Data-Driven Decision Making
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.
Other Terms:
No glossary files available. 