Report written by Marina Ghazaryan.
Data-driven decision-making is the process of making organizational and strategic decisions based on actual objective data instead of on intuition or observations. Today, every company in every industry aims to minimize the likelihood of business decisions going awry. Data is usually the answer.
Before making inferences from the available data, it is important to go through the process of identifying and amassing core information about the company’s industry, its competitive landscape, and its customers. Simply put, the more a company knows, the more accurate the decision can be.
It is also important to compile and coordinate all data sources. Data analysts typically perform their work following the ‘80/20 rule’, which means that they spend 80 percent of their time cleaning and organizing data, and the remaining 20 percent performing the actual analyses. Having clean and orderly information is essential. Generally speaking, data cleaning is the process of preparing raw data for analysis by removing data that is incorrect, incomplete, or irrelevant.
The next step after cleaning the data is analyzing the information using various statistical models. Here, the data analyst can start to build models to test the available data and attempt to find initial answers to the business questions identified earlier in the process. Testing the different models (linear regressions, decision trees, random forest modeling, and so on) can help the analyst to determine which method is best suited to the data set. It is also important to decide on the best way to present the information, ideally in an effective, and often visual, way.
Data analysts use these three common ways to present the information:
And finally, the cycle comes to an end with a conclusion stage, which is aimed at supporting the stakeholders throughout their deliberation and decision-making process. The more the findings are presented in an understandable manner the better the chances of successfully propelling the company’s strategy onward.
Pleo is a European fintech company specializing in expense and spend management solutions. It empowers employees to make work-related purchases while ensuring that their companies maintain control over all spending. Using breakthrough technology and commercial cards, Pleo eliminates the need for expense reports, reduces administrative complexity, and simplifies bookkeeping. The company serves clients in 16 locales across Europe and operates in 11 languages, thanks to its localization team.As a European fintech company that specializes in expense and spend management solutions, Pleo empowers employees to purchase the things they need for work while ensuring that their companies maintain full control over all spending. With the help of breakthrough technology and commercial cards, Pleo eliminates expense reports, reduces administrative complexity, and simplifies bookkeeping. With a presence throughout Europe, the company serves clients in 11 languages across 16 locales thanks to its localization team.
Based on data Nimdzi has collected around the translation management systems (TMS) market over the past decade, we have compiled the first public version of our TMS Compass. We have supplemented the data with the cumulative knowledge and experience of our experts who work with a variety of TMS products on a daily basis.
Deliveroo is a British online food delivery company founded in 2013. Today, Deliveroo operates a hyperlocal three-sided marketplace, connecting local consumers, restaurants and grocers, and riders to fulfill a mission-critical, emotional purchase in under 30 minutes. By offering fast and reliable delivery which consumers can track online, Deliveroo has grown rapidly. Deliveroo now operates in 10 markets worldwide: the United Kingdom, France, Belgium, Ireland, Italy, Singapore, Hong Kong, the United Arab Emirates, Kuwait, and Qatar, working with thousands of restaurants and grocers, thousands of riders, and serving millions of consumers.
Ørsted is a Danish multinational power company which is headquartered in Fredericia, Denmark. It’s the largest energy company in Denmark and the world's largest developer of offshore wind power. Aside from wind farms, the company develops, constructs, and operates solar farms, energy storage facilities, renewable hydrogen, green fuels facilities, and bioenergy plants. Ørsted produces 90% of its energy from renewable sources and has plans to increase this to 99% by 2025. The company is considered a global leader in climate action and was the first energy company in the world to have its science-based net-zero emissions target validated by the Science Based Targets initiative (SBTi).