The Advantages of Data-Driven Decision-Making

Source: Harvard Business School | Repost Fight for Life Foundation 11/16/2022 –

Society has imbued the concept of “intuition”—of simply knowing when something is right or wrong—with a tremendous amount of prestige, importance, and influence.

In fact, according to some studies, more than half of Americans rely on their “gut” in order to decide what to believe, even when they are confronted with evidence that speaks to the contrary.

The concept of intuition has become so romanticized in modern life that it’s now a part of how many people talk about and understand the “geniuses” of our generation. In science, for example, Albert Einstein is often quoted as saying, “The intuitive mind is a sacred gift,” and in business, Steve Jobs is quoted as saying, “Have the courage to follow your heart and intuition; they somehow already know what you want to become.”

Though intuition can be a helpful tool, it would be a mistake to base all decisions around a mere gut feeling.

While intuition can provide a hunch or spark that starts you down a particular path, it’s through data that you verify, understand, and quantify. According to a survey of more than 1,000 senior executives conducted by PwC, highly data-driven organizations are three times more likely to report significant improvements in decision-making compared to those who rely less on data.

Are you interested in learning how data-driven decision-making can enable you to be a more effective entrepreneur or member of your organization? Below is information about the benefits of becoming more data-driven, as well as a number of steps you can take to become more analytical in your processes.

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