Making Data-Driven Decisions: A Proven Guide for Success

0:00foreign we will be getting started so uh hello

0:07my name is Kapil guy and I am a

0:13sorry about that um hello everyone my name is Kapil guy and I'm a senior manager of membership

0:19engagement at the Toronto trade today we will be hosting a workshop with our member cubular cubular Works to

0:26facilitate SME expansion by giving owners and Executives access to the collective power of their local and

0:33Global community Through the Kubler business Hub Hub TM smes have a

0:39dedicated space to make valuable connections grow their visibility gain powerful insights and obtain financing

0:45to expand their opportunity today Kubler will be hosting a workshop on making data-driven decisions a proven

0:53guide for success from the Kubler team today we have Erica who will be speaking with you all today and please note that today's session

0:59will be recorded I will pass it over to Erica and she will take you from there thank you

1:06I just want to make a payment for a specific account please which is not mine

1:14good morning everyone I have the phone number and the credit card that's it

1:19sorry about that I'm just gonna be uh sorry Erica I'm just gonna be please yes

1:259.3 7735

1:35all right I just want to make sure everyone can hear me uh so welcome good morning and

1:42thank you for joining us today uh Kapil thank you so much for the introduction

1:48um as he mentioned I'm Erica hild I am a channel partner manager at the Keebler

1:53business app um I'm just first and foremost wanted to also thank the Toronto Regional Board of

1:59Trade and Capel as well to help organize the presentation of this webinar um I'm quite excited to have you guys

2:06all join me I hope I'm able to provide you guys with some great content I'd

2:11also like to thank our team here at the Keeler business Hub um we work closely together across

2:18various departments and I'm thankful that everyone was able to entrust me with opportunity to present all of this

2:24information to you guys um I'll do my best to keep it as interesting and engaging as possible but

2:31I believe the content speak for itself um we'll have various parts throughout the day including a little bit of a

2:37break with a video presentation because I know sometimes it's nice to kind of shake things up and have a different way of things being presented so I hope that

2:45I can reach everyone on the various ways of learning and we'll also have a q a session at the end

2:51uh Kapil will be helping me with this so I would ask as you have questions arise if you could put it in the chat and then

2:57once we get to that section I'll do my best to answer all of them either in real time or get back to you immediately

3:03in the week or next week with answers or not so without further Ado I'm just going to

3:12stop sharing my videos so we can all focus on the presentation and take you through data-driven decision making

3:32so once again Welcome to our webinar on making data-driven decisions approving guide for success

3:38in this age of abundance information even small and medium-sized businesses can benefit tremendously from leveraging

3:45data to drive their growth and success we recognized that in today's rapidly evolving digital landscape it's not just

3:52large corporations that can benefit from powerful Data Insights smes like yours play a vital role in our

3:58economy and can Thrive by leveraging data to make accurate and informed decisions today we'll focus on the

4:04essential principles of effective data-driven decision-making our goal is to empower you with

4:10knowledge tools and confidence you need to harness the power of data thank you

4:15for joining us online and now let's unlock the true potential data for your flourishing business

4:24today we'll explore the ins and outs of data-driven decision making highlight its benefits delve into the best

4:31practices examine real-life cases and identify pitfalls you should avoid

4:37by the time we wrap up and engage in our q a session you'll be equipped with valuable insights empowering you to make

4:43more informed decisions and drive the success of your business let's begin

4:52in today's increasingly competitive landscape utilizing data-driven decision making is non-negotiable for ongoing

5:00success in other words it's critical to your business data-driven decision making often

5:07abbreviated to dddm is a systematic approach that focuses on using data to

5:13analyze inform and support the decision-making process in your business by embracing this methodology you can

5:20one gain a deeper understanding of your business operations and customer needs

5:26two identify Trends and patterns that help you make smarter more strategic

5:31decisions and three address potential issues and seize emerging opportunities more

5:37effectively implementing this approach can help your business stay ahead of the curve

5:42continuously evolving and adapting to new challenges and demands

5:47data-driven decision making as a result is a crucial tool for your business it can help you achieve better results

5:54and drive growth

6:00so what's data-driven decision making exactly to answer this question let's

6:06look at data-driven decision making versus intuition driven decision making

6:12first let's define data-driven decision making as an approach for decisions are based on facts evidence and Analysis

6:21this method prioritizes risk informed and directed decision strategies emphasizing the importance of calculated

