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Data Driven Decision Making Process

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Data Driven Decision Making Process

Uploaded by

sureshmadhuwin
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Data-Driven Decision Making Process

1. Data Collection

Gathering raw data from various sources, either internal (e.g., company databases, customer

feedback) or external (e.g., market research, social media).

Example: A retail company collects data on customer purchases, demographics, online interactions,

and social media trends.

2. Data Integration

Combining data from different sources into a unified system or dataset. This step ensures that all

relevant information is available for analysis.

Example: The retail company integrates sales data from its physical stores, e-commerce platform,

and social media analytics into a centralized database.

3. Data Analysis

Using statistical and analytical techniques to uncover patterns, trends, and relationships in the data.

This step helps transform raw data into meaningful insights.

Example: The company analyzes customer purchasing patterns and discovers that certain products

sell more frequently during holiday seasons or when specific promotions are active.

4. Data Visualization

Presenting the analyzed data in a visual format (e.g., graphs, charts, dashboards) to make it easier

to understand and interpret.

Example: The company uses bar charts and heat maps to visualize which product categories are

most popular among different customer demographics.


5. Interpretation and Insights

Drawing meaningful conclusions from the data analysis and visualization. This step involves

understanding the implications of the findings in relation to the business objectives.

Example: From the data, the company interprets that young adult customers are more likely to

purchase high-end electronics during promotional periods.

6. Decision Making

Using the insights gained from the data to make informed business decisions. The decision should

be aligned with company goals and backed by evidence.

Example: The company decides to launch a targeted holiday promotion for high-end electronics,

focusing on young adult customers.

7. Implementation

Putting the decision into action by executing the chosen strategy or initiative.

Example: The marketing team launches a holiday promotion, offering discounts on high-end

electronics and targeting young adults through social media and email campaigns.

8. Monitoring and Evaluation

Continuously tracking the performance of the implemented strategy to assess whether it is achieving

the desired results. This may involve monitoring KPIs (Key Performance Indicators) or other

performance metrics.

Example: The company monitors the promotion's success by tracking sales numbers, website

traffic, and customer engagement through real-time dashboards.

9. Feedback and Continuous Improvement


Gathering feedback on the strategy's performance and using it to make improvements. This

feedback could come from sales data, customer surveys, or employee input. The goal is to refine

the strategy for better results in the future.

Example: After evaluating the promotion, the company notices that offering personalized discounts

leads to even higher engagement. They adjust future promotions to include more personalized

offers.

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