decision making, showcasing how a marketing team can use a data catalog to analyze social media performance, initiate discussions, and create tasks based on data insights.

05:01

πŸš€ Five Steps to Data-Driven Decision Making

This paragraph outlines a structured approach to achieving data-driven decision making within an organization. It begins by advocating for a company-wide policy that prioritizes data in every decision, supported by leadership and a commitment to learning new data skills. The steps include creating a data-driven culture, choosing the right metrics to measure, ensuring data collaboration across the organization, and selecting appropriate technology to facilitate data-driven processes. The paragraph also introduces 'Slingshot' as a tool that can help organizations with data-driven decision making by connecting data, building business decisions, and making insights accessible for everyone. The goal is to put data at the forefront of all business discussions and tasks, making data-driven decision making a seamless and integrated part of the organizational workflow.

Mindmap

Keywords

πŸ’‘Gut feelings

Gut feelings refer to the intuitive, subconscious judgments made without relying on conscious reasoning or explicit evidence. In the context of the video, it is contrasted with data-driven decision making, which emphasizes the use of empirical data to inform business choices. The video suggests that relying on gut feelings can limit a business's potential and advocates for a shift towards data-driven insights for better decision-making.

πŸ’‘Data-driven decision making

Data-driven decision making is the process of using quantitative data and statistical analysis to make informed choices in business. It involves collecting, analyzing, and interpreting data to identify opportunities, minimize risks, and optimize outcomes. The video highlights this approach as critical for businesses to build confidence in their campaigns and processes, leading to successful outcomes.

πŸ’‘Intuition

Intuition is the ability to understand or sense something without the need for conscious reasoning or explicit evidence. It is often associated with gut feelings and is contrasted with data-driven decision making in the video. While intuition can sometimes lead to correct conclusions, the script suggests that it is less reliable than decisions based on empirical data.

πŸ’‘Data visualizations

Data visualizations are graphical representations of data and information, designed to make complex data more easily understandable at a glance. They are essential tools in data-driven decision making as they help to communicate insights effectively. The video mentions the need for insightful data visualizations that can guide teams to successful outcomes.

πŸ’‘Digital workplace

A digital workplace is an environment where work-related activities are conducted using digital tools and platforms. It includes features like content management, data analytics, task management, and collaboration tools. The video describes the digital workplace as a comprehensive solution to enhance productivity by integrating all necessary components for data-driven decision making.

πŸ’‘Data catalog

A data catalog is a centralized repository that organizes and indexes a company's data assets, making them easily discoverable and accessible. It is a critical component in a digital workplace, facilitating data-driven decision making by ensuring that the right data is available to the right people at the right time.

πŸ’‘Social media analytics

Social media analytics involves the collection and analysis of data from social media platforms to gain insights into engagement, audience behavior, and marketing effectiveness. It is a key aspect of modern marketing strategy and is integral to data-driven decision making in the context of the digital workplace.

πŸ’‘Proactive team

A proactive team is one that takes initiative to anticipate problems, identify opportunities, and act in advance to achieve goals. In the context of data-driven decision making, a proactive team leverages data insights to stay ahead of potential issues and make strategic moves.

πŸ’‘Customer needs

Customer needs refer to the requirements or expectations that customers have from a product or service. Understanding and addressing these needs is crucial for businesses to maintain customer satisfaction and loyalty. Data-driven decision making allows companies to analyze customer data and behavior to better meet these needs.

πŸ’‘Revenue

Revenue is the income that a business receives from its activities, such as the sale of goods and services. It is a key financial metric used to measure a company's success and growth. In the context of the video, increasing revenue is presented as a direct outcome of making data-driven decisions that lead to cost reduction and improved customer experiences.

πŸ’‘Task management

Task management involves the process of organizing, assigning, and tracking tasks to ensure they are completed efficiently and effectively. It is an essential component of productivity and project management. The video discusses task management as part of the digital workplace, where tasks can be created, assigned, and linked to relevant data and discussions to streamline work processes.

Highlights

The importance of moving away from gut-based decisions to data-driven insights for businesses to reach their full potential.

Data-driven decision making is the use of data as the primary source of information for all business decisions.

