BHM can use historical data to formulate business decisions and strategies
Scenario
You have just started your management consulting firm and have signed your first major client, BHM Marketing, which specializes in small business advertising. The client has seen exponential growth with their business over the past three years and would like to start using historical data from their client engagements to develop a playbook for future business processes. The owner has tasked you with creating an Executive Report for their playbook highlighting some of the best practices in data-driven decision-making.
Instructions
The executive report should contain a synopsis of how BHM can use historical data to formulate business decisions and strategies. You will want to highlight the best practices in using data related to how BHM can:
Assess business decisions to support organizational effectiveness
Prioritize data-driven decisions based on available resources
Determine data-based business strategies
Your executive report should:
Introduce data-driven decision-making
Explain how BHM can use prioritization in decision-making
Explain how BHM can use historical data to make decisions
Recommend at least three data-based business strategies that could benefit BHM
Provide attribution for credible sources
Congratulations on your new client! Here are some best practices in data-driven decision-making that can help BHM Marketing develop a playbook for future business processes:
1. Know your end game: If you don’t know your destination, how can you get there?
2. Coordinate among teams: Ensure that everyone is working towards the same goal and has access to the same data.
3. Democratize the process: Make sure that everyone in the organization has access to data and can use it to make decisions.
4. Clean and organize your data: Ensure that your data is accurate and up-to-date.
5. Find the data needed to solve these questions: Identify the data that is needed to answer specific questions.
6. Perform basic statistical analysis: Use statistical analysis to identify patterns and trends in your data.
7. Draw conclusions: Use your analysis to draw conclusions about what is happening in your business.
8. Present the data in a meaningful way: Use visualizations and other tools to present your findings in a way that is easy to understand.
To introduce data-driven decision-making, you can start by explaining how it can help BHM Marketing assess business decisions to support organizational effectiveness, prioritize data-driven decisions based on available resources, and determine data-based business strategies.
To use prioritization in decision-making, BHM Marketing can start by identifying which decisions are most important and then prioritizing them based on available resources.
To use historical data to make decisions, BHM Marketing can start by collecting and analyzing data from past client engagements. This will help them identify patterns and trends that can be used to inform future business decisions.
Here are three data-based business strategies that could benefit BHM Marketing:
1. Use customer data to identify new opportunities for growth.
2. Use historical sales data to forecast future sales.
3. Use website analytics to optimize online advertising campaigns.
Finally, it's important to provide attribution for credible sources. Here's one source I found helpful:
- Data-Driven Decision Making: Top 9 Best Practices | Datamation