There’s something exhilarating about catching a moment as it happens. It’s why we pull out our phones during concerts, why we stream breaking news instead of waiting for tomorrow’s paper, and why businesses that lean into real-time customer data are steadily outpacing those that don’t.
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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.