Data Intelligence Steroids as a Decision Making Process

Vladimir Mendes Queiroz, Internal Audit Manager, Eliane Ceramic Tiles Brazil / Mohawk Industries Inc

Vladimir Mendes Queiroz, Internal Audit Manager, Eliane Ceramic Tiles Brazil / Mohawk Industries Inc

DATA INTELLIGENCE STEROIDS, WHAT IS THIS?

Considering all changes that businesses around the world have been through, it is common sense that the last few years – we could consider past 5 or at least 3 years – to be a very short term period if we consider all the impact that COVID-19 pandemic brought into our lives. Technology, had never been so present and mandatory in the decision making processes or been applied as powerful Data Intelligence Steroids – as I used to say – by any professional into the companies, doesn’t matter its position.

STEROIDS HIGHLIGHTS

This said, I would like to highlight two of these steroids – data analytics and data-driven goals respectively. The first – nowadays – is viewed as an emerging technology, but has been used as a computer assisted technique for past few decades (30, 40 years). And the second as a decision making approach, as a recent appeal. However, it is fair enough to say that before any of this new concept arose, risk management, as a decision making process, has always been present in all organizational cultures as a part of the corporate governance environment, where professionals once spent every moment taking decisions based on risks, intuitively or not.

Then, why these “Data Intelligence Steroids” are so in evidence or, are so important now than in the past? What are the benefits or the advantages for applying this into the companies or what difference does it make for the professionals who know how to work with this or not?

“Using data analytics supporting decision making activities as a data-driven goal approach, we saved more than USD 20 million dollars monitoring inventories with no sales, into a 12 months period, in the retail industry that I worked for.”

SO WHY DO IT AND WHAT ARE THE BENEFITS?

The keyword is “Results”. It doesn’