6 Steps in Data Driven Decision Making!

 In Analytics, Business Intelligence

Do you want to take most of your data? here are some hacks which will help you to take data driven business decisions efficiently.

 

IDENTIFICATION OF PROBLEM OR OPPORTUNITY
The number one step is to recognise a problem or to see an opportunity that may be worthwhile and always ask a question, “What kind of impact is going to be there?”
Once you are able to identify, you will be in a situation to move ahead as a clear mind set of the situation is the primary requirement.

 

GATHER INFORMATION
Once you have the identification of problems and opportunities’, another step is to find, what is relevant and what is not relevant to the decision making? More to that, you need to know, what is the information element which is going to help you to take a right decision?
An information element will help you to understand the cause and will lead you in your path to take a decision. This could be any data source which you feel can help you to take a decision.

 

ANALYSE THE SITUATION
Now, this is the most crucial part of the process, you should be able to analyze the data sets or information elements.
Analysing the situation also includes an instance when one should always try to understand the various outcomes from the analysis.

 

DEVELOP OPTIONS
After analysing the trend or pattern (of Data), based on the analysis try to figure out various options which could be a probable solution. Now, creating options could be easily possible when you tend to;
· Be creative and positive.
· Ask “what if” questions.
· How would you like your situation to be?

Now, once you have the options, it’s time to evaluate all of them or let’s say to evaluate easily you can ask the below mentioned questions,;
· What criteria should you use to evaluate?
· Evaluate for feasibility, acceptability and desirability.
· Which alternative will best achieve your objectives?

 

SELECT A PREFERRED ALTERNATIVE
All steps mentioned above lead you to a situation when you have to choose among the alternatives. All the alternatives are somewhere data generated and every alternative have something to offer, you need to be pragmatic while choosing from the various alternatives.
· Explore the provisional preferred alternative for future possible adverse consequences.
· What problems might it create?
· What are the risks of making this decision?

 

ACT ON THE DECISION
So, you have finalized one alternative among the others available. Now, it time to believe in you analysis of the data and start acting on the decision. While moving in the action does keep in mind that you have to go ahead with full confidence, trust on yourself and your data analytics capabilities.

 

Want to know more about, how you can take easier, faster and better data driven decisions, drop us an email at [email protected]

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