The 3 Companies Doing Data-Driven Decision Making

The Importance of Implementing Data-Driven Decision-Making For Companies

Decision making is one of the important actions that leaders have to take. Instead of making the decision based on their instinct or feeling, the industry today has pushed every leader to do data-driven decision-making in the process. So, what is data-driven decision making?

Data-driven decision-making (DDDM) is the method of gathering data, analyzing it, and making decisions based on insight from the information. In terms of how data affects metrics, DDDM is more objective, measurable, and easier to evaluate. 

This is not only about the decisions that rely on data blindly, but companies will collect data methodically and analyze it strictly to ensure that the information represents conditions in reality more accurately. These companies in different sectors have proven to gain benefits using this method. 

Manufacturing companies

Manufacturing companies benefit from big data by using it to produce better products, keep up with trends, reduce costs, and better understand their markets and their position in the industry. In order to gather and analyze this data, companies need to adopt advanced technology like wireless sensor networks and fiber-optics sensors. 

For example, Walmart used product purchasing data from areas where hurricanes had struck in order to find out what customers bought when they stocked up before a disaster. They used predictive maintenance to identify how to supply stores ahead of future disaster. It proved that technology can help more companies to prevent any potential loss. 

Fleet industry

DDDM is the most important part of fleet management and smart mobility. Its data transmission allows companies to connect several elements of technology, providing an improved safety system or improved time efficiency by forecasting traffic.

For example, Southwest Airlines discovered that it can apply predictive analytics to conserve jet fuel. The company also discovered that analytics could find out which airport gates were open to receive aircrafts, In order to keep clients waiting as little as possible.

Another example is the U.S. Department of Transportation (DOT)’s Safety Data Initiative responsible for identifying factors that lead to severe accidents. In order to estimate accident risk, DDDM allows the company to produce data visualization and leverage machine learning, where your company’s experts can estimate accident risk with ease. 

Healthcare 

Health care providers must process large amounts of data from a variety of sources, such as patient data, bills, electronic health records, and more. This is the reason why they need to use DDDM. Many experts suggest the use of big data can have benefits in medical research, advanced diagnostics, preventive measures, and most importantly the reduction of adverse drug reactions.

For example, a white paper by Intel details how four French hospitals use a trusted analytics platform to come up with daily and hourly predictions of how many patients are expected to be at the emergency department and hospital admissions.

This may sound hard and complicated to  implement. Worry not, Telkomsel IoT has been implementing services and Smart Manufacturing Solutions to monitor your assets throughout the manufacturing floor or Fleet Management System to ensure your fleet is always connected anywhere, anytime. So, just contact our experts and we are ready to collaborate with you.