Data-Driven Decision-Making Fuels Businesses Growth, Expert Says

While making strategic business choices may be challenging for some companies, Principal Technology Analyst Dr. Matthew Dyson of IDTechEx believes data-driven decision-making is the key to business growth.

“[It] means basing your decisions on more than intuition, instead drawing on well-organized, reliable information,” he told Spotlight.

For the expert tech analyst, both qualitative and quantitative information is valuable, and collecting data and actionable insights are also crucial in optimizing operations.

“While quantitative data is easier to present and analyze, nuanced insight not apparent from the numbers can often be gleaned from an interview with an industry professional,” he added.

Aside from data-driven decision-making, sustainability has also been an integral part of the process of fueling business growth. Dyson shared that one of the main challenges with manufacturing sustainable electronics is how the electronics industry remains traditional, upholding outdated processes “from a time when sustainability was not a concern.”

“Such an established and traditional industry is understandably reluctant to make sudden changes because these can bring high capital costs, the need to re-optimize each process and a degree of risk. It is therefore very important that any new sustainable process be as compatible as possible with existing production methods or present such a clear economic advantage that is worth the effort to overhaul convention,” he explained.

Despite this, Dyson remained optimistic about the positive shift in the electronics industry, as companies are more incentivized to adopt new methods.

Some of these incentives include increased funding and investment opportunities, as well as improved public perception. “There are also legislative policies driving change, particularly within the EU where environmental policies are becoming stricter,” Dyson added.