Business 4.0
Why Your Data Isn't Helping You Make Decisions
By: Andrea Belk Olson, CEO of Pragmadik
W
e all like to have data to support our decisions. But we tend to look at this myopically - a decision needs to be made, and we simply need some data to justify it. True, almost everyone, from retail companies to agricultural manufacturers, strives to make data-backed decisions, but what is the right way to use data to make better, more accurate decisions? It begins with understanding what type of data you need for a particular decision. If you need to find the cause of a problem or
|
10 IMD NOVEMBER 2021
predict what will happen in a specific part of your business, the type of data you choose is essential to success. For instance, when you want to see what trends occurred in your business in the last quarter and find the data-backed explanation for them, descriptive and diagnostic data will come in handy. But in case you want to build a strategy or even shape the future of your business, predictive and prescriptive analytics will be much more applicable.
