What does the term "data-driven decision making" refer to? 🔊
The term data-driven decision making refers to the practice of utilizing data analytics and metrics to guide business choices. Organizations collect data from various sources, analyze it for insights, and apply those insights to improve strategies, operations, and outcomes. This approach fosters informed decision-making, reducing reliance on intuition alone. By leveraging data, companies can identify trends, enhance performance, obtain competitive advantages, and optimize resource allocation. This method ultimately leads to more objective, strategic, and measurable business actions, reinforcing the importance of a strong data culture within organizations.
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