Definition: Data-Driven Decision Making (DDDM) is the process of basing strategic business decisions on data analysis and interpretation rather than intuition or observation.
Key Components:
Data Collection: Gathering relevant and accurate data.
Data Analytics: Processing and analyzing data for actionable insights.
KPIs and Metrics: Using specific indicators to track performance.
Benefits:
Better Accuracy: Reduces guesswork and improves decision accuracy.
Increased Objectivity: Decisions are based on facts rather than assumptions.
Enhanced Performance: Data reveals opportunities for optimization.
Future Trends:
AI-Powered Decision Support: AI tools offering insights and recommendations.
Real-Time Data Analytics: Instant feedback and decision support.
Data Democratization: Empowering all employees to access and use data for decisions.
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