Data Analysis drives decision making

3 mins read

Technology has developed so much that it has virtually abolished the traditional way of business decision-making.

Entrepreneurs who ‘looked ahead’ and ‘foreseen developments’ have now been replaced by entrepreneurs who utilise the data at their disposal and, through proper processing, make targeted, measurable, and low-risk decisions.

Decision Intelligence is a process that combines strategic decision-making with the use of available data analysis platforms.

When properly implemented, it creates significant benefits to the decision-making process.

It makes it faster and reduces business risks by ensuring that all the organisation’s data are considered.

Decision Intelligence is based on the most important intangible asset that companies have at their disposal today, data.

According to McKinsey, by 2025, each company’s data and processes will be so important that they will essentially determine key aspects of its operation.

It is estimated that companies will not just use their data but will collaborate through common platforms to maximise results.

Where will this take them? Well, Chief Data Officers and their teams will be just as important in increasing a company’s revenue as Business Directors and Marketing Managers.

Data will no longer be just data or even analysis but will be, for many sectors, products that will be constantly upgraded and optimised by adding new ones through automated processes.

By 2025, data processing will be done in real-time across multiple devices simultaneously and instantly generate strong final information.

Companies that embrace the need for proper data utilisation will solve problems within a few hours and improve their efficiency almost immediately.

All of this, of course, entails increased risks for privacy, personal data, and ethical and security issues.

The use of data must not be uncontrollable or lack respect for individuals or legal entities.

Otherwise, there is a risk of catastrophic consequences for the reputation and viability of these organisations.

Recognising the ever-increasing importance of data and its proper analysis, WiRE is intensifying its efforts to increase transparency in the real estate sector in Cyprus and, progressively, across Europe.

Our vision has been embraced recently by important institutional investors who have recognised the gap in the market.

The solutions we develop and the data we gather, contrast, and analyse from multiple sources, including government databases and dynamic data from satellites, give unrivalled insights.

In this way, we help real estate investors, financial institutions, insurance firms and companies that promote products to households to make targeted and intelligent decisions.

The future is nearer than we anticipate. Yet, in many cases, what we consider to be the future may already be here.

Pavlos Loizou, Managing Director WiRE FS