News Blog

12 Feb 2018 | Filed under: Cost Management | Tagged: ,

Are you using evidence based management in your business decisions?

Research suggests that companies using evidence based decision making perform better both financially and operationally. This is a clear wake up call that you should be using data to back up management decisions in your organisation.

The reality is that although 85% of business executives claim to understand that evidence based decision making is a powerful tool for business growth, retention of customers and forward planning, only 7% are actually using the information effectively.

How to make evidence based decision making work for you.

Whilst you may be open minded with regard to using evidence to inform your business decisions, if you are not using the data effectively then it won’t necessarily confer the benefits that you might expect.

  • In order to make positive change you need accurate, high quality data so be prudent about your source.
  • Install easy processes for analysing data to work out how you can make it work for your business, in a straightforward way.
  • Employ the correct technology and tools to enable employees to access and utilise the data easily when making management decisions. If the process is complex and time consuming, they are less likely to engage with it.
  • Provide training to empower staff. Show people where to access the evidence and what the data means.
  • Work to create a cultural shift towards data usage instead of making decisions based on past experience and a hunch.

The key to success is making the data relevant to your organisation and presenting it in an easy to access and easy to use way.

If you’re ready to take the next step in exploring the potential for your business? Then contact me and we can talk.

Paul Strachan M. 07793 447961 T. 01307 460667 E. paul.strachan@auditel.co.uk

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