The Promise of Data-Driven Decision Making - From Analytics to Visualization and Beyond (ebook)

Colleagues, “The Promise of Data-Driven Decision Making” is a powerful resource that has the potential to transform the way we approach problem-solving in both our personal and professional lives. By collecting and analyzing data, we can gain valuable insights into the world around us, and use that knowledge to make more informed decisions. Throughout this e-book, we have explored the various aspects of data-based decision making, including the benefits, challenges, and best practices. We have also examined the different tools and techniques that can be used to collect and analyze data, as well as the ethical considerations that must be taken into account.

Highly data-driven firms are three times more likely to report a major improvement in decision making, according to a large decision survey conducted by PWC. However, only one in three CEOs claim that their company is heavily data-driven. It comes up frequently in meetings with corporate leaders that executives have instant access to large volumes of data. We also learn that their personal intuition or gut feeling plays a significant role in their decision-making. How might the art and science of decision-making be combined better? A more efficient use of data and the capacity to draw insights are seen to present potential for enterprises to generate higher value. Analytics may support an organization's growth and innovation, increase productivity, and improve risk management when they are integrated into the culture of decision-making within the company. The use of facts, metrics, and data to inform strategic business decisions that are in line with a company's goals, objectives, and activities is known as data-driven decision-making. Interactive dashboards, work management platforms, and OKR tools are examples of modern analytics tools that assist individuals overcome prejudice and make the best management decisions that are in line with business strategies. Instead of making decisions based on intuition, opinion, or personal experience, it compiles historical data to examine trends and make better decisions for the future in relation to what has previously worked.

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Much career success, Lawrence E. Wilson - Artificial Intelligence Academy (share with your team)