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    Data-Driven Decision Making For Data-Centric Organiza5ons

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    Keerthi Krishna
    The document discusses how many organizations make decisions using questionable methodologies like the highest paid person's opinion or coin flipping. It notes that while this approach may have worked in the 1970s, organizations can now make data-driven decisions based on evidence and data rather than gut instinct. Data-driven organizations perform better, are more operationally predictable, and more profitable by constantly improving and making better predictions. The example of Moneyball is provided, where a baseball team used data science to build a winning team from undervalued players.

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    Data-Driven Decision Making For Data-Centric Organiza5ons

    Uploaded by

    Keerthi Krishna
    35 views8 pages
    The document discusses how many organizations make decisions using questionable methodologies like the highest paid person's opinion or coin flipping. It notes that while this approach may have worked in the 1970s, organizations can now make data-driven decisions based on evidence and data rather than gut instinct. Data-driven organizations perform better, are more operationally predictable, and more profitable by constantly improving and making better predictions. The example of Moneyball is provided, where a baseball team used data science to build a winning team from undervalued players.

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    Data-driven-decisions

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    The document discusses how many organizations make decisions using questionable methodologies like the highest paid person's opinion or coin flipping. It notes that while this approach may have worked in the 1970s, organizations can now make data-driven decisions based on evidence and data rather than gut instinct. Data-driven organizations perform better, are more operationally predictable, and more profitable by constantly improving and making better predictions. The example of Moneyball is provided, where a baseball team used data science to build a winning team from undervalued players.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    35 views8 pages

    Data-Driven Decision Making For Data-Centric Organiza5ons

    Uploaded by

    Keerthi Krishna
    The document discusses how many organizations make decisions using questionable methodologies like the highest paid person's opinion or coin flipping. It notes that while this approach may have worked in the 1970s, organizations can now make data-driven decisions based on evidence and data rather than gut instinct. Data-driven organizations perform better, are more operationally predictable, and more profitable by constantly improving and making better predictions. The example of Moneyball is provided, where a baseball team used data science to build a winning team from undervalued players.

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    © All Rights Reserved
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    of 8

    Data-driven Decision Making

    for Data-centric Organiza5ons

    Marco Brambilla, Emanuele Della Valle - Data Science for Business Innovation 1
    Taking Decisions
    • In many organizations decisions are made by "questionable"
    methodologies such as
    • Highest Paid Person Opinion (HiPPO)
    • Flipism (all decisions are made by flipping a coin)

    Marco Brambilla, Emanuele Della Valle - Data Science for Business Innova;on 2
    Taking Decisions (cont.)
    • In many organizations decisions are made by "questionable"
    methodologies such as
    • Highest Paid Person Opinion (HiPPO)
    • Flipism (all decisions are made by flipping a coin)

    • This could have been the right approach in the '70s …


    • See the "Theory of Bounded Rationality" by Herbert Simons

    Marco Brambilla, Emanuele Della Valle - Data Science for Business Innovation 3
    Taking Decisions (cont.)

    [source http://www.azquotes.com/quote/139996 ]
    Marco Brambilla, Emanuele Della Valle - Data Science for Business Innova;on 4
    Taking Decisions (cont.)
    • In many organizations decisions are made by the "questionable"
    methodologies such as
    • Highest Paid Person Opinion (HiPPO)
    • Flipism (all decisions are made by flipping a coin)

    • This could have been the right approach in the '70s …


    • See the "Theory of Bounded Rationality" by Herbert Simons

    • … but in the Digital Era one can dream of


    data-driven organization
    Marco Brambilla, Emanuele Della Valle - Data Science for Business Innovation 5
    Data-Driven Decisions

    Decisions no longer have to be made in the dark or based on gut


    instinct; they can be based on data, evidence, experiments and more
    accurate forecasts.
    -- McKinsey

    Marco Brambilla, Emanuele Della Valle - Data Science for Business Innova;on 6
    Data-driven organiza5ons
    • perform better
    • The data shows where they can streamline their processes
    • are operationally more predictable
    • Data insights fuel current and future decision making
    • are more profitable
    • Constant improvements and better predictions help to outsmart the
    competition, improve market presence and foster innovation

    Marco Brambilla, Emanuele Della Valle - Data Science for Business Innovation 7
    The Moneyball case
    Winning 20 consecutive games by building a team
    of undervalued talent by using data science
    to scouting and analyzing players.

    [src: https://www.youtube.com/watch?v=KWPhV6PUr9o&t=85s ]

    Marco Brambilla, Emanuele Della Valle - Data Science for Business Innova;on 8

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