Data driven decision making (DDDM)
❓What is it
- Decisions are made based on the analysis and interpretation of data rather than intuition or observation alone. This product practice capitalises on the increasing volume, variety, and velocity of data available to organisations today.
- One of the challenges in applying this practice is the foundational capability to capture and measure the right metrics accurately.
- The five activities that make up this practice are:
- Data Collection
- Data Analysis
- Data Interpretation
- Visualisation
- Decision Making
🔑 Key Benefits / Why is this important
- These insights lead to more informed choices, rather than relying on gut feeling or anecdotal evidence.
- This is particularly beneficial in progressing conversations with stakeholders holding contrasting viewpoints or objectives.
- Presenting an evidenced based recommendation removes any emotional or subjective aspects to the discussion.
- Data provides a metric to measure success, failure, and progress. It gives teams the ability to set benchmarks and evaluate performance against set goals, promoting a culture of empowerment, transparency and accountability.