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Data-Driven Decision-Making Process Paper

1597 Words7 Pages

To continue to improve the Acme Company must ask themselves what they need to do to be a continuous growing company and how to improve their short falls which will prevent the fall/failure of the business model. Without looking at their data of sales, products, employment the company will be moving blindly, shooting in the dark to improve the business to meet the needs of their customers to improve sales. There are multiple methods and programs that the business is able to use to get this information, the three which we will focus on are data-driven decision-making aka data analytics, linear programing and decision support systems. Each technique and the decision support systems have their own benefits and drawbacks but the proper use of …show more content…

The use of this technique is to look at areas that have issues, such as the process of hiring individuals that will be best for the company or the amount of product stock the company should keep on hand. The process of data-driven decision making allows a business to collect data for a specific area and analysis the data which will have an outcome which can be the desired or not. This analytical process allows to see the current trends that the business is having and allows for the management team to make the appropriate decision that will continue down the same path if the data is positive or make vital changes that will allow improvement in areas which have short falls. Without the collection of data to make changes within the business any company would be making changes or continue down the same path without any real rhyme or reason because the data allows the business to make educated decisions based on real trends and current …show more content…

Since certain products are not used throughout the year a good area to use D3M is in the stock of surplus that the store will carry throughout the year. If you look at the sales throughout each store you will have a general idea what each store sales, but like most business have a general stock of products which can be bought in any Acme store. You will also want to carry a heavier stock of product for each store based on sales. If the store continues to hold products that are not selling then they will be losing money on procurement and holding a stop where products that are moving may take. Additionally if you are short on a product that is selling out the store will lose sales to other stores. To assist with the D3M procedures the use of a decision support system will allow the better collection of data required to make educated, well informed decisions which will have a positive impact on the

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