6:28choices in contrast intuition-driven decision-making relies on gut feelings

6:34best guesses in previous experiences this approach is inheritively risky as

6:41it often leads to corrective decisions made after the fact without a strong Foundation of evidence

6:46to support them it's important to know that both methods draw an experience

6:52yet data-driven decision-making set itself apart by testing choices and incorporating factual evidence

7:00this key difference makes data-driven decision-making far more grounded and reliable as it moves Beyond speculation

7:09adopting data-driven decision making can lead to increased accuracy more informed

7:15decisions and reduced risk ultimately proving to be more strategic and

7:20objective approach to problem solving

7:28why do you need to make data-driven decisions for starters because we live in a world where the sheer volume of

7:35information at our fingertips grows every passing moment leveraging data to make important

7:42business decisions has many benefits when we make data-driven decisions we

7:47significantly improve decision making accuracy our choices are backed by concrete trends patterns and evidence

7:55leading to well-informed strategic steps to achieve our goals moreover data-driven decisions enhance

8:03efficiency and productivity instead of relying on guesswork or

8:09intuition we can focus our efforts directly where they matter the most leading to a more productive and

8:16streamlined Workforce that's not all by tapping into insights that data

8:22provides we can identify potential risks and manage costs more effectively

8:28this proactive approach minimizes waste ensuring resources are allocated optimally and enabling us to navigate

8:36challenging Landscapes with confidence and let's not forget the impact of our

8:41customer satisfaction when we use data to better understand customer needs and preferences we can

8:48share our products and services more closely to what they truly value the result is a customer-centric

8:54approach that Fosters loyalty and sets the stage for long-term growth

9:01ultimately embracing the use of data and our decision-making process yields a competitive advantage that's occurs a

9:09successful and prosperous future

9:16so quickly we'll just take a look at two big businesses that I believe everyone is quite familiar with both Amazon and

9:25Netflix so they do leverage their data quite effectively to ensure that they

9:31customize an approach to each customer there's various things that they track

9:36and how they use it so I do invite you to take a quick and in-depth look at our

9:41wonderful animations here or Graphics that do great Justice to how they use

9:46their data so essentially big companies have been using data for years to gain a

9:52Competitive Edge with more readily accessible data analytic tools now on the market the playing field is leveling

10:00off and smes are getting into the game big companies like Netflix and Amazon use Big Data effectively by collecting

10:07analyzing and interpreting vast amounts of data to gain insights into customer Behavior preferences and trends

10:16big companies use this information to personalize recommendations and create targeted marketing campaigns resulting

10:23in improved customer experiences and increased sales additionally

10:30they use data to optimize operations such as improving Supply Chain management and enhancing product

10:36development the lesson here by leveraging Big Data big companies

10:42have been able to stay ahead of the competition and Achieve remarkable success in their respective Industries

10:48now it's your turn

10:56to effectively Implement data driven decision making it's important to follow

11:01certain best practices here we'll quickly go over each one and

11:07then we'll dial in much more in depth to each one in subsequent slides so one Define goals

11:15defining clear and measurable goals is the first step goals should be specific

11:21measurable achievable relevant and time-bound or if you love a good

11:27abbreviation smart two choose metrics

11:32choosing the right metrics is critical metrics should be aligned with the defined goals relevant to the business

11:39and easily measurable three gather data

11:44once the goals and metrics have been established data should be gathered from relevant sources this can include

11:51internal and external sources such as surveys customer feedback sales data and

11:57Industry reports four analyze your data the data sheet then be analyzed to gain

12:03insights into the business performance various analytical methods can be used

12:09such as regression analysis correlation analysis and Trend analysis

12:15facts visualize data visualizing the data can make it easier to understand

12:21and interpret graphs charts and other visualization tools can be used to

12:26present the data in a clear and concise manner six

12:31decisions based on the analysis and visualization of the data decisions can be made to

12:38improve the business performance these decisions should be data driven and aligned with the defined goals

12:45and lastly lucky number seven present data finally the results of the data-driven

12:52decision-making process should be presented to stakeholders and other decision makers in the clear and concise

12:58manner this can include visualizations reports and presentations

13:05now we'll go into each step in a little more detail

13:12defining your goals is a crucial step in achieving success in any business venture

13:19here we will explore the best practices for defining your goals the first step in defining your goals is

13:26to clearly Define the problem or question you're trying to answer this will help you stay focused on the

