The art and science of decision making in business world.
Volume, variety and velocity of data available today presents huge challenges.
Solving business problems using data analytics
Many business leaders until today, still continue to rely on intuition to make important decisions.
Only 1 in 3 executives say their organization is highly data-driven.
But research shows that data- driven organizations are 3 times more likely to report significantly improvements in their decision making.
How to better combine the art and science of decision making?
- Combine a more effective use of data with the abilit to extract insights
- Embed analytics into decision making culture of an organization
Organizations are constantly trying to improve.
Overlaying data and analytics on this process results in better and faster decision making.
Making business-defining decisions using data analytics
Organizations make thousands of decisions every day.
Big decisions: Decisions that will shift the course of a business, or even an industry and shape the world we live in.
They set the direction for the business and are both high value and high stakes.
Big decisions are made frequently and revisited often.
They can be reactive, forced by circumstances beyond our control.
If we bring data analytics and other elements that shows below to decision making in our organization,
So the decisions like growing or shrinking the business or collaborating with competitors are seen more clearly.
- Have more opportunities to identify, model
- Map multiple futures
- Reducing the risks of innovation
- Accelerating the decision making process.
So that we’ll not only be there for the next big breakthrough, we’ll be leading the field.
This medium is my study note of Data-driven Decision Making on Coursera. See you at next episode with more dozes of business!
My name is Meiling, a marketing master student at NYU. I am during my Gap Year and write reflections and business related inspiration.
