Browse Definitions :
Definition

data-driven decision management (DDDM)

Contributor(s): Ivy Wigmore

Data-driven decision management (DDDM) is an approach to business governance that values decisions that can be backed up with verifiable data. The success of the data-driven approach is reliant upon the quality of the data gathered and the effectiveness of its analysis and interpretation. 

In the early days of computing, it usually took a specialist with a strong background in technology to mine data for information because it was necessary for that person to understand how databases and data warehouses worked. If a manager on the business side of an organization wanted to view data at a granular level, she had to reach out to the information technology department (IT) and request a report. Someone from the IT department would then create the report and schedule it to run on a periodic basis. Because the process was complex, ad hoc reports, also known as one-off reports, were discouraged.

Today, business intelligence tools often require very little, if any, support from the IT department. Business managers can customize dashboards to display the data they want to see and run custom reports on the fly. The changes in how data can be mined and visualized allows business executives who have no technology backgrounds to be able to work with analytics tools and make data-driven decisions.

Data-driven decision management is usually undertaken as a way to gain 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. However, integrating massive amounts of information from different areas of the business and combining it to derive actionable data in real time can be easier said than done. 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 April 2016

Continue Reading About data-driven decision management (DDDM)

Start the conversation

Send me notifications when other members comment.

Please create a username to comment.

-ADS BY GOOGLE

File Extensions and File Formats

SearchCompliance

  • compliance audit

    A compliance audit is a comprehensive review of an organization's adherence to regulatory guidelines.

  • regulatory compliance

    Regulatory compliance is an organization's adherence to laws, regulations, guidelines and specifications relevant to its business...

  • Whistleblower Protection Act

    The Whistleblower Protection Act of 1989 is a law that protects federal government employees in the United States from ...

SearchSecurity

  • RSA algorithm (Rivest-Shamir-Adleman)

    The RSA algorithm is the basis of a cryptosystem -- a suite of cryptographic algorithms that are used for specific security ...

  • remote access

    Remote access is the ability to access a computer or a network remotely through a network connection.

  • IP Spoofing

    IP spoofing is the crafting of Internet Protocol (IP) packets with a source IP address that has been modified to impersonate ...

SearchHealthIT

SearchDisasterRecovery

  • network disaster recovery plan

    A network disaster recovery plan is a set of procedures designed to prepare an organization to respond to an interruption of ...

  • virtual disaster recovery

    Virtual disaster recovery is a type of DR that typically involves replication and allows a user to fail over to virtualized ...

  • tabletop exercise (TTX)

    A tabletop exercise (TTX) is a disaster preparedness activity that takes participants through the process of dealing with a ...

SearchStorage

  • disk array

    A disk array, also called a storage array, is a data storage system used for block-based storage, file-based storage or object ...

  • enterprise storage

    Enterprise storage is a centralized repository for business information that provides common data management, protection and data...

  • optical storage

    Optical storage is any storage type in which data is written and read with a laser. Typically, data is written to optical media, ...

Close