13:32end goal and ensure that you are not sidetracked by irrelevant information

13:38next identify the key goals you want to achieve these goals should be specific

13:44measurable achievable relevant and time-bound once again one of my

13:50favorites smart this will help you stay on track and ensure that you're making progress

13:56towards your overall objective it is important to ensure that your goals are aligned with your overall

14:02business strategy this will help you stay focused on the big picture and ensure that you're

14:08moving in the right direction for example if your business strategy is

14:13to increase Revenue by 20 your goal might be to increase sales by 15 and reduce costs by five

14:22which we all know your CFO will love this will ensure that you're aligned

14:27with your business strategy and focused on achieving your overall objective by clearly defining the problem or

14:34question identifying key goals and aligning those goals with your overall business

14:40strategy you can ensure that you're making progress towards your objectives and achieving success

14:51choosing the right metrics is critical to ensure that you are measuring the right things in your business

14:57here we'll discuss the best practices for choosing the right mattress

15:03the first step in choosing the right metrics is to ensure that they are aligned with your goals

15:09this will help you to measure progress towards achieving your objectives and ensure that you're on track

15:15the metrics you choose should be measurable and actionable this will help you make data-driven

15:22decisions that will have real impact on your business if the metrics are not measurable or

15:28actionable you will not be able to make meaningful changes to your business

15:34then emetrics don't provide meaningful insights into your business for example social media likes or page

15:41views might be impressive numbers but they don't necessarily translate into real business success

15:48avoiding vanity metrics will help you focus on metrics that truly matter to your business

15:54for example if your goal is to increase customer retention you might choose metrics such

16:01as customer lifetime value churn rate or repeat purchase rate

16:06these metrics are measurable and actionable and will provide meaningful insights into your progress towards

16:13achieving your goal by aligning your metrics with your goals ensuring they are measurable and

16:21actionable and avoiding vanity metrics you can make data-driven decisions that

16:26will have a real impact on your business success questions

16:34Gathering data from reliable sources is critical to ensuring that the insights

16:39you gain from your data are accurate and reliable here we will discuss the best

16:45practices for Gathering data from reliable sources

16:51the first step in gathering reliable data is to use trustworthy data sources

16:57these sources can include your own internal data data from third-party

17:02products or public data sources

17:10it's important to make sure that the data you use is reputable and trustworthy to ensure actors

17:16using a variety of data sources can help you gain more insight into your business

17:21and customers by combining internal data with external data sources you can get a more complete

17:28picture of your business and customers this can include data from social media

17:34customer surveys or industry reports ensuring that your data is up to date

17:41and relevant to your goals is critical to making informed decisions outdated data can lead to inaccurate

17:48insights while irrelevant data can lead to wasted time and resources

17:53make sure you are regularly updating your data sources and that they're aligned with your current business goals

17:59for example if you're a retail business looking to improve your customer experience you might use data from

18:06customer feedback surveys social media sentiment analysis and point of sale data to be insight into

18:13your customers needs and preferences by combining these data sources you can

18:20get a more complete picture of your customers experience by using trustworthy data sources a

18:26variety of data sources and ensuring that your data is up to date and relevant you can make data-driven

18:32decisions that will have a real impact on your business success

18:46analyzing the data is a crucial step in the data-driven decision-making process

18:52here we'll discuss the best practices for analyzing data to uncover patterns

18:58Trends and insights that can inform strategic decision making

19:04statistical analysis is a powerful tool for identifying patterns Trends and

19:09insights in your data techniques such as regression analysis correlation analysis and hypothesis

19:18testing can help you understand the relationships between variables and make

19:23informed decisions based on the data data modeling is another technique that

19:28can help you create predictive models and identify causal relationships in

19:33your data by building models based on historical data You can predict future outcomes and

19:41make decisions that are grounded machine learning is a subset of

19:46artificial intelligence that can be used to automate the analysis process and uncover new insights in your data

19:54techniques such as clustering classification and regression can help

19:59you to identify patterns that might be difficult or impossible to detect with traditional statistical analysis

20:07for example a healthcare provider might use machine learn to analyze patient

20:12data to identify risk factors for certain conditions by using machine learning algorithms

20:19they can automate the analysis process and uncover new insights that might have

20:24been missed with traditional statistical analysis by using statistical analysis data

20:31normally and machine learning you can achieve better outcomes and gain a competitive advantage in your industry

