The Power of Data: How Smart Decisions Drive Business Success
Data is one of the most crucial factors in decision making. It provides a factual foundation for informed decision making by reducing individual biases. Data driven decision making is one of the trending topics today within organizations which enables companies to make insightful decisions based on concrete data analysis rather than relying on intuition and assumptions. It is basically the process of collecting data based on company’s Key Performance Indicators (KPIs) and transforming them into actionable insights. In the real world data driven decision making can be seen in many ways. Collecting survey responses to identify products, services and features their customers would like. Launching a new product/ service in a test market to understand how well the product would perform in the market. Conducting User Acceptance Testing (UAT) to discover possible problems that should be addressed before the full release, and how cust...