The Power of Data in Business

• When we think back on real examples of businesses, a common theme across every example are:

  • issues needed to explore

  • questions to answer

  • problems to solve

Issue — a topic or subject to investigate

Question — designed to discover information

Problem — an obstacle or complication that needs to be worked out

Business Task — question or problem data analysis answers for a business

Data-driven decision-making — using facts to guide business strategy

• simpliest way to think about this is that it’s a choice between consequences, good, bad, or a combination of both

• observation and intuition are powerful tools in decision making but can only take us so far when we make decisions on gut feeling and observations