{"id":920,"date":"2021-03-05T12:48:41","date_gmt":"2021-03-05T11:48:41","guid":{"rendered":"http:\/\/matchplat.local\/the-use-of-data-in-business-decision-making-processes\/"},"modified":"2021-03-05T12:48:41","modified_gmt":"2021-03-05T11:48:41","slug":"the-use-of-data-in-business-decision-making-processes","status":"publish","type":"post","link":"https:\/\/www.matchplat.com\/en\/the-use-of-data-in-business-decision-making-processes\/","title":{"rendered":"The use of data in business decision-making processes"},"content":{"rendered":"

Data is the new oil<\/strong>: yes, we’ve all heard that statement (and perhaps you have too at times). And similarly, we have heard that the use of data<\/strong> is now essential for businesses.<\/p>\n

But what does that mean?<\/p>\n

Let’s start with a bit of history: the first oil well was drilled in Pennsylvania in 1859. Within a few years, the first oil company, Rockefeller’s Standard Oil<\/strong>, was born, destined to become an industrial giant: the name ESSO should suggest something to you.<\/p>\n

\"Impianto<\/p>\n

The number of wells increased rapidly, but so did the value of black gold<\/strong>: the real economic fuel<\/strong> of the 20th century, capable of accelerating the growth of entire nations and changing their destiny forever.<\/p>\n

A reality made possible by the use of extraction and refining technologies, capable of transforming an oily mixture into an almost infinite number of products<\/strong> that are now the basis of our lives.<\/p>\n

What does this mean?<\/p>\n

That it is our ability to transform<\/strong> our environment that generates value.<\/p>\n

Italy is a country that has made the processing industry – manufacturing<\/strong> – a strong point and a source of pride. We are the seventh-largest manufacturing power in the world and the second-largest in Europe: a supremacy achieved thanks to entrepreneurs who have invested time and resources to create excellence that today makes us leaders in machinery<\/a>, furniture<\/a> and many other industries.<\/p>\n

We live in a culture profoundly linked to transformation. Why not apply this principle to decision-making<\/strong>? Dealing with data to obtain information, using it as the basis for your strategies: a transformative approach that also touches the immaterial<\/strong>.<\/p>\n

We are looking at companies that can be considered the “ESSOs of data”: think for a second about the Big Techs<\/strong> that have emerged on the world stage. And yet, many companies<\/a> are still wary or unprepared on this issue. In Italy, for example, just over 10% of SMEs<\/a> use Big Data analytics systems<\/strong> in their operations.<\/p>\n

The reason for this diffidence?<\/p>\n

A cultural and training gap: the technological transformation<\/strong> in the last thirty years has run fast, with an acceleration more and more decisive in recent times. Let’s just think about data for a moment: every day, according to calculations, we produce over 2.5 quintillion bytes<\/strong>.<\/p>\n

Small note: if you have no idea how much that is, one quintillion<\/strong> is equivalent to a thousand quadrillion<\/strong>.<\/p>\n

Numbers that are hard to imagine but which have an extraordinary power: that of becoming information capable of translating into a competitive advantage<\/strong>. For companies, data can replace the expectations and perceptions we rely on. Our sensitivity as managers and entrepreneurs is essential, but with a compass<\/strong> to guide it, it can become an even more effective tool.<\/p>\n

\"L'uso<\/p>\n

The use of data can be that compass. The reason?<\/p>\n

Because data is quantifiable<\/strong>: it can be identified and measured objectively. And anything that is measurable<\/strong> can be controlled<\/strong> more easily.<\/p>\n

A rule that is especially true in business: it is only through reliable information that we can control randomness. This sounds like an oxymoron, but it is not, and a few concrete examples are enough to understand this:<\/p>\n