Data-driven decision Making and Data Analytics
The upcoming Knowledge-based economy—which Investopedia defines as an economy where education and knowledge or “human capital,” serves as the productive asset— is led by Data analytics and data-driven insights and decision making.
What is Data-driven Decision Making and Data Analytics?
Data-driven Decision Making often abbreviated to DDDM, as implied by the name is simply about making decisions based on solid facts or hard data rather than approximation or intuition, that are based on flawed observations and lead to flawed decisions. And Data Analytics is simply the science of analyzing and interpreting this raw data so as to make these decisions. Several Data Analytics processes and techniques recently have been automated into algorithms that interpret raw data for human consumption.
Why is Data-driven Decision making and Data Analytics important?
Data analytics can reveal trends and metrics that would otherwise be lost in the mass of information. The overall efficiency of the business or system can also be increased by utilizing this data to optimize processes.
Improved consistency and continual growth. Data analytics and DDDM also help organizations create new business opportunities, produce actionable insights and, enabling them to become more adaptable.
It can be time-consuming: Needless to mention, preparing these intensive data analytic reports for large scale organizations is extremely time-consuming.
Scope for Human error: There is an increased risk of human error. Misinterpretation of a single piece of information while preparing these manual data analytic reports can lead to a massive discrepancy in output.
The increased volume of data: Arguably the most important factor that makes preparing Data Analytics reports manually increasingly unfeasible is the increased volume, variety, and usability of the raw data available these days and the need to quickly generate decisions based on the data alone. And if there’s a better use for human capital, why choose otherwise?
What is the solution?
Automation. Simple right? but you would be astonished at the number of organizations who neglect this. Thingstel and other similar enterprises who have pioneered Industry 4.0 have provided several effective and simple to use solutions!
Thingstel’s automated, efficient, and easy to use systems like the Machine Centre, Thingstel Dashboard, Reports, Alert and Notifications system and, predictive maintenance systems are straightforward, effective and are known to increase an organization’s profitability and efficiency manifold. You can always reach out to us in case you have any questions or doubts or simply want to know more!