Data-Driven Decision Making for Modern Businesses
Topic - 3 What Types of Data Should Businesses Track? Understanding the Key Data Businesses Need for Better Decisions Modern businesses generate data from customers, sales, marketing, finance, operations, and employees. Tracking the right data helps businesses understand performance, identify opportunities, and make better decisions. Businesses do not need to track everything. They should focus on data that is relevant to their goals and can support meaningful business decisions. Why Businesses Should Track Data The right data can help businesses: Understand customer behavior. Measure business performance. Improve marketing and sales. Control costs. Improve operations. Identify risks and opportunities. Key Types of Data Businesses Should Track 1. Customer Data Customer data helps businesses understand their customers and their needs. Businesses can track: Customer preferences. Purchase history. Customer feedback. Customer satisfaction. Customer retention. 2. Sales Data Sales data helps...