5 Facts You Need To Know About Data & Data-Driven Decision Making

Data-driven decision-making (DDDM) is the process of using insights drawn from data to aid the process of decision making in an organization.

In as early as 2016, a survey by PwC revealed that data-driven organizations are three times more likely to experience significant improvements in the decision-making process when compared to those that don’t. According to the same survey, data-driven decision making brings together the right combination of “mind and machine”.

If you haven’t yet embraced data in the way you should for decision making, here are some reasons why you should:

Every organization collects data in some way or the other

Believe it or not, your ops staff are spending 2-3 hours a day collecting data of some kind. In most cases, the data simply goes into a folder, for reporting or record-keeping. In fact, almost 54% of the data collected by a company goes “dark” or unused. Why not leverage it instead? By putting your data to work, you will be amazed at how much it can help you improve your operational efficiency and fuel your business growth!

Start with the data you are already collecting to use in decision making and you can gradually expand your databases depending on the need.

Data can help you make informed, unbiased decisions

Usually, the process of decision making is highly influenced by preconceived notions, suggestions of superiors, our own intuitions, and your team’s past experiences. While MIT and Harvard experts agree that intuition cannot be neglected altogether (for in some ways, even intuition is data-driven), relying on data means that your decision eliminates bias and is backed up by hard facts. Reducing the effect of bias in decision making can help you achieve up to 7% higher returns (McKinsey). Your only challenge here is to ensure that the data you collect is accurate and without errors – a problem that can be solved by using automation instead of manual methods.

As long as your data is authentic, you can be assured that it will make a difference to your bottom line.

Data helps you learn from the past and make predictions for the future

The power of data is that it can not only be used to study historical trends for decision making, but also to build futuristic predictions with the right tools. While it is true that we cannot foresee the future, it is possible to make near-perfect estimations using predictive and prescriptive analytics.

Leverage the right technology to auto-generate data-driven insights through easy-to-understand graphical representations in intuitive dashboards.

DDDM contributes to increased productivity and profitability

The Wall Street Journal records an MIT study that proved primarily data-driven benefited from 4% higher productivity as well as 6% higher profits. If you do not collect enough within your organization to use for decision making, opt for big data resources. According to studies by BARC, big data can help increase profit by 8–10% and ensure an overall cost reduction of up to 10%.

In short, the effectiveness of using data in decision making is time-tested and proven.

DDDM can be used to enhance multiple areas of your business

From zeroing in on cost-effective measures for different processes to identifying the right channels for marketing your new product with maximum ROI, and enhancing turnaround time for customer service – data-driven decision making can be utilized to improve all areas of your business.

We recommend that you begin with internal processes, such as reviewing employee productivity based on the number of working hours and then branch out to other areas gradually.

Getting Started with Data-driven Decision Making

  1. Find out what data you already collect, identify ways to incorporate it into your decision-making process
  2. Assess your data collection methods, improve it using automation technology to reduce time taken for collection, improve accuracy of data, and effectiveness of the overall process
  3. Use a data integration tool to bring all your collected data to one common platform in a readily usable format and maintain a master repository for east access
  4. Incorporate business intelligence and use intuitive dashboards to make data analysis and visualization a hassle-free step in the process.

At CloudNow, we offer automation, data integration, data analysis. intuitive dashboards and much more for data-driven decision making through a holistic Business Continuity and Operational Resilience (BCOR) solution. To make the most of your data today, get in touch with us now!

Password Spray Attacks: What Are They & How To Avoid Them?

Ever wondered why organizations emphasize the importance of setting a complicated password as opposed to something convenient like ‘password123’? In today’s world, hackers are getting creative with their cybersecurity attacks. One type of attack that has gained a lot of traction in the past year is ‘password spraying’ – a type of brute force attack in the cybersecurity realm that goes beyond the traditional forms of hacking into an account. 

