Genuine information extracted from accurate data collected, and analyzed, can help organizations develop strategies that will be deployed in different areas of the organization to accomplish set organizational goals. This is the whole essence of Data Driven Decision Making (DDDM).
Data is so important in this digital era, and we cannot ignore the numerous benefits of data. Previously, we talked about How To Adopt People Analytics For SMEs, where we shared ways organizations can also use data to improve their workforce.
Data Driven Decision Making, also known as DDDM, primarily involves collecting accurate data about every aspect of an organization and analyzing the data to extract useful insights that will be used to set future measurable goals or KPIs (Key Performance Indicators).
With DDDM, organizations can leverage on accurate data to create smarter goals that will help drive its vision. In simpler terms, DDDM serves as light that illuminates the path of an organization, making it super easy to aim and shoot at a target, compared to when trying to do that in compete darkness.
Interestingly, data is everywhere! It is in everything that we do. Organizations can start with getting accurate data from their website, social media platforms, mobile apps, even from emails too. These are some very Powerful Tools organizations can use to collect and analyze data from such sources.
DDDM creates a dynamic environment that allows organizations to keep growing consistently by using accurate data to make decisions within the organization that will lead to new business opportunities, generate more revenue, predict future trends, optimize current operational efforts, and produce actionable insights.
In fact, with such data available to top level managers in the organization, they are able to think more objectively, less bias, resolve knotty issues, make decisions faster and better, set measurable goals for every department in the organization and so much more!
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