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Are You Data Driven

This document discusses what it means to be "data-driven" and the traits of data-driven companies and managers. It begins by defining a data-driven process as one that is based on empirical evidence and data rather than intuition. Research shows that data-driven companies are more profitable. Traits of data-driven organizations include making decentralized decisions, using diverse data, understanding variation, conducting experiments, continuously improving data quality, and learning from mistakes. The document advises managers to evaluate their own traits and determine if they are data-driven. It argues these approaches build capabilities and a more engaging work environment.

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Tarang Jain
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227 views15 pages

Are You Data Driven

This document discusses what it means to be "data-driven" and the traits of data-driven companies and managers. It begins by defining a data-driven process as one that is based on empirical evidence and data rather than intuition. Research shows that data-driven companies are more profitable. Traits of data-driven organizations include making decentralized decisions, using diverse data, understanding variation, conducting experiments, continuously improving data quality, and learning from mistakes. The document advises managers to evaluate their own traits and determine if they are data-driven. It argues these approaches build capabilities and a more engaging work environment.

Uploaded by

Tarang Jain
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 15

ARE YOU DATA-DRIVEN?

ANALYSIS OF ARTICLE BY THOMAS C.REDMAN


WHAT IS MEANT BY BEING
Data driven is an adjective used to refer to a
process or activity that is spurred on by data, as
opposed to being driven by mere intuition or
personal experience.

In other words, the decision is made with hard empirical


evidence and not speculation or gut feel. The term is
used in many fields, but most commonly in the field of
technology and business.
FACT:
Recent academic work from Andrew McAfee
and Erik Brynjolfsson of the MIT Sloan School
of Management shows that companies that
regard themselves as “data-driven” are
measurably more profitable than those that
aren’t.
TRAITS OF THE DATA-
DRIVEN
Make decisions at the lowest possible level

Bring as much diverse data to any situation


as they possibly can

Use data to develop a deeper


understanding of their worlds

Develop an appreciation for variation


 Deal reasonably well with uncertainty

Integrate their ability to understand data
and its implications with their intuitions

 Recognize the importance of high-quality


data and invest to make improvements

 Conduct good experiments and research


Recognize that decision criteria can vary with
circumstances

Realize that making a decision is only the first


step

Work hard to learn new skills and bring new data


and new data technologies (big data, predictive
analytics, metadata management, etc.) into their
organizations

Learn from their mistakes


TAKE A LONG, HARD LOOK IN THE MIRROR AND DECIDE
WHETHER YOU ARE DATA DRIVEN OR NOT BASED ON THE
TRAITS LISTED EARLIER.
RELEVANCE O A
MANAGER IN INDIA
Pushing decision making down frees
up senior time for the most important
decisions. And, lower-level people
spend more time and take greater
care when a decision falls to them.

It builds the right kinds of


organizational capabilities and,
appears to create a work environment
that is more fun.
Data-driven managers have an innate
sense that variation dominates.

While they may not use a graph or control


chart, they know that they have to
recognize that variation if they are going
to understand what is going on.
THE DATA-DRIVEN ARE CONSTANTLY RE-
EVALUATING AND REfiN-ING THEIR DECISIONS
ALONG THE WAY. THEY ARE QUICKER THAN
OTHERS TO PULL THE PLUG WHEN THE EVIDENCE
SUGGESTS THAT A DECISION IS WRONG.

THE DATA-DRIVEN PLACE HIGH DEMANDS ON


THEIR DATA AND DATA SOURCES. THEY KNOW
THAT THEIR DECISIONS ARE NO BETTER THAN
THE DATA ON WHICH THEY ARE BASED, SO THEY
INVEST IN QUALITY DATA AND CULTIVATE
DATA SOURCES THEY CAN TRUST.
THANNK YOU!!
By: TARANG JAIN

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