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Data and decision making

Data and decision making

Learning & Development

Pramod Veturi

Pramod Veturi

25 May 2022, 10:03 — 3 min read

There is a difference between data and information. Data is a collection of facts, while Information is the organisation, analysis, and interpretation of the facts. We make our decisions and choices based on the information we have.

Data is everywhere, but converting it into information is not free. It takes an investment of attention, focus, effort, and time. When it comes to decision making, we are willing to commit our focus, time, and energies to doing a lot of data analysis, because the information will help us make better decisions.

Data is everywhere, but converting it into information is not free. It takes an investment of attention, focus, effort, and time. Data is only helpful if we can process it into information that helps us make decisions.

 

Here’s the catch, though. Our social networks and communities bombard us with all kinds of data- what happened where, who did what, how something works, etc.

Data, more data is only helpful if we can process the data into information that helps us make decisions.

  • Knowing the current market price of a particular stock isn’t helpful if you are not likely to make any decisions that involve dealing with the stock market. 

  • How many people viewed the blog or photo you posted is of no value unless you are in the business of monetizing the content you put out.  

  • Keeping track of what is happening in China or Ukraine is just a way of loading yourself with data that feels like information because you have no intention of doing anything with the data. 

If you can’t do anything with the data, it is never going to be information that you use to make your choices and decisions. And, if you are not going to use the data to make a decision, try not to spend too much time consuming it. It is a form of distraction and resistance to doing the actual work involving making choices and decisions.

 

Also read: Beware of the curse of knowledge

 

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Image source: Canva

 

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Pramod Veturi

Global leader with experience managing core banking functions with proven track record of delivering business transformation and growth.

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