🛑STOP working on Data and Analytics projects if they are not moving toward actionable outcomes that influence the decision-making in organizations.
The goal of Data and Analytics leaders in organizations is to improve business outcomes using many technologies and #ai techniques such as #businessintelligence #machinelearning #aigen #llms and so on. However, any of these fall under broader stages and types of data and analytics:
🔹Descriptive: Examining data to understand what has happened in the past.
🔹Diagnostic: Understanding of why certain events happen.
🔹Predictive: Using statistical and machine learning techniques to predict future events.
🔹Prescriptive: Prescribing recommendation and next set of possible actions.
💢Any of these categories of data and analytics have very limited value to organizations when they don't influence decision-making in operation. Their impact is not very high. Hence, they are not high value to business. Therefore, #data and #analytics become a cost function when they are not actionable.
✨However, to increase the actionability and create outcomes for each of these data and analytics types, you can combine them with a Decision Model to ensure they become actionable.
🚀Decision Model #decisioncentric makes all different types of Data and Analytics actionable and more useful for organizations.
#decisionintelligence #CDO #CDAO
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Published May 16th, 2024 at 07:30 am
