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Keys to Data-Driven decision making
The production of data has not stopped growing year after year since the concept of Big Data began to materialize with the arrival of the Internet. Specifically, company data increases by around 40% each year. Which means a lot of advantages and problems at the same time, since too much information can even generate misinformation.
That is why, at this time, companies must adopt informed decision-making processes and start generating the so-called “Business Intelligence”. However, to achieve this, companies will first have to secure not only a significant amount of data, an aspect that is not complicated given the enormous amount of data that companies generate today. If not also ensure the quality of the data, and this is already more complicated.
In short, ensuring data quality is essential to make quality decisions in organizations.
However, before analyzing the quality of the data, it is necessary to first answer a series of questions that are related to the concept of Data Quality:
What kind of data do we have and where is it located?
Organizations tend to store files and data that they don’t even know they have. The duplication of these data, not knowing how to locate them, or the simple fact of not knowing what they are for is a very frequent problem, and that undoubtedly affects the quality of the data that companies have.
Who has access to company data?
Not all companies have a data structure that is easily accessible. Making it difficult for many employees not to know where to find the necessary information to fulfill their tasks and obligations at work.
As we can see, the concepts of Data Governance and Data Quality go hand in hand. Since, if we do not have control over our data and do not manage it properly, ensuring its quality will become a truly complicated task.
Regarding the moment to evaluate the quality of the data, some questions that we should ask ourselves beforehand are:
- What is the degree of reliability of the data?
- What is the degree of accuracy and the probability of error of the data
- Are they coherent and structured or are they random and unstructured
- What relevance do they have?
- Are they timely and applicable?
- Does our data set cover what we need it for?
- How complete are they?
- Are they enough to carry out a practical analysis?
Once the quality of our data has been assured, we must analyze what its role is in the decision-making process. And, above all, ask ourselves if the decisions we are making are truly based on data, or, on the contrary, our data analysis capacity is not meeting the needs of the company.
As you can see, making decisions based on data and implementing a data-driven culture is by no means an easy task for companies. That is why we invite you to learn more about how to make data-driven decisions with our e-book “8 Keys to make data-driven decisions”.
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