{"id":481,"date":"2023-04-03T14:18:43","date_gmt":"2023-04-03T14:18:43","guid":{"rendered":"https:\/\/billyschofield.ie\/?p=481"},"modified":"2023-11-02T09:40:49","modified_gmt":"2023-11-02T09:40:49","slug":"becoming-a-data-driven-organisation","status":"publish","type":"post","link":"https:\/\/billyschofield.ie\/?p=481","title":{"rendered":"Becoming a data-driven organisation"},"content":{"rendered":"\n

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Photo by Stephen Dawson<\/a> on Unsplash<\/a><\/figcaption><\/figure>\n\n\n\n

Making informed and effective decisions is critical to the success of any organisation. However, the amount of data available can often be overwhelming, making it difficult for decision-makers to identify the most relevant and valuable information.<\/p>\n\n\n\n

As a young graduate in the 1980s, I often heard the Deming attributed phrase, “in God we trust all others must bring data”. In the 1990s, organisations prided themselves as data-driven organisations’ however, even within these cultures, decisions were often made based on the opinions and biases of influential individuals.<\/p>\n\n\n\n

One solution to this problem is to use a decision support system (DSS), which can help to streamline the decision-making process and ensure that decisions are based on data and insights. One such DSS is the decision model. A simple decision model can be constructed in Excel to examine different scenarios and gauge the impact of each scenario on a set of output characteristics. (See Figure 1, Using DSS)<\/p>\n\n\n\n

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Figure 1 Using DSS: Adapted from Byrne (2022)<\/figcaption><\/figure>\n\n\n\n

A decision model is a framework that helps decision-makers to consider the most important variables and factors that should be considered when making a decision. The model is based on a series of what-if inquiries which map out the various paths and outcomes that can result from the different scenarios<\/p>\n\n\n\n

One of the key advantages of using a decision model as a DSS is that it helps to eliminate bias and subjectivity from the decision-making process. Using a data-driven approach to decision making, decision-makers can ensure that decisions are based on objective criteria rather than personal opinions or biases.<\/p>\n\n\n\n

Another advantage of using a decision model is that it can help to identify areas of uncertainty and risk. By mapping out the various paths and outcomes resulting from different decisions, decision-makers can better understand each option’s potential risks and benefits and make more informed decisions accordingly.<\/p>\n\n\n\n

A decision model is a powerful tool that can help organisations to make more informed and effective decisions. By using a data-driven approach and eliminating bias and subjectivity, decision-makers can make the best decisions for their organisation.<\/p>\n\n\n\n

“When you can measure what you are speaking about and express it in numbers, you know something about it; but when you cannot measure it when you cannot express it in numbers, your knowledge is of a meagre and unsatisfactory kind: it may be the beginning of knowledge, but you have scarcely, in your thoughts, advanced to the stage of science, whatever the matter may be.”<\/em> <\/p>(Thomson 1883)<\/cite><\/blockquote><\/figure>\n\n\n\n

Quote from Popular Lectures and Addresses vol. 1 (1889) ‘Electrical Units of Measurement’, delivered 3 May 1883 William Thomson, Baron Kelvin of Largs, Professor of Natural Philosophy at the University of Glasgow.<\/p>\n\n\n\n

References<\/p>\n\n\n\n

Courtney, H., Lovallo, D. and Clarke, C. (2013) ‘Deciding how to decide’, Harvard Business Review<\/em>, 91(11), pp. 62\u201370.<\/p>\n\n\n\n

Thomson, W. (1883) ‘Electrical units of measurement’, Popular lectures and addresses<\/em>, 1(73).<\/p>\n","protected":false},"excerpt":{"rendered":"

Making informed and effective decisions is critical to the success of any organisation. However, the amount of data available can often be overwhelming, making it difficult for decision-makers to identify the most relevant and valuable information. As a young graduate in the 1980s, I often heard the Deming attributed phrase,…<\/p>\n

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