Data Driven Decision Making

Modern day has a data-centric focus, the most important commodity is data and how it is used. Each organization and person possesses a large amount of data that is often unstructured, and inaccessible to people that desire its productive capacity.  This challenge will need to be addressed sooner than later in modernity or the risk of productive waste will soon being to sink many ships.

Data science is an industry that is in its developmental stages today, but will become a necessity for organizations that adopt strategies described in this article. The most agile businesses are the ones that will survive and profit.

This is because, every industry today faces challenges of business continuity disruption whether banking, transportation, or housing. Technology has made it accessible for the layman to be a producer of commodities without significant capital expenditure.

While it is still possible for established businesses to weather the coming storm, they will have to become flexible and agile using data driven decision making to create new saleable products, cut expenditure, and maintain profitability.

If maximizing productive capacity is not a focus of modern businesses their ship will sink, because they did not hyper-specialize based on their best selling products or focused concerted efforts, which can only be arrived at after analyzing the data they possess. If you do not know where your money is made, how can you focus on making more of it?

The concept of money making, specialization, integration and accessibility have already been established. What is now important is understanding that an analysis of captured data will lead to the understanding of where to focus the organization’s efforts.

Determine first what the business need was and second how to produce the same results at the lowest cost of production thereby increasing their profitability which can sustain their business.

Modern businesses are increasingly turning toward their data to analyze their cost centers, profit centers, and best selling products. It is the business that does not do this that will have a sinking ship swept away by the tide.