When decisions that affect the business need to be made, they need to be guided by hard, clear data – not observation, guesswork or intuition.
This is where data-driven decision making comes in, as it is defined as using facts, metrics and data to steer strategic business decisions that align with business goals and objectives. The process involves analysing all the data that has been collected, and using that data to reach informed, actionable insights, to benefit the company.
To unpack what is happening in this area, Keith Carter, associate professor, School of Computing, National University of Singapore, is presenting on “Data-driven decision making to enable business transformation – understanding the journey companies need to take”, at the ITWeb Business Intelligence Summit 2022, to be held from 8 to 10 March, at the Maslow Hotel in Sandton, and online.
During his presentation, Carter will unpack how decisions are currently made within organisations, and how they can be improved using data.
He will examine the changes that are needed in terms of culture and mindset, training and skills development, as well as infrastructure to enable data-driven decision making.
Carter will cover some real-life examples of data-driven decision making in practice in supply chain and retail, by looking at what is being done at Estee Lauder and Amazon; and in finance by Techcombank Vietnam and UBS.
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