By Advisor Aktham Fayoumi
Just as the invention of the microscope allowed humanity to explore entirely new worlds previously invisible to the naked eye,
it’s important to recognize that this innovation was preceded by a revolution in measurement and data collection.
In fact, nearly every major human revolution has begun with data collection and analysis aimed at improving decision-making and enhancing organizational productivity.
Today, individual and societal patterns can be measured with unprecedented ease and accuracy.
For instance, clickstream data allows for digital tracking of customer actions, generating vast amounts of information through email usage,
mobile devices, online transactions, and various other activities.
However, raw data in itself holds no intrinsic value unless it is organized, analyzed, and utilized as a basis for both strategic and operational decision-making.
This is where data becomes a critical asset for businesses, enabling them to remain competitive and secure a larger market share.
Organizations must strive to identify internal practices that could boost productivity and clearly demonstrate how data-driven decision-making improves performance.
It is also essential to ensure that business practices are consistently aligned across different departments and units.
Nevertheless, more data does not always mean better decisions—especially when information processing becomes too costly or time-consuming.
In such cases, we risk destroying the value of the information we’ve invested so much to acquire.
With the help of information technology, companies can now disseminate insights gleaned from production processes,
consumer behavior, suppliers, partners, and competitors more efficiently.
This makes valuable knowledge accessible to mid-level and senior managers, who can then process and validate it before using it to guide the activities of various departments and inform strategic decisions.
Therefore, it is vital for organizations to empower all departments to collect, process, and connect data with decision-makers.
Today, many successful companies increase profits by relying on decisions driven by a continuous flow of information and insight.
This underscores the effectiveness of data collection and analysis in building knowledge,
supporting decision-makers, achieving a competitive advantage, boosting productivity, reducing errors, improving customer satisfaction and loyalty, and forging strategic partnerships.
