How to make better data-driven decisions?
Posted: Tue Jan 21, 2025 6:58 am
To make good data-driven decisions , analytical tools and skills are not enough. Companies need to consider a number of key factors such as data strategy, analytics framework, a data-literate workforce, a culture of collaboration, creativity and communication.
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12 steps to making data-driven decisions
Data-driven decision making is the ability to transform information into valuable knowledge to make intelligent decisions .
There is a common misconception about data-driven decision france phone number lead making: the right analytical tools and people trained in analytics enable data to be turned into knowledge and translated into better decisions.
However, this is just the theory, as in practice there are several relevant capabilities and factors that must be considered at the level of the entire organization . Some of them are: a good data-driven strategy, literacy of all personnel working in the company, the generation of an analysis framework and a culture of collaboration, the promotion of creativity and correct communication.
And at the individual level , what happens in decision-making? It requires systemic thinking and the ability to challenge data, accept failures and learn quickly from them.
There are many models for making smart decisions based on valuable data. Below you can learn about a model that combines :
The need to ask the right questions.
Get the right data in the right format.
Critically evaluate and analyze information using an analytical framework.
Communicate decisions to all stakeholders.
Build a review framework and mechanism to monitor the decision and repeat the process again based on the findings.
The following 12 steps are a guide to making decisions based on real and effective data.
Turning business questions into analytical questions.
Find and obtain all relevant data. It is important to think about the question in a systemic way and include interrelated data that could be relevant. This includes not only internal data and information, but also external data and information.
Ensure that the data obtained is always available, reliable and correctly displayed (extracted, profiled, labeled, cataloged, standardized, etc.)
Create a measurement framework to describe the data with KPIs.
Use exploratory analysis to find patterns, trends and relationships that may exist and facilitate discovery.
Review and direct information towards current events, applying personal experience.
Always challenge the data, constantly seeking information to refute it.
Review the information with a diverse team. If you do it alone, it is necessary to explore, refute and reformulate by contrasting and analyzing it with other existing data.
Leverage predictive analytics to run simulations or test potential decisions and solutions.
Announce the decision taken at the appropriate level to all interested and involved parties.
Set up a review mechanism to monitor the impacts of the decision taken and act accordingly.
Take advantage of this review mechanism to correct, learn, include improvements in the data, generate measurement frameworks, accountability and any other relevant issue to consider when making value decisions.
Do you need to make smart decisions based on data? At Data IQ we have the best BI, Analytics, Big Data and Visualization solutions , which help democratize organizations' data so that business areas can analyze it and make relevant decisions. Contact us !
Find out the details in this note.
12 steps to making data-driven decisions
Data-driven decision making is the ability to transform information into valuable knowledge to make intelligent decisions .
There is a common misconception about data-driven decision france phone number lead making: the right analytical tools and people trained in analytics enable data to be turned into knowledge and translated into better decisions.
However, this is just the theory, as in practice there are several relevant capabilities and factors that must be considered at the level of the entire organization . Some of them are: a good data-driven strategy, literacy of all personnel working in the company, the generation of an analysis framework and a culture of collaboration, the promotion of creativity and correct communication.
And at the individual level , what happens in decision-making? It requires systemic thinking and the ability to challenge data, accept failures and learn quickly from them.
There are many models for making smart decisions based on valuable data. Below you can learn about a model that combines :
The need to ask the right questions.
Get the right data in the right format.
Critically evaluate and analyze information using an analytical framework.
Communicate decisions to all stakeholders.
Build a review framework and mechanism to monitor the decision and repeat the process again based on the findings.
The following 12 steps are a guide to making decisions based on real and effective data.
Turning business questions into analytical questions.
Find and obtain all relevant data. It is important to think about the question in a systemic way and include interrelated data that could be relevant. This includes not only internal data and information, but also external data and information.
Ensure that the data obtained is always available, reliable and correctly displayed (extracted, profiled, labeled, cataloged, standardized, etc.)
Create a measurement framework to describe the data with KPIs.
Use exploratory analysis to find patterns, trends and relationships that may exist and facilitate discovery.
Review and direct information towards current events, applying personal experience.
Always challenge the data, constantly seeking information to refute it.
Review the information with a diverse team. If you do it alone, it is necessary to explore, refute and reformulate by contrasting and analyzing it with other existing data.
Leverage predictive analytics to run simulations or test potential decisions and solutions.
Announce the decision taken at the appropriate level to all interested and involved parties.
Set up a review mechanism to monitor the impacts of the decision taken and act accordingly.
Take advantage of this review mechanism to correct, learn, include improvements in the data, generate measurement frameworks, accountability and any other relevant issue to consider when making value decisions.
Do you need to make smart decisions based on data? At Data IQ we have the best BI, Analytics, Big Data and Visualization solutions , which help democratize organizations' data so that business areas can analyze it and make relevant decisions. Contact us !