Data-Driven Decision Making

Data-Driven Decision Making

1. 1 Start with STRATEGY

   • 2 Identify business area
     • 3 Unanswered business questions
       • 4 Find the data
         • 5 What data you already have?
           • 6 Work out if the costs and effort are justified
             • 7 Collect the data
               • 8 Analyze
                 • 9 Present and distribute the insights
                   • 10 Incorporate the learning
                     • turning data into action.
                   • You need to make sure the insights gained from your data are used to inform decision making and, ultimately, improve performance.
                 • The most common types of analytics are text analytics, speech analytics and video/image analytics.
               • Much of this step comes down to setting up the processes and people who will gather and manage your data.
             • You need to make a clear case for the investment that outlines the long-term value of data to the business strategy.
           • Internal data accounts for everything your business currently has or could access.
         • Focus on identifying the ideal data for you: the data that could help you answer your most pressing questions and deliver on your strategic objectives.
       • which questions you need to answer in order to achieve those goals.
     • If you could only work on improving one or two areas, which would you choose? (customer, finance and operations)
   • Start with.... what your business is looking to achieve? Instead start with data