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The Data-Driven Approach
Communication
The use of data to drive communication is essential. Whether you use it in marketing to customers or communications to other stakeholders such as employees, regulators, communities, investors, and partners, you can use and optimize this data-driven approach to your benefit.
Decisions
Data-driven decisions are made by weighing data. This suffers from the problem that you must first know and understand that the data you are using is correct to make an optimal decision.
Estimates
Most data relevant to strategy, decision, and optimization are future-centric. So it must be forecasted and estimated. By their nature, estimates can be inaccurate, leading to poor decisions. Techniques such as reference class forecasting can be used to try to improve the quality of estimates.
Reasoning
It is only reasonable to look for evidence to support reasoning. This doesn’t mean your reasoning can’t still be flawed, but at least there will be hope that it is correct. For example, an individual who often feels excessively tired may begin to record their diet and activities to seek correlations. If they find that on the days they eat a particular food they are more likely to feel excessively tired, it may be a reasonable theory that this food is a cause of the problem. More data can be obtained by removing the food from their diet to see what happens.
Policy
The creation of rule-based policies based on data. For example, a firm that increases or decreases its capital spending is based on a formula that considers factors such as economic growth projections. This is only optimal where such rules are correct and include all relevant variables. Complex systems, such as economies, societies, and governments can be optimized using these rule-based approaches.