Question

what can be learned from data driven decision making

Answer 1

Data driven decision making means making decisions which are backed by a data rather than because of anyone's gut or intutive feeling. Now a days, data driven approach in decision making has become fundamental part of businss in all the industries and businesses are using variety of tools to implement high data analytics for being very precise about their decision making. The recent studies have proved that the business which are using data driven approach are more productive and effective compare to those who don't.

Data driven decision making teaches us the end to end process of effective decision making where data will give us an edge in effectively managing teams and data scientists. From the data driven decision making techniques we can learn,

• The process of converting a business question into a data question.
• Reasoning about which data can assist the analytics and how to obtain it.
• Integrating the data in suitable format and cleaning the unnecessary data.
• Performing different analytics using various analytical tools available e.g. predictive modeling machine learning etc.
• How to interpret and communicate your insights from the analysis.
• Building the managerial culture in effective decision making.
• Create competitive advantages from enterprise data.