S🚫RRY! The good data does not help you make “better decisions,” believe it or not.
“56% of senior finance leaders say that dashboards are not currently able to support better decision making.” said Gartner.
💢Data provides a very exciting way for exploration and ideation. It can be source of inspiration for sure not the decision-making. Better decisions and particularly in this context “business decisions” require many things to align and go together in which one of them is #data. We cannot start with data though, for the fact that we as humans suffer from confirmation bias. We can find anything we want in the data and justify our already-made decisions.
✨To make better business decisions, you need to utilize the decision-centric approach. The decision-centric approach ensures the two parts of “better” and “decisions” are explicitly defined. So when we say “better decisions” it is not just a hope; it is based on an actual model that derives the decisions with the objectives that specify what “better” is.
🤔When we say better decisions, what is the “better”? We need to be more specific about it. In many cases, based on our experience working with clients, better can be defined as:
🔹Optimized: meaning the decision should improve business operations from different aspects such as revenue, time, delivery, etc.
🔹Customer-centric: The decision model is based on an outcome that is important for the customer (or client). So, the decision model is explicitly built around the customer's expectations and needs.
🔹Situation-aware: decisions based on difference circumstances have different outcomes, there are many criteria based on internal state and external environment that should be consider. It is not a static model, so it can adapt to changing environments based on the dynamic of the market and the space organization operates.
🤔What about “decisions”? Business decisions are the core of the business operations. We need to frame business decisions by decomposing technique that creates a hierarchical holistic view of business decisions. It depicts exactly how decisions are made and executed.
🚀By using Decision-Centric Approach®, not only the “better decisions” has the meaning and is associated with organization's operations, but also it enables teams to create quick, accurate and consistent results from the decisions.
#decisionintelligence #data #ai #analytics
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Published April 23rd, 2024 at 07:30 am
