One of the key benefits of making full use of the available organizational data is that it enables business and other organizations to consistently make more rational, and in aggregate more accurate, choices. That said, while many, if not most business organizations are awash with data, most of those organizations nonetheless struggle to develop and deploy system-wide data-driven decision-making capabilities. Given that, your task is as follows:
Firstly, you are to identify, delineate and describe a specific business function (e.g., promotional planning, risk management, inventory control, etc.). Secondly, you are to identify and clearly describe distinct and specific data sources and data types that could be used as input in the business function of interest.
For example, it is insufficient to just mention customer purchase data because there are numerous distinct sources (e.g., in-store UPC scanners, factory shipments, online transaction processing systems, etc.) and types (e.g., batch-based period extracts vs. ongoing streams) of data, thus it is very important to be as specific and as detailed as possible. Lastly, you are to create a clear and explicit plan for how you would propose to use the available data to evolve the business function you identified in step 1 into a more expressly evidence-based practice that takes maximum advantage of the available data.
Submit a draft of the Application of Fact-Based Decision-Making Report. The Final Report: Application of Fact-Based Decision-Making is due at the end of Module 8.
Write your response in detail with examples using APA format (latest edition). Be sure to identify the source of your example in your write-up. Your write-up should be of 200 words.
Note: this is just a draft and it doesn’t have to be long (200 words). My professor is all about getting the point across and not much of the length. For the final draft though, he likes for us to build on the draft and add more analysis. I will put in a separate order for that when the time comes. Thank you in advance!