Without a shadow of a doubt, data must be at
the crux of strategic decision making process. Hence, nowadays it is not
uncommon to spot a C-level position responsible of that crucial function; Chief
Data Officer. In line with that, data can supply perceptions that support business
to respond to its fundamental questions, such as; how can the business enhance
customer’s retention and satisfaction levels? As earlier said, data guides to awareness,
from which managers and business owners can take actions and decisions that boost
the operations. Accordingly, at the outset of decision-making process, we
should begin with the business strategy, as getting confused by the potentials which
big data can provide along with getting lost in the hype
surrounding data is quite easy. Hence, starting with a robust strategy can help
to overlook the hype and focus on the difference that is about to have on business
(Marr, 2016).
The subsequent step is to recognize the type
of data the business wants to acquire or access. It is important to realize
that no sort of data is integrally better than the other. Thus, business must
emphasize on recognizing the best data for them, the one that possibly will assist
them answering their most persistent challenges and bring on their strategic goals.
As soon as the business identifies the data it needs, it is advisable to check
if the business already possesses few of the sought information, even if it is
not instantly noticeable. In-house data represents everything the business presently
has or can reach. If the data is not available, then other methods of gathering
can be considered, whether that is going to be executed through existing
systems or by acquiring or accessing external data.
Subsequent to that, the process of data
aggregation begins. Most of this stage depends on allocating the procedures and
people who will collect and control the data. Business might buy access to
pre-analyzed data sets, in which case data collection is not needed. However,
what actually happens, many data endeavors demand some volume of data
collection. Subsequently, the analysis stage commences, during which the
business analyzes the data to infer useful and meaningful business insights,
which will ultimately (if properly analyzed) offer a significant value to the
decision-making process.
References:
Marr, B. (2016) Data-Driven Decision Making: 10
Simple Steps for Any Business. [Online]. Available at: https://www.forbes.com/sites/bernardmarr/2016/06/14/data-driven-decision-making-10-simple-steps-for-any-business/#30ceb5675e1e.
(Accessed: December 12 2019).
