We write for Forbes about using data for business decisions

It should come as no surprise that we here at Rep Data prioritize data. That’s our business, but it’s interesting how many companies don’t. Our CEO, Patrick Stokes, touched on this in a recent article for Forbes entitled “Stop Making Assumptions: Using Data To Drive Your Business Decisions.”

According to an S&P Global Study, only 25% of enterprise businesses' decisions are data-driven. When you stop to think about the size of the global business pie, that’s a relatively small slice. The majority of them make determinations based on assumptions. Given that they live in a data-focused environment, they now have the luxury of removing emotional impediments and honing in on the raw numbers. 

Target audiences are constantly evolving. The speed of information today can change consumer sentiments in a heartbeat. Trying to keep up is a daunting task. There’s a chance that businesses will assume correctly based on customers’ past behavior, but without accurate, data-driven insights, they’re leaving too much to chance. 

A Hanover Research study found that “68% of companies that increased revenue over the last 12 months used market research to do so.” Having the power of accurate data in their back pocket cannot be ignored. If companies still make business decisions strictly from gut instinct, as the numbers show, they leave money on the table. 

Patrick points out that looking at sales figures, product reviews, and customer feedback data will help companies better understand what the market wants and understand the often uncertain landscape in which they operate. But it doesn’t end there. Delving deeper into targeted consumer insights from surveys, focus groups, and product testing will give them an even sturdier foundation for making business decisions. 

The article concludes, “A brand built on assumptions will be washed away by the flood of evolving consumer sentiment. There is a better way.” 

For the complete article, click here.