TechTarget defines data-driven decision management (DDDM) is “an approach to business governance that values decisions that can be backed up with verifiable data. The success of the data-driven approach is reliant upon the quality of the data gathered and the effectiveness of its analysis and interpretation.”
Back in the day, accessing data for decision making was cumbersome – necessitating the involvement of the IT department to mine the data and run static reports the end user could not manipulate. Today’s tools give managers unprecedented access to data through dashboards that enable anyone to mine and make data-driven decisions.
‘Gut feeling’ comes out top
Yet, a study by the Economist Intelligence Unit (EIU) found that ‘gut feeling’ remains an important element in decision-making among business leaders even when plenty of data is available. 90% of the 174 executives surveyed said if the available data contradicted their intuition, that they would reanalyse it, ignore it or collect more information with only 10% saying they would take the course of action suggested by the data.
The Case for Data Based Decision Making
TechTarget cites a study from the MIT Center for Digital Business that found that organizations driven most by data-based decision making had 4% higher productivity rates and 6% higher profits.
Data Versus Information
“However, integrating massive amounts of information from different areas of the business and combining it to derive actionable data in real time can be easier said than done.”
Despite the proliferation of big data and accessible user interfaces, information overload (too much data with little insight or actionable information) and access to the right information are the key challenges facing middle managers today.
So your in-house training programme went well, everyone seemed pumped afterward, they all filled out the feedback survey but what did you really find out? Do you have a clear view of each participant’s skills gaps?
Thankfully, Jamjou provides key insights and the intelligence to take action. Through the management dashboard, middle managers can access leaderboards and metrics that identify skills gaps along with a coaching tool that to empower middle managers to affect real change.
Don’t believe us? Email us to see a demo of our product in action.