What is decision science? Transforming decision-making with data

Decision science is one of the most interesting areas of data science for businesses but it needs to be part of the data science ecosystem your organization builds.

One of the common aims of digital transformation is often phrased as “becoming a data-driven company.” Whether it’s business intelligence, predictive analytics or machine learning, using objective data rather than hunches to drive decision-making is something businesses increasingly talk about.

There are plenty of challenges. Not all large organizations are nimble enough to make the most of data-driven decision making, or skilled enough to collect reliable data at scale and ask the right questions. A majority of executives in the annual NewVantage Partners big data study are looking to data to make better decisions, but only a third believe their company has a data-driven culture.

And data doesn’t have all the answers. Your data might not tell you that a successful product could be better, because the data says it’s already successful.

Making data-driven decisions is about asking the right questions and having the right data to get the answers. You’ll start seeing that referred to as “decision science” (or “decision intelligence”).

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