Keywords
Data-informed decision-making
Innovation
Qualitative data
Quantitative data
How to Cite
Abstract
There has been a growing trend in the use of data-related buzzwords, and “data-driven decision-making” is one of them. This buzzword is often confused with “data-informed decision-making,” emphasizing the need to understand the role of data for effective decision-making. The article explains this misconception through tables and insights from experts like Geoffrey Moore, Tendayi Viki and Alexander Osterwalder. It emphasizes the need for a balanced approach, using both qualitative and quantitative data, and suggests starting with qualitative insights before moving to quantitative analysis. Ultimately, it stresses the importance of aligning organizational structures to leverage data effectively for innovation.
References
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Moore, G. A. (1991). Crossing the Chasm: Marketing and Selling High-Tech Goods to Mainstream Customers. New York: Harper Business.
Nelson, M. (2022). Beyond The Buzzword: What Does Data-Driven Decision-Making Really Mean? Retrieved from Forbes: https://www.forbes.com/sites/tableau/2022/09/23/beyond-the-buzzword-what-does-data-driven-decision-making-really-mean/?sh=bd4fad725d6d
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