20:44visualizing data is a crucial step in the data-driven decision-making process

20:50here we will discuss the best practices for visualizing data to communicate

20:55insights in a clear and compelling way data visualization is a powerful tool

21:02for communicating insights in a clear and compelling way by presenting data in a visual format

21:09you can help decision makers understand complex data and make informed decisions

21:15choosing the right visualization is crucial to support your goals and insights

21:21different types of visualizations such as bar charts line charts and Scatter

21:27Plots are better suited for different types of data and insights choose the visualization that best

21:33supports your message interactive visualizations can take data

21:39communication to the next level by allowing users to interact with data you can provide a more engaging and

21:46immersive experience interactive visualizations can also help users to explore the data and gain

21:53deeper insights for example a retail company might use a

22:00heat map to visualize sales data the heat map would show the geographic distribution of sales and highlight

22:07areas with the height sales this would help decision makers to identify opportunities for expansion and

22:15improve their overall sales strategy by presenting data in visual format you

22:21can help decision makers understand complex data and make informed decisions to drive business success

22:35making data-driven decisions is crucial to achieve success and remaining

22:40competitive in today's business environment here we'll discuss the best practices

22:46for making data-driven decisions to make data-driven decisions companies

22:52must use analytics to inform and support their decision-making processes

22:57by analyzing data companies can identify patterns Trends and insights that help

23:04make them better decisions remember that data-driven decisions require a combination of data analysis

23:13visualization and communication by presenting data in a clear and

23:19compelling way companies can help decision makers understand the complex data and make informed decisions

23:26by using data to inform decision making companies can reduce costs increase

23:32efficiency and improve their overall performance data-driven decisions also help

23:39companies to stay competitive in a rapidly changing business environment

23:47for example a Healthcare Company might use data-driven decision making to improve

23:53patient outcomes by analyzing patient data the company could identify Trends and patterns that

24:01help them develop better treatment plans and improve patient outcomes

24:11in today's data-driven world presenting data effectively is critical to delivering impactful insights and

24:18driving meaningful change to do this we must use storytelling techniques to create compelling

24:24narratives that resonate with your audience by crafting the story around your daddy

24:29we can turn it into a powerful tool that captivates and motivates our stakeholders to further enhance the

24:36effectiveness of our data presentation we need to use visual aids to convey complex information in an easily

24:44digestible format visuals such as graphs charts and diagrams help to bring data to life and

24:51provide a clear picture of our insights they enable us to communicate our things

24:57more efficiently making it easier for our audience to understand and act on the information presented

25:05it's also essential to tailor our message to our audience and news language that is appropriate for their

25:10level of understanding our goal here is to make the data accessible and meaningful which requires

25:18us to present it in a way that resonates with our stakeholders this means that we need to understand

25:23their needs preferences and level of expertise to deliver insights that drive

25:29impact by doing this we can turn data into a powerful tool that drives meaningful

25:36change and helps us achieve our goals

25:46what's getting between you and data-driven decision making if your company is like many smes out

25:53there there are several obstacles that prevent you from taking full advantage of data-driven decision making

25:59obstacles that you need to overcome now to survive in our digital first world

26:06first lack of resources many smes may not have the necessary

26:11resources Financial technological or human to collect

26:17analyze and interpret the data next lack of expertise

26:24smes may not have the necessary expertise or knowledge to effectively

26:29analyze and interpret data this can include technical skills in data

26:34analysis and data management as well as knowledge of statistical and mathematical methods

26:41third perception of data is unnecessary

26:47some smes may not see the value in collecting and analyzing data and may

26:52instead rely on their own Intuition or experience to make decisions for

26:59fear of data complexity the complexity of data analysis and management can be overwhelming for smes

27:07especially if they're not familiar with data analytical tools and techniques

27:14lack of data literacy even if smes have access to data and

27:20analytic tools employees May lack the necessary data literacy skills to understand and interpret the results

27:27last which is also quite been quite a recurring theme this past year is a

27:34privacy and security concerns smes may be hesitant to collect and

27:39store sensitive data due to concerns about privacy and security

27:45overall the key to successfully leveraging data for decision making in smes is to overcome these challenges by

27:53providing the necessary resource expertise and training to build a

27:59culture of data-driven decision-making that's where the Keebler business hub

28:12the Kubler business Hub offers you the easiest way to use big data in a big way

