Data Driven Decision
What is Data-Driven Decision?
Data-Driven decision is an approach that values decisions that can be backed by verifiable data. It consists of collection of quality data and the analysis and interpretation of the data. The timeliness of the data is critical.
Business intelligence tools enables everyone to explore vast amounts of data real-time, on the fly. Data is no longer constrained by the preconceived idea of standard monthly or annual reports. Instead, anyone can explore, analyse and visualise the data.
Embedding these capabilities into applications and business processes drive positive change. Business models and policies can constantly adjusted to the changing situations to optimise resource allocation and user experience.
Why Data-Driven Decision?
Uncovering Actionable Insights
Data-driven decisions encourage the data exploration, experimenting beyond the usual structured models and predetermined questions.This helps to identify gaps that were not previously identified. Actions can be taken by operationalising the resulting insights.
Optimised for Better User Experience
Predictive models provides forward-looking applications that forecast the likelihood of events. Instead of responding to events, data-driven decisions can take a proactive approach to optimise outcomes for better user experience.
Balancing Data and Domain Expertise
Good decision making does not rely on data alone. Data provides inputs about the available options. Decision makers are informed with the insights provided by the data which they can assess and decide based on their expertise and experience.