decision making

Decisions, decisions – which is best for your profits, gut feeling or data?

Posted on September 26th, by Helen in business advice. Comments Off

Every company wants to make more profits right? And to do that you have to take the right decisions.

Companies that rely heavily on data are far more likely to report significant improvement to profits when making important business decisions, but only one in three managers says his or her company is highly data-driven.

A recent global survey by the Economist Intelligence Unit and PwC has shown that more big decisions are based on gut feeling or the advice of others than are made based on data.

And these are not just occasional decisions, they are happening as frequently as every 3 months.

Although just 32% would describe decision making as data driven, the research has found that companies that use data are three times more likely to report solid improvement than those who don’t.

The main obstacle to making use of data is the … Read More »