Access to data should be available to everyone in the organization, and teams must know how to utilize data effectively.

Data-driven decision making instills confidence in campaigns and processes, leading to successful business outcomes.

The advantage of making more confident decisions through data-driven insights.

A proactive team is a result of having data at the center of decision-making processes.

Understanding customer needs is enhanced through data-driven approaches.

Increased revenue and reduced costs are achievable through data-driven insights.

Enhanced customer experience leads to new opportunities when data is utilized effectively.

Utilizing digital workplaces to drive data-driven decision making.

A data catalog in a digital workplace is essential for productivity and data accessibility.

An example of a marketing team using a data catalog to analyze Facebook leads and Twitter engagement.

Starting a conversation within a team based on data insights to drive proactive and informed decisions.

The process of annotating and sharing data visualizations with team members for better understanding and collaboration.

Creating tasks directly from data insights to ensure actionable steps are taken.

The five steps to achieving data-driven decision making in an organization, starting with a company-wide policy.

Choosing the right technology and tools to support data-driven decision making across the organization.

Slingshot as an all-in-one digital workplace that connects data and business decisions, making data-driven decision making accessible to everyone.

Transcripts

play00:08

if you're in the habit of basing your

play00:10

decisions on gut feelings your business

play00:12

will not be able to hit its full

play00:14

potential

play00:15

so let's lose the notion of intuition

play00:17

and replace that with data-driven

play00:19

insights that provide value identify

play00:22

opportunities and eliminate potential

play00:24

errors

play00:25

so are you making gut-based decisions or

play00:28

are you actually data driven

play00:31

let's start with what is data-driven

play00:33

decision making

play00:34

it's the choice to use data as the main

play00:37

informant for every type of decision

play00:39

your business makes and guided campaigns

play00:42

and processes with data right at the

play00:44

helm so this means everyone needs access

play00:47

to data teams need to know how to use

play00:49

data and your visualizations need to be

play00:51

insightful

play00:53

data-driven decision making builds your

play00:55

campaigns with confidence and helps your

play00:57

teams lead successful business outcomes

play00:59

confidently forward

play01:01

so let's dive into some of the clear

play01:04

data-driven decision-making advantages

play01:06

that you have

play01:08

making more confident decisions

play01:11

having a more proactive team

play01:15

a better understanding of your customer

play01:16

needs

play01:19

increased Revenue which leads to reduced

play01:22

cost

play01:24

an enhanced customer experience which

play01:26

then leads to new opportunities

play01:29

so let's kind of see a little bit of

play01:31

this in action for how you can utilize

play01:34

tools such as digital workplaces to

play01:37

really drive this data-driven decision

play01:39

making

play01:41

so let's look at data-driven decision

play01:43

making in terms of a digital workplace

play01:46

digital workplace has really everything

play01:49

that you need in order to be productive

play01:51

every day you have content you have data

play01:55

analytics you have your task management

play01:57

you have collaboration whether it is

play02:00

with people at a project level or

play02:02

one-on-one or group

play02:04

but what you have in addition to all of

play02:08

that is a data catalog

play02:10

so if I come here to my Apex charts

play02:12

organization you can see that I'm now in

play02:15

our organizations data catalog

play02:18

and I can move these kinds of things

play02:20

around to have more room and let's say

play02:22

that I am working in marketing and I

play02:26

need to know what is going on with our

play02:28

Facebook leads

play02:30

so I'm going to come here and I'm just

play02:31

going to search Facebook

play02:33

and by default I get some results here

play02:36

for two Facebook dashboards I can see

play02:40

who they're created by and the level of

play02:43

certification

play02:44

so silver gold gold now I know that I

play02:48

can trust this data source a little bit

play02:50

more

play02:51

so I'm going to click on here

play02:53

and I'm going to just take a look at now

play02:55

the insights that I'm seeing so I'm

play02:57

seeing my conversions from social my

play03:00

Twitter followers and I know that I'm

play03:03

not getting as much traction on Twitter

play03:04

than I was before

play03:06

so I'm gonna come to this overflow menu

play03:10

