Definition

data-driven decision management (DDDM)

Part of the Data and data management glossary:

 Data-driven decision management (DDDM) is an approach to business governance that values decisions that can be backed up with data that can be verified. The data-driven approach is gaining popularity within the enterprise as the amount of available data increases in tandem with market pressures.

Data-driven decision management is usually undertaken as a means of gaining a competitive advantage. A study from the MIT Center for Digital Business found that organizations driven most by data-based decision making had 4% higher productivity rates and 6% higher profits.

The success of the data-driven approach is reliant upon the quality of the data gathered and the effectiveness of its analysis and interpretation. Errors can creep into data analytics processes at any stage of the endeavor and serious issues can result when they do.

See also: data-driven disaster

This was last updated in January 2013
Contributor(s): Ivy Wigmore
Posted by: Margaret Rouse

Related Terms

Definitions

  • bit rot

    - Bit rot is the slow deterioration in the performance and integrity of data stored on storage media. It is also known by the names bit decay, data rot, data decay and silent corruption. (SearchStorage.com)

  • MapR

    - MapR is a software company based out of San Jose, California that was founded in 2009. (SearchBusinessAnalytics.com)

  • production data

    - Production data is data that is persistently stored and essential to completing day-to-day business tasks and processes. (SearchStorage.com)

Glossaries

  • Data and data management

    - Terms related to data, including definitions about data warehousing and words and phrases about data management.

  • Internet applications

    - This WhatIs.com glossary contains terms related to Internet applications, including definitions about Software as a Service (SaaS) delivery models and words and phrases about web sites, e-commerce ...

Ask a Question About data-driven decision management (DDDM)Powered by ITKnowledgeExchange.com

Get answers from your peers on your most technical challenges

Tech TalkComment

Share
Comments

    Results

    Contribute to the conversation

    All fields are required. Comments will appear at the bottom of the article.