Data-driven decision management (DDDM) is an approach to business governance that values decisions supported by verifiable data. The DDDM process transforms data into useable knowledge that can be used to improve business outcomes. It is equally effective for decisions both big and small and can be applied across a wide range of industries. In fact, many organizations are already embracing the need to leverage data in their decision-making processes. It can be seen in practice when a major-league baseball team uses statistical evidence to alter a pitcher's throwing motion to prevent injury. It is also exemplified when key performance indicators (KPIs) are used to re-allocate marketing dollars for patient recruitment in a clinical trial because one marketing channel was identified as more effective than others. Study results from the MIT Center for Digital Business indicate that when DDDM is utilized, organizations benefit from 4% higher productivity rates and 6% higher profits compared to their competitors.
DDDM is the wave of the future, and the future has arrived. If metrics, statistics and KPIs are not a big part of your organization's vocabulary, then you are probably not riding on the DDDM wave. But not to worry – it is not too late to move your organization into the future.
Download our white paper and learn more about:
- Obtaining high-quality raw data
- Data distillation for effective analysis
- Presenting data for optimal interpretation
- Creating a DDDM culture