1. What is meant by big data?
A term used for complex sets of data which becomes very difficult to process, manage, or capture by commonly-used software.
2. What is meaning of data-driven culture?
A culture where decisions made upon analyzing real statistical information. Like how Wal-Mart checks on the weather in order to provide more products to the customers; because their statistical information shows that whenever there is a storm, customers by more products than usual.
3. Why is it important to adopt data-driven decision making?
In data-driven companies, employees become more proactive and creative, generating a flow of new ideas; managers use analytics to test those ideas, deliver feedback, and encourage collaboration and innovation.
* Time Pressure Increasing.
* Standardized processes.
* Emergence of Analytics Leaders.
* Skills Expanding.
* More Careful Use of Managerial Judgment.
* “Ecosystem” Emerging.
4. What are the different stages of adoption of data-driven cultures?
* STAGE 1: OVERRELIANCE ON MANAGERIAL JUDGMENT SUCH AS INTUITION AND INSTINCTS.
* STAGE 2: SILOED USE OF ANALYTICS IN A FEW DEPARTMENTS.
* STAGE 3: EXPANDING USE OF ANALYTICS IN SEVERAL DEPARTMENTS, NOTED BY AN INCREASING AMOUNT OF COLLABORATION.
* STAGE 4: SCALING DECISION MAKING THROUGHOUT ALL RANKS OF THE ORGANIZATION IN AN INTEGRATED, HOLISTIC APPROACH.
* STAGE 5: CONTINUOUS IMPROVEMENT BUILT ON AN EVOLVING CULTURE.
5. What is the role of technology on the data revolution?
Tableau software, is one of the technological solutions to help you create your own data-driven decision making culture.
6. Can you envision potential risks for adopting data-driven decision making.
We can ask ourselves some questions before we start data-driven culture, like:
* Is the analysis mathematically accurate?
* Is the analysis something that benefits...