and I'm going to start a conversation

play03:11

with the people on my marketing team

play03:14

within my social media project

play03:17

I will come here to organic performance

play03:20

and I will choose the discussion that we

play03:23

have going on around Twitter

play03:25

I'll click next

play03:27

and I'll say hey to either all of social

play03:30

media or to specific members

play03:34

what can we do to get more

play03:38

Twitter followers

play03:39

which will help me increase my

play03:42

engagement organically

play03:44

just so they know exactly what I'm

play03:46

talking about I'm going to come here to

play03:47

The annotation icon

play03:49

and I'm going to take an image of this

play03:54

chart expanded

play03:58

and then I'm going to annotate it so

play04:00

that they can see exactly what it is

play04:02

that I'm seeing within my data

play04:06

and I can take additional screenshots of

play04:08

either the whole dashboard or more

play04:11

visualizations if I wanted to

play04:13

and now I'm going to send this out

play04:15

so right from looking at the question

play04:18

that I had to the insights that I gained

play04:21

right into a conversation that is

play04:24

bringing real-time analytics right to my

play04:27

team members I am now driving a

play04:29

data-driven conversation which will then

play04:32

drive into a data-driven decision

play04:34

so from here if we were doing spend on

play04:37

Twitter or something like that I can now

play04:40

come here to this

play04:43

um overflow menu

play04:44

and now I can create a task where we

play04:47

need to do follow me ads again for

play04:49

Twitter

play04:50

so I'll do launch

play04:54

follow

play04:55

me ads

play04:57

I'm gonna assign this to myself and I'm

play05:00

gonna make sure that I get this done

play05:02

tomorrow and I'll click create

play05:05

so now at the task level here for the

play05:09

follow me ads I have a task

play05:12

I have a link right to the dashboard a

play05:14

link right to the conversation that was

play05:16

going on in case I need to go back and

play05:18

reference everything and a really really

play05:20

nice flow of going from insights to

play05:23

conversation to action in a matter of

play05:25

clicks as you can see

play05:28

all right so now that you've seen some

play05:30

Flows In Action let's see how you and

play05:32

your organization can take the steps you

play05:34

need to achieve the same level of

play05:36

productivity that I just showed so we're

play05:38

going to go through the five steps to

play05:40

data-driven decision making

play05:43

so first create a company-wide policy

play05:46

for your data adopt a mindset embraced

play05:48

by company leadership and make it clear

play05:51

that data should back every decision in

play05:54

all apartments

play05:55

let your c-level team set aside time for

play05:58

learning new data skills and help your

play06:00

teams to do the same with high priority

play06:03

commit to a data-driven culture building

play06:05

a data-driven decision-making process

play06:07

involves long-term commitment from

play06:09

everybody in your company so make sure

play06:12

your data stays at the Forefront and

play06:14

invest in technologies that keep it ever

play06:16

present in your team's discussions tasks

play06:18

workspaces whatever it might be

play06:21

that'll help it be easily accessible for

play06:23

anybody in your organization to quickly

play06:26

Digest

play06:28

Choose Wisely what to measure if you

play06:30

measure the wrong key ppis you won't get

play06:32

the right answers measure and focus on

play06:35

the right data to set realistic goals

play06:37

and look at historical data to make sure

play06:39

that you're not repeating the same

play06:40

mistakes twice

play06:42

make it collaborative data should be

play06:44

accessible to everybody and you should

play06:47

be able to chat and have conversation

play06:50

all around it help your team to use data

play06:53

in context of their work following exact

play06:56

metrics that they need and allow

play06:58

everybody to align on those same goals

play07:01

choose the right technology

play07:04

try slingshot choose a tool that will

play07:06

help your organization with data-driven

play07:09

decision making and make everybody's

play07:10

life easier visualize the most important

play07:13

metrics share them with your teammates

play07:15

collaborate around them and decide on

play07:18

next steps all in the same place

play07:21

slingshot really is the all-in-one

play07:23

digital workplace that brings

play07:24

data-driven decision making to everybody

play07:27

in seconds connecting to data and

play07:30

building your business decisions all

play07:32

around insights has never been easier

play07:34

put data at the front and start today

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