0 Comment
Customer Reviews
More than half of the Americans rely on their gut feeling to make a decision, whether it is about a task, trip, belief, or evidence. The term “intuition” has been so well romanticized by modern life that it is now a very important part of being a “genius” or being regarded as one. Albert Einstein called it “a sacred gift”, while Steve Jobs implored us to “have the courage to follow it”.
But while intuition may provide a thrill, spark, and hunch, quantified data is what we actually verify and understand. According to a survey, data-driven organizations experience three times more improvement in their decision-making process than those with less or no data. Let’s peel the concept a little.
What is data-driven decision making and why it is important?
Data-driven decision making or DDDM is referred to as the process of gathering analytical data for the purpose of making important business decisions. Instead of choosing instinct over data, data-driven decision making deals with analytical pursuits to make informed decisions. And thus, it is a more reliable tool to practice across various business domains.
Data-driven decision making is superior to other methods and avenues of making a decision because it is more logical and supported with numerical evidence. Without evidence to support the decision, there is a greater risk of it being sabotaged by external stimuli such as biases, opinions of others, assumed circumstantial behavior, gut feeling, etc. Thus, companies that embrace DDDM are at a greater advantage and less prone to making risky decisions. Although nothing is guaranteed, a smart move trumps a hard failure every time!
Real-life examples to fuel your data-driven decision-making process
-
Starbucks: Real Estate Decisions
After 100 Starbucks franchises closed down in 2008, CEO Howard Schultz resorted to an analytical approach for identifying profitable store locations. He partnered with a location analytics company to carefully decide on a venue on the basis of the demographic features and traffic patterns, thus changing failure to success! The use of data helped Starbucks examine the likelihood of success for a particular location before investing in it.
-
Google: Leadership Development
Google is focused on “people analytics” and, as a part of this initiative, it introduced Project Oxygen, wherein Google mined data from a sample size of 10,000 performance reviews. It then compared the gained data with employee retention rate to identify the common actions of high-performing employees. These efforts led to a surge of almost 5% in the median favorability score.
To quench your thirst for analytical enlightenment, we have come up with 15 templates that you can download and use. Let us explore these templates one by one and turn insights into business-boosting actions right away!
Template 1
Managerial decision-making is very challenging and needs a lot of skills and expertise to exercise control. This template is designed for the managers to analyze important aspects of their venture before making any decisions. With 36 slides, this template acts as a supportive guide for managers to solve major business problems and make logical decisions.
Download Decision Making Process In Managerial Economics PowerPoint Presentation
Template 2
Evaluate every facet of your business using this set and make informed decisions. All the operations and their smooth functioning depend upon the decisions made by the managerial authorities and this template acts as a guide for managers to assimilate important data and information, thereby making logical business decisions.
Download Decision Icon Business Planning Operations Strategic Making
Template 3
This data-driven decision making template provides a step-by-step process overview. It allows professionals to solve complex business issues using the step-by-step method by weighing evidence, evaluating alternatives, and choosing the right path to progress further. You can also use this template to explain and elaborate the 8 important elements of the decision-making process, with a total of 12 slides. All these slides can be altered as per your business understanding. Therefore, make use of it now!
Download 8 Elements Decision Making Process
Template 4
This is another data-driven decision making template that an individual can use to weigh in various parameters and make a final choice. It demonstrates the entire process and its vital elements with a single layout that can be altered and adjusted. Since this is a single slide, you can either use it as a standalone option or include it in other presentations.
Download Decision Making Process PPT Slide
Template 5
If you are a business analyst, manager, or subject matter expert, then this is an absolute must-have template for you. It comes in a simple format with high-quality visuals to help you present important information without any difficulty. An educator requiring visual aid to make his presentation more interesting can also utilize this template. Since this template comes in an editable format, you can download, use and personalize it as per your business limitations and belief system.
Download Decision-Making Street Sign Image
Template 6
This data-driven decision making template is a must-have tool for every analyst, manager, and business owner as it explains analytical, heuristic, expertise, among other processes of decision making, with ease. You can use the information gathered from your analysis to make the right choice. It is also a good comparison set that can be utilized to make informed business decisions.
Strategic Approaches For An Effective Decision Making
Template 7
You can use this template to explain the different steps involved while making a trade decision. It is a blue layout that you can use to provide insightful details and iterate the trading process with ease. Simple or major decisions can be taken with the help of this slide. So download and add it to your business arsenal.
Download Trade-Off Decision-Making Structure
Template 8
This is another data-driven decision making template that you can use at your convenience. It comes with high-quality information and insightful details that you can use in conjunction with other business presentations. You can also utilize this as a standalone template to explain the decision-making framework and work on improving it.
Download Business Decision Making Framework
Template 9
Objectively display the factors that determine the efficacy of a business decision with this template that comes in an editable format. Managers, analysts, or any other individual can use this tool to explain the different source heads that affect a business decision. You can also deploy this template to present other important information that can be adjusted later on.
Download Effective Strategic Decision Making PowerPoint Slide
Template 10
Break the cycle of unachievable business dreams with this data-driven decision making template. You can use this template to explain the 7 critical elements to make an effective business decision. This template provides ample space to report and present your decision status, which acts as a major milestone for deciding upon a successful pathway. It also comes in a handy format that can be used in PNG, JPG, and PDF formats.
Download Seven Elements Of Decision Making Process
Template 11
This template helps managers find the best solutions to their problems and select the best alternative procedure to use. You can also explain the different steps that make an effective decision-making process and present them in an elaborative format.
Download 7 Steps Slide For Effective Decision Making
Template 12
This is another template that outlines the decision-making process steps. Use the information presented here to explain and simplify each step, thereby making the right choice. This template comes with high-quality visual appeal that you can adjust as per your needs and target audience.
Download Decision Making Process 6 Steps Infographic
Template 13
This is yet another data-driven decision making template that you can use as per your business needs and requirements. It explains the four steps of customer decision-making process in an elaborative format, thus being a must-have template to include in your managerial arsenal.
Download Customer Decision Making Process PPT
Template 14
Business leaders can deploy this template to explain the 8 major steps of improving the decision-making process. It uses hues of green which accord it a professional yet creative look. Therefore, download it now!
Download 8 Elements For Decision Making Process
Template 15
This is a silhouette slide that can be used to mark yes or no decisions based on your preferences. It comes in an editable format and is readily available for managers, analysts, and others to download and use.
Download Decision Making Yes No Diagram
Final thoughts
Top advancing organizations are now using the data-driven approach to decision making. By embedding analytics into fully automated systems, they are reducing the risks of indecisive behavior, which is very important for every organization. Using different algorithms and not relying on business acumen alone, they are advancing to a more strategic level that guarantees favorable results always. Therefore, achieve decision-making perfection by extracting data, modeling it, and using it to gain insightful details rather than relying on your gut feeling!
