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At some point or another, we have probably trusted our "gut" with making a decision. In other cases, you make a decision, which turns out to be incorrect, and then proclaim, "I should have gone with my gut." Intuition can seem like an attractive prospect in decision making, although there's plenty of research to suggest that it is nothing more than the luck of the draw. Whether you are deciding on a new personal auto insurance plan, or a big partnership at the company you run, data can help you better understand and quantify a decision. This is where data-driven decision making, or DDDM for short, can make a big difference. So, how can you validate an action before committing using DDDM? The answer is not straightforward. How you incorporate DDDM into your business is highly subjective. It will depend on things like the industry, business goals, client-type and, of course, the way you collect and process data. Continue reading to find out how you can transition from intuition to data-driven decision making at your business.
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