Tuesday 11 December 2012
Data-driven decisions give businesses the best possible chance of achieving the desired outcome, it has been claimed.
Dr Chongqi Wu, assistant professor of management at California State University's College of Business & Economics, said it is important for business executives to use the data they are collecting.
He commented that great decisions do not always produce great outcomes - as other uncontrollable influences can impede particular actions.
And as such, the best approach for companies may be to base decisions on factual evidence - essentially playing the percentages.
"No matter how much data we have collected and how capable of analysing the data we have become, we will never fully understand all the risks or be able to predict the future," Dr Chongqi said.
This is because luck and timing still play a role in determining the success of an idea, he stated,
"Don’t forsake your instincts or completely change course," Dr Chongqi urged.
"Just recognise that incorporating data and facts whenever possible will absolutely make you a better decision maker."
Posted by Alex Boardman