Picture this – in the past, hackers would attempt to gain unauthorized access to a single account by constantly guessing the password in a short period of time. But with organizations bringing measures such as locking an account when three or more attempts have been made, the user gets notified about any attempted security breach.  Continue reading Password Spray Attacks: What Are They & How To Avoid Them?

Can IAM Improve User Experience and Efficiency on the Cloud?

When an enterprise migrates to the cloud, it essentially opens the doors to a range of new possibilities for its business to flourish. When cloud capabilities are utilized to their full potential, several aspects of management are largely simplified, various processes integrated, and employees empowered to focus on their core roles.

However, many of these benefits to efficiency and convenience are often rendered ineffective by the roadblocks that tight security systems bring into the mix. That is why it is important to take into account the impact of your user, data and application security set up on user experience across your environment.

Continue reading Can IAM Improve User Experience and Efficiency on the Cloud?

Cybersecurity Trends 2020: What’s in Store

The year 2019 has been a significant one in the technology world, with several high profile cases grabbing headlines. In fact, according to a recent article by DataQuest India, there were at least four areas of interest which were highlighted this year – Remote Desktop Protocol (RDP) threats, showstopper vulnerabilities like in the case of URGENT/11, speculative execution vulnerabilities such as Meltdown and Spectre, and finally the many ransomware attacks. 

As we move on to a whole new decade, it’s important to take stock of what the past decade has taught us and what the future has in store. In the cybersecurity world, experts bear past experiences in mind and routinely predict a number of innovative techniques that could be used to infiltrate security systems. Each year, different methods and new approaches are introduced or discussed, touching upon all those concerns about data protection and the challenges ahead.  Continue reading Cybersecurity Trends 2020: What’s in Store

Understanding Offensive Security

Approximately two billion records were stolen between July and October 2019. That’s just in one quarter of a year! This is several times more than what was stolen last year – half a billion records. Even as organizations continue to invent new technology and pump in more and more funds (an estimated $124 billion in 2019) to secure data, the number of breaches also continues to rise – at an alarming rate!

It’s becoming evident that cybersecurity software solutions alone are not enough anymore. There is an urgent need to train employees and bring in experts who can close the loopholes left by software solutions. Therein arises the concept of offensive security. Continue reading Understanding Offensive Security

Navigating the World of Data Security in the Cloud: Steps to Ensure Compliance

Compliance ensures that an enterprise maintains a minimum standard of security-related requirements in accordance with industry and regulatory standards. Its scope, however, goes beyond having regulations in place, to successfully implementing policies and contracts.

As security breaches, fraud, and theft of data are becoming increasingly widespread in the IT world, industry guidelines for compliance have become more complex, and enterprise policies more elaborate. Adding to the difficulty of achieving security compliance is the limited functionality of network security tools in dealing with the dynamic nature of the cloud. Continue reading Navigating the World of Data Security in the Cloud: Steps to Ensure Compliance

Access Management Across Different Devices and Browsers

In today’s technology ecosystem, a strong foundation for authorization plays an important role in the overall data security of a company. Controlling each user’s access to data, and monitoring this across devices and browsers is essential to your enterprise’s security. 

Implementing a strong device policy is an integral aspect of data security

With a strong device policy in place, it is possible to exercise highly granular control over which of the company’s applications, information, and data your employees can access– through the company’s devices, as well as through their personal devices. Continue reading Access Management Across Different Devices and Browsers

5 Identity Governance & Administration Mistakes You Should Avoid

Identity governance and administration (IGA) is the policy-based implementation of user identity and access to ensure security and compliance across the IT environment. In IGA, the first step is to remain aware of risks and then follow the best possible practices to mitigate them by improving visibility and accountability. Continue reading 5 Identity Governance & Administration Mistakes You Should Avoid

Exploring the Difference Between Identity Management and Access Management

Only a small percentage of people across industries understand the difference between Identity Management and Access Management. The two concepts are certainly related and intricately interwoven, but they are still distinct in meaning and function. 
Continue reading Exploring the Difference Between Identity Management and Access Management