• 14 December 2018
Do You Make ‘DATA’ Based Decisions?

Do You Make ‘DATA’ Based Decisions?

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Everyday we make decisions based on our knowledge, experience or even instinct. I choose the clothes that I’m going to wear based on where I am going, with whom I am going to meet and how I want to be perceived. There is logic in my decision making process. I must admit however, I sometimes do the opposite and make decisions based solely on my ‘gut feeling’.

Imagine yourself as an owner of a hotel, or a CEO of a company with hundreds of employees under you. Every decision you make will have an effect on every life in the organization. Should you then make a decisions based on solid information or gut feelings?

Decisions, Decisions, Decisions

In a study from Havard Business Review, a Corporate Executive Board created a system called ‘Insight IQ’ which accesses the ability to find and analyze relevant information garnered from 5,000 employees working at 22 global companies. The results showed that only 38% of employees and 50% of senior managers are ‘informed skeptic’ type decision makers. Compare this to what they termed ‘visceral decision makers’, which are people who have a tendency to make decisions on their gut feelings or instinct.

I’m not saying that an informed skeptic is better than a visceral decision maker, but if you are responsible for hundreds or even thousands of lives in a company that has its net worth valued into the millions or even billions of dollars, every decision you make can ripple out to have considerable consequences. Given that, you might want something a little more solid to back those decisions up.

I have come across a useful source that I thought would be beneficial for you next time you need trusted, updated and accurate information. PATAmPOWER has collected information, studies, and comprehensive research about tourism in the Asia Pacific region. You don’t have to become a member of PATA to be get your hands on PATAmPower. You can subscribe to it directly.

Too Much Information

We are living in information driven world. The more you know, the better. Insight IQ also showed that although companies are investing more and more in buying big-data, less than 40% of employees have access to sufficiently mature big-data mining processes and analytical skills to be able to apply the data effectively in their judgment and decision making processes.

Information volume continues to grow by 60% per year, yet 62% of workers lack the analytical skills necessary to apply judgment to the information they use to make decisions every day.

Smart Data.Travel commented that ‘The key is relevance, and the real value is in linked small data. The next decade belongs to distributed models.Not centralized ones. To collaboration, not control and to small data, not big data’..

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