28:17getting you started with leading ai-powered business insights analytics

28:22advertising networking and financing Solutions the Keebler business lab was created

28:28based on the fundamental belief that data Ai and analytics will increasingly

28:34be used to automate various aspects of B2B transactions and how businesses

28:40generally interact and connect with each other this platform will offer its members access to four key pillars to be

28:47launched in phases all leveraging Ai and analytics to help smes pre-qualify for

28:53loans and credit based on lenders criteria promote their products and services

28:59access Market intelligence reports and insights and make meaningful business connections

29:15nesme can join us the rules are very simple all services provided by the Kubler

29:21business Hub are free to SME members the only condition is to share your

29:26financial data via your accounting software anonymized no personal information no employees information no

29:35customer information just basic financial data updated

29:40enabling AI to work from relevant data the more data you share the more surveys

29:46you do the more Kubler points you get enabling you to access our services

29:51reports and expand your business and knowledges

30:02so here I'll just quickly reintroduce you all to our four pillars I'll also

30:08quickly Share my video to get a little bit of human interaction um again I know uh we're about halfway

30:16through the presentation and I know sometimes it can be a little difficult to just keep looking at slides so I

30:21wanted to once again show you my face uh I'm Erica I'm here to help in any way

30:27that I can we do have four pillars the first one did launch this past November

30:32which is for financing which is pre-qualified credit offers from leading

30:38financial institutions matched with your business based on AI and analytics it's

30:43quite fun um the best way I've always described it is if uh Bumble and a pre-approved

30:49mortgage had uh brainchild so I do encourage all of you to check it out it's quite great the next ones that will

30:57be launched in phases are Keebler advertising where instead of using

31:02marketing dollars you would be using Kubler points through the system that you earned by signing up and interacting

31:09in the platform here you can make targeted campaigns to any specific industry or service or anything you want

31:16to share within the BTD community the Kibler networking pillar which is

31:21going to be a great place to meet other businesses see if you can grow together or exchange services

31:28and last but not least cubler insights which is going to be the most exciting pillar in my opinion at combining the

31:34power of AI data and insights so you can run reports to see how your business is doing and make great decisions on those

31:43aspects as SME owners and managers you're well

31:49aware of the harsh reality that surrounds you the business landscape is fiercely competitive and the odds are stacked

31:56against you accordingly to today's statistics the Staggering 30 percent of smes will not

32:03survive past their two-year mark a shocking 50 percent will be gone after

32:08just five years plus the average lifespan of an SME is a

32:13mere four years these numbers are daunting and it's clear that you need to act fast and make

32:19informed decisions that are backed by data to thrive in today's business environment

32:26you don't want to be a statistic start taking full advantage of big data now

32:31this will ultimately help you grow your company in the short and long term

32:37when it comes to embracing the role of down your business time is of the essence

32:46now quite honestly it's time to get my to my favorite part of the presentation to get you started let's delve into real

32:55world examples of how data-driven decision making is revolutionizing the way smes operate compete and thrive in

33:03today's Dynamic business landscape let's uncover the Practical applications of data driven decision making and

33:10unlock its potential for your business

33:18driving growth let's say there's a small Tech startup that has developed a new software

33:26product the business has a solid user base and is generating Revenue

33:31but the owner wants to expand the product and scale the business

33:37the startup owner would first analyze their revenue streams user engagement

33:42and growth potential to determine the company's financing needs and capabilities

33:49this may involve collecting data on customer acquisition costs

33:54lifetime customer value retention rates and Market size and competition among

34:02other factors Nest the owner would gather data on

34:07different financing options such as loans venture capital and crowdfunding

34:13they would compare the benefits and drawbacks of each option considering factors such as control Equity interest

34:21rates repayment terms and Associated fees or obligations

34:27based on this analysis the owner can make informed decisions about which

34:32financing option is best for their business for example they may determine that a

34:38loan is a better option for their business as it would allow them to maintain control and Equity while still

34:45assessing the necessary capital alternatively they may discover that

34:50they have high growth potential and would benefit from Venture Capital financing to scale the business quickly

34:56the startup owner would also need to consider the risks associated with each

35:02financing option and how they could impact the long-term growth and success of the business

35:08for example Venture Capital financing may require the startup to give up a

35:15significant portion of equity which could impact the founders control and decision-making abilities on the other

35:22hand taking on too much debt could put the business at risk if they're unable to

