Innovation & Technology
Data: The Driver of Innovation and Decision Making BY MUNEER AHAMED
EVERYONE USES DATA to make day-to-day decisions. At its simplest form, think of an online shopper who checks on the reviews, ratings of similar items, or does a price comparison between stores before deciding on a purchase. Data-based decision making has existed long before the technology revolution, but it has enhanced with the advent of new technology and tools. A prime example of a recent data tool that has touched every person is information on COVID-19 and its spread. Nearly every federal, state, and county government across the world is gathering and reporting information to collectively advise people about the virus. Moreover, this data is used by scientists to understand the virus’ impact in different segments of the world’s population. Compared to previous pandemics, we are certainly better informed and prepared due to the availability of such data. 62
Data is now one of the biggest assets for any organization regardless of the size. Data-driven companies can quickly become industry leaders when they make investments to not only collect relevant data but also make strategic decisions based on what the data tells them. Data-driven decision making when effectively analyzed and implemented will provide a business an edge in a constantly evolving and competitive market. Companies who are striving to become data-driven organizations should invest in both data gathering and data analysis. The first step is to identify data points that are relevant to your industry and business and will help drive decisions. Companies can hire professionals or use internal resources to identify data points that are key to the business needs. It is important to determine what data should be collected—whether it’s information on customers, products, services, or other relevant information. A good Novem b e r / Dec em b e r 2021 | DELAWARE BUSINESS
