There are several buzzwords in the field of data analytics that, while important, are poorly defined due to their complexities. To the untrained eye, terms like "big data," "cloud computing," and "data-driven" may appear obscure. However, establishing a solid knowledge base by clearly defining these terms early on is one key to corporate success.
"Big data" is perhaps one of today's most popular buzzwords. But, exactly, what is "big data"? The term is most commonly used to describe the size and complexity of data. If a large amount of information has been extracted from a small amount of content, it could be considered "big data."
Learning the language of data analysis will improve your understanding and enable you to put what you've learned to good use. Once you've figured out what "data-driven" means, you can start applying it to your decision-making and career as a data analyst.
The good news is, AutomaticAudit does all the heavy lifting for you, so you don’t need to be bogged down in numbers and data.
What Exactly Does "Data-Driven" Mean?
What does it mean to be "data-driven" then? This term refers to a decision-making process that entails gathering data, extracting patterns and facts from that data, and using those facts to draw conclusions that influence decision-making.
The process of making organisational decisions based on actual data rather than intuition or observation alone is known as data-driven decision making (or DDDM) and the tools to help executive do DDDM are executive information systems or EISs).
Today, every industry aspires to be data-driven; its not trendy to say: “Let's not use the data; our intuition alone will lead to solid decisions”. Most professionals recognise that, in the absence of data, biases and false assumptions (among other things) can cloud judgement and lead to poor decision-making. Despite this, 58 percent of respondents in a recent survey said that their companies make at least half of their regular business decisions based on gut feel or intuition rather than data. But WHY
So, how can you make sure you're making data-driven decisions that are free of bias and centred on clear questions that will help your company grow?
Real World Data-Driven Decisions Successes
Netflix a company that began as a mail-based DVD sharing service and, after making a data-driven decision, expanded to internet streaming, eventually becoming what it is today. Without data, Netflix would not have been able to make such a significant and far-reaching decision. Furthermore, the company would not have grown at the same rate or in the same direction if that decision had not been made.
Another good example is Amazon. It began as an online bookstore has grown into the giant it is today. What compelled them to make such significant decisions? Information. It's no surprise that such significant (and successful) rebranding decisions were based on data collection and inferences.
Netflix would still be mailing you outdated movie content and Amazon would be a simple online bookstore if they didn't use a data-driven decision-making approach. In the end, this data-driven approach is putting all other approaches out of business. The world is becoming increasingly data-driven, and it would be foolish not to make data-driven decisions.
Making Decisions with AutomaticAudit
With or without data, making decision is hard, and making the correct decision is even harder. Thankfully AutomaticAudit, has made executives lives a lot easier as we know what data you need from your organisation. We know what it is to be an executive and we can tell you all about that data your company needs for you to lead it. Moreover, we have gone to great lengths to show you the data you need Automatically so you would get a bird’s eye view of your organisation no matter how big it is instantly… We call it the “At-a-Glance Dashboards to Instantly Understand Your Company”
Use A.I. to Automatically Audit your organisational effort & efficiency with automated project-specific timesheets. AutomaticAudit's At-a-glance Executives Dashboards map out your organisation to help Remote Employee Management, Productivity Monitoring, Timesheet automation, and more…
All whilst respecting user privacy
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