35:27make Timely repayments by using data to make informed financing

35:33decisions the startup can drive their growth and success while minimizing

35:38Financial risks this approach can also help the owner build credibility and trust with

35:44investors lenders and other stakeholders contributing to its long-term growth and

35:50success

35:56cutting costs let's say there's a small consulting firm that provides services to clients

36:04the business owner wants to reduce costs to increase profitability and competitiveness

36:11based on this data this business owner can one identify areas where they can reduce

36:18operational costs by replacing expensive technology tools with cheaper

36:24alternatives the consulting firm could use data to

36:29analyze their technological expenses and identify which tools are costing the

36:35most money they could then research and compare cheaper alternatives to see if they can

36:42achieve the same quality of work at a lower cost by making this switch the firm could

36:48reduce their operational costs and increase profit margins

36:57renegotiate the rent for their office space based on industry benchmarks to reduce rental costs

37:04by collecting data on industry benchmarks for office space rentals the

37:09consulting firm can compare their rental costs to what their competitors are paying

37:19they could then research and compare cheaper alternatives to see if they can achieve the same quality of work at

37:26lower cost if they find that they're paying more

37:32than they should be they can use this data to negotiate a lower rental rate with their landlord

37:39thank you use industry benchmarks and best practices to optimize their

37:44operational efficiency and improve cost management by researching industry benchmarks and

37:50best practices the consulting firm can identify areas where they can improve

37:56their operational efficiency and reduce costs for example they may find that their employees are

38:02spending too much time on administrative tasks that could be automated or that they could be using more

38:09cost-effective marketing strategies to attract new clients

38:14lastly monitor their progress in reducing costs by tracking key performance indicators

38:20or kpis and making adjustments as needed to ensure they're meeting their cost

38:25reduction goals the consulting firm could use data to track their progress in reducing costs

38:32by monitoring kpis such as operational expenses profit margins and client

38:38acquisition costs they can use this data to make adjustments to their cost reduction

38:43strategy as needed to ensure they're meeting their goals and maximizing profitability

38:50by using data to inform their decisions the small consulting firm can make more informed and strategic choices that

38:57reduce costs and increase profitability

39:06improving customer satisfaction let's say there's a small restaurant

39:12that wants to improve customer satisfaction to increase repeat business and positive reviews

39:19based on the data they collect the small restaurant can do the following wow

39:25adjust Staffing models if the restaurant's data shows that

39:31customers consistently give feedback about slow service the

39:36restaurant may decide to adjust their Staffing levels during peak hours to ensure that customers are served more

39:41quickly adjust menu items if the restaurant's

39:46data shows that customers have mentioned specific menu items they would like to see more of the restaurant may decide to

39:52address their menu accordingly to better Meet customer preferences

39:57improve food quality if the restaurant's data shows that the customers have given feedback about the

40:04quality of their food the restaurant may decide to invest in better ingredients or adjust their cooking techniques to

40:11ensure that the food is consistently of higher quality fast

40:16improve ambiance if the restaurant's data shows that customers have given feedback about the

40:22Ambiance of the restaurant the restaurant may decide to make changes to Decor lighting to create more inviting

40:30atmosphere by making informed decisions based on the data they collect the restaurant can

40:37address specific areas of customer dissatisfaction and work to improve the overall customer experience

40:43this in turn can lead to increased customer satisfaction repeat business

40:49and positive reviews which can help the restaurant grow and succeed over time

40:55they can also track their progress using data allowing them to see the impact of their changes over time and make

41:02adjustments as needed to ensure they're meeting their customer satisfactions

41:15in today's data Rich worlds companies must harness data to remain competitive

41:21by following best practices companies can make informed decisions based on data and avoid common pitfalls

41:30it all starts with defining goals and aligning them to overall business strategy

41:35choosing the right metrics that are measurable actionable and aligned with the goals is equally important

41:43Gathering data from reliable sources ensures the accuracy and reliability of

41:48the data while analyzing the data using statistical analyzes data modeling and

41:54machine learning helps identify patterns Trends and insights

42:01visualizing the data using the right visualizations and storytelling techniques is essential to communicate

42:08the insights effectively finally data-driven decisions involve a

42:13combination of data analysis visualization and communication

42:19by following these steps and learning from real life examples such as Netflix

42:24and Amazon small and medium-sized businesses like yours can use data to drive growth

42:31reduce costs and improve customer satisfaction