![]() This can range from someone responsible for building and maintaining a measurement framework which includes critical key performance indicators, to decision makers who need to apply meaning to the information they are seeing.įoundational statistics – Involving an understanding of probability and correlation, simple regression, as well as inferential statistics to ensure things like sample sizes are created properly, foundational statistics skills are vital for an organisation that wants to make data-informed decisions. With this skill, everyone can use descriptive analytics, which is a key step in the data-informed decision-making process. This includes a fundamental understanding of data, including types (categorical vs continuous), attributes, and various aggregations and distributions. With so much resource going into what are fairly mundane tasks, it’s absolutely vital that organisations have the right skills to be able to clean, transform, profile, tag, catalogue, and standardise data.īasic math and understanding of data – Not everyone in an organisation requires data science skills to make data-informed decisions, but basic maths skills are essential for everyone involved in the process. It is estimated that up to 80 percent of the time spent making data-informed decisions is on tasks related to cleaning, standardising, and organising data. So, what are these skills, and how do they support businesses to make better data-informed decisions?ĭata transformation and standardisation – Once the data is extracted, it needs to be transformed and standardised to be ready for analysis. So often, organisations prioritise one form over another – often the technical, being easier to measure than the less tangible soft skills. While nominally very different, each type is vital, and having them even more so. ![]() To get it right requires an array of skills which will need to be spread evenly across the organisation.īroadly speaking, they can be categorised into two camps – technical and soft skills. Data-informed decision making is a team sport. It’s this question that lies at the heart of data-informed decision making: the ability to use information effectively and appropriately to make choices which deliver the right results. How can anyone make definitive decisions when faced with so many choices, so much data? Yet knowing what to do is hard, doubly so when you consider the amount of information we are all assailed with on a day-to-day basis. It’s undeniable that being able to take action rapidly is the difference between success and failure in today’s markets – consider how many once-leading businesses have atrophied as their ability to make the right decisions has diminished. “Making good business decisions is a critical part of every executive’s job and is vital to every company’s well-being.” So says McKinsey and Co, in an article on the importance of decision making. The skills that improve data decision making
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