In the summer of 1921, a young J. Willard Marriott visited Washington, D.C., and was amazed at the crowds. He was particularly interested in how pushcart peddlers would come along selling lemonade, soda pops, and ice cream, and within a minute, “…he would be cleaned out and on his way to stock up.” Six years later, he would use his interpretation of what he observed to purchase the franchise rights for A&W Root Beer for the Washington D.C., Baltimore area. I call that move old-school data-driven decision-making; a combination of gut feelings, hunches, and speed to market.
Today, organizations from every industry are mandated by their boards, leadership, or the market to become data-driven organizations. But what exactly does it mean to be data-driven?
AWS defines a data-driven organization as “An organization that harnesses data as an asset to drive sustained innovation and create actionable insights to supercharge the member experience.“
In other words, a data-driven organization generates value from its data.
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