Data-Driven Management is the concept of making management decisions based on data: research, tests, hypothesis testing and big data.
This approach allows a company to conduct its instrument business and, through quality solutions, achieve greater results with fewer resources. More and more manufacturing, financial, marketing and any other companies are becoming adherents of this direction. Even among the design alternatives, you can choose the objectively best and useful option for your business.
Data-Driven management is not a novelty, its foundations were laid by the author of the economic miracle in Japan - Edwards Deming, who bequeathed to descendant managers a logical principle:
To evaluate the results of their own actions, they must be measured.
Already in the 70s, the first electronic dashboards appeared at the disposal of American generals. In the 2000s, directors' tablets began to be used by managers of large companies, and now this technology is available to anyone.
Dashboards suggest actions based on facts and data. They help to monitor operational indicators not only for companies but also for athletes or parents.
This is usually a one-page, interactive report that shows key metrics in real-time.
In fact, a dashboard is any dashboard: home scales, car sensors or a mobile application with statistics. For modern business dashboards, a number of differences and advantages can be distinguished compared to classic reports: