September – December 2023 Application of Fact-Based Decision-Making
Business & Finance
One of the key benefits of making full use of the available organizational data is that it enables business and other organizations toconsistentlymake more rational, and in aggregate more accurate, choices. That said, while many, if not most business organizations are awash with data, most of those organizations nonetheless struggle to develop and deploy system-wide data-driven decision-making capabilities. Given that, your task is as follows:Firstly, you are to identify, delineate and describe a specific business function (e.g., promotional planning, risk management, inventory control, etc.). Secondly, you are to identify and clearly describe distinct and specific datasourcesand datatypesthat could be used as input into the decision-making the business function of interest. IMPORTANT:Be specific!For example, it is insufficient to just mention ‘customer purchase data’ because there are numerous distinct sources (e.g., in-store UPC scanners, factory shipments, online transaction processing systems, etc.) and types (e.g., batch-based period extracts vs. ongoing streams) of data, thus it is very important to be as specific and as detailed as possible. Lastly, you are to create a clear and an explicit plan for how you would propose to use the available data to evolve the business function you identified in step 1 into more expressly evidence-based practice that takes maximum advantage of the available data. Again,be explicit!