Nov 17th, 2021 – KNOLSKAPE is excited to announce its newest offering, DATA-BASED DECISION MAKING.
The event was hosted on 17th Nov 2021, at 11:30 am IST. We also had a guest speaker for the event, Goda RamKumar, AVP, Data Science, Swiggy who shared her industry perspective on data-based decision making. She also highlighted some of the skills- individuals, leaders, and managers required to make data-based decisions.
โWeโre literally swimming in an ocean of data today and the organizations thatโll be successful in the future are the ones that can harness the power of data and convert this data into business value.โ
Rajiv Jayaraman, Founder-CEO, KNOLSKAPE
Did you know that lack of employee skills is one of the major reasons thatโs stopping organizations from being data-smart? And thatโs a problem weโre trying to address via KNOLSKAPEโs Data-Based Decision Making Simulation.
In the real world, our decisions are sometimes based on data, and most of the time, they are based on HIPPO (Highest paid personโs opinion). However, the days of exchanging data-free opinions are long gone. While we give these acronyms too much importance, we lose track of deep user insight and a clear roadmap. And eventually, we end up making wrong decisions.
Most of the decisions that we make in our organizations tend to be biased and hence we thought of introducing a realistic, rational, and logical approach- Data-Based Decision Making!
Designed on the GLAMR framework, Data-Based Decision Making bridges the gap between business and data analytics teams.
- G- Goal: Define the problem
- L- Levers: Find the necessary aspects that have an impact on the goal
- A- Analysis: Opt for the correct analysis to derive insights
- M- Metric Based Decision: Go for the right solution based on metrics
- R- Review: Use data to measure the impact on the business
Outcome
From a learnerโs standpoint, this simulation-based offering helps identify the need for data-based decision making and helps them solve business problems using data. From an organizationโs point of view, the simulation helps build a strong culture of data-based decision making, at various levels in the organization.
How Do You Put the Simulation to Work?
Organizations today generate a lot of data, but they arenโt able to harness its value. Thatโs where Data-Based Decision Making comes to rescue. It inculcates a data-centric approach that makes the best use of analytics to help learners achieve desired business objectives.
It allows leaders to derive more value out of data and analytics available to the organization.
This is accomplished through a variety of courses, starting from understanding the fundamentals of data for business to leveraging analytics to solve business problems, visualizing data, and translating it into effective decision making.
The simulation replicates the real-world scenario and allows learners to solve business problems by practicing data-based decision making.
What Are the Various Competencies That Get Measured Using Data-Based Decision Making?
This 30-40 min simulation on Data-Based Decision Making measures the learnerโs ability to define the problem, leverage data, and derive valuable insights that help solve day-to-day business challenges.
Letโs take a look at each of these competencies in detail-
- Problem Definition- Defines a business problem and translates it into data by asking the right questions.
- Analysis Approach- Takes into account the different analytical approaches while solving business problems.
- Insight Driven Approach- Leverage insights to fuel informed decisions.
- Outcome Orientation- Considers business outcomes while making the next move.
Delivery Model
Currently, the product is available in Instructor-led Training (ILT) and Virtual Instructor-led Training ( VILT) format. However, weโre in the process of creating a self-paced version wherein the learning is primarily video-based.
In case you’re curious to know how the simulation can help you make sound data-based decisions, weโre pleased to talk through your goals and spend 30-40 minutes doing a quick demo for you or your team. Feel free to contact us!
About KNOLSKAPE
KNOLSKAPE is one of the worldโs best experiential learning platforms. Leveraging the worldโs largest library of online business simulations, rich talent intelligence and a cutting-edge learning experience platform, KNOLSKAPE helps leaders and organizations develop future-ready leaders through experiential learning.
With direct presence in the US, India, Singapore, Malaysia, and partnerships with 20+ countries across the globe, KNOLSKAPE serves over 300 leading organizations across the globe and industries, reaching over 100,000 learners each year.Top B-Schools and Consulting Firms around the world partner with us as well to build, develop and deploy cutting-edge learning solutions.
A certified Great Place to Workยฎ organization, KNOLSKAPE has also been recognized as a global top 20 gamification company and a leader in experiential learning by Brandon Hall, Frost & Sullivan, and Bersin by Deloitte