It is a constant endeavor at our Business School to develop certain attributes in our MBA students. Attributes are identified by the academicians regularly through brainstorming sessions, research and interaction with industry experts. One attribute that has resulted from a recent session is the need for our MBA students to make ‘DATA-BACKED DECISIONS’. It is also called as ‘DATA-DRIVEN DECISION MANAGEMENT (DDDM)’
What do we mean by DATA BACKED DECISIONS?
In a layman’s term, data backed decisions are those that require one to do proper research and use the data derived from the research to make effective decisions for the business at large. According to whatis.com ‘Data-driven decision management (DDDM) is an approach to business governance that values decisions that can be backed up with verifiable data’.
How does it help Companies?
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.
So how can MBA colleges incorporate this into the curriculum to help students learn this attribute?
Well, first let us look at what MBA colleges are already doing to help students develop data backed decisions as an attribute
Now what can be done over and above the mentioned points to help students develop an attribute of ‘DATA BACKED DEC
Firstly, students can be offered small scale live projects that involve minimal amount of data collection to make decisions. For instance, marketing assignments that require understanding of what a brand can do to be profitable. Questionnaires, personal interviews can be conducted to collect the data and come to a conclusion based on what the data showcases. If students are being taught digital marketing, then responses for social media marketing campaigns can be quantitatively measured and further campaign planning can be based on the statistics etc.
Then slowly bigger projects like a community development project can be introduced into the picture which requires scientific application of research methodology techniques to collect, analyze and interpret the data and come to a conclusion/decision in real-time. A project of this scale will help them understand the significance and importance of data backed decisions.
At Regenesys, the MBA programme syllabus already incorporates projects of all sizes to help students develop the attribute of ‘DATA-BACKED DECISIONS’. This provides our students a competitive edge in the market.
To know more about the MCMBA programme at Regenesys, you can write to me at firstname.lastname@example.org ( Prof.Sandya Jadhav, Senior Faculty, Regenesys Institute of Management)