Data-Driven Business Models

A data-driven business uses data to drive business decisions and processes.

A data-driven business model is one in which the business is structured around data and changes prices, costs, and responsibilities according to the incoming data.

Many companies already use some data to drive decision making but a data-driven business takes it to the next level and uses it for strategic decisions.

The benefit of a data-driven business model is that it brings greater productivity.

It can decrease costs.

It can speed up decision-making. 

It can create better products and services.

It can increase revenue through new sources of income.

To implement a data-driven business start with a strategy about how data can drive the business.

Identify the key data sets needed.

Implement an analysis of the data to make the incoming data useful for decision-making.

Install a process for using the data in the actual decision-making program.

There are limits to data-driven decision-making as the complexity of business often requires more than just a data set to determine the next steps.

 

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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.