⚠️Focusing on data and analytics will NOT lead to outcomes and actions.
Many data and analytics do not have bad intentions. They focus on data to create actionable insight and deliver better outcomes for organizations.
What data? Operation, process, application, customer engagement…
What context? New clients, renewal, cancellation, onboarding, purchasing, underwriting…
What function? Marketing, sales, services, products…
What purpose? Reducing churn, increasing revenue, managing complaints…
You don't know what you don't know.
🚩The challenge is the starting point. If you want to start with data, you will spend all of your time and budget on something that has no means to an end.
Rather than focusing on data, the Data and Analytics leaders should start focusing on business decisions and let the decisions drive the data. This is the ✨”data by decision” that is called the decision-centric approach.
With the Decision-Centric Approach, everything is about the outcome and impact. Additionally, this shift allows you as the D&A leader to talk to the executives with their language not tech jargon.
How does it work?
Implement the decision management practice in your first 1️⃣0️⃣0️⃣days of work.
* Start capturing the business decisions
* Understand how any of the decisions that are made and executed everyday impact the KPI of the group, function or department
* Ensure decisions are logged and put in place in the decision audit process
* Identify the most impactful decisions and model them using decomposition techniques
Now you have enough information👆 to start caring about data, outcomes, and metrics based on business decisions that are playing a significant role in the daily operation of the business.
🚀The core principle of #DecisionIntelligence is the decision management practice which enables your organizations to focus from #data #process #machinelearning #algorithm #application #systems to the “business decisions” so that you can build automation and #orchestration around them for quick, accurate, consistent, and transparent (Quick ACT™) outcomes.
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Published September 26th, 2024 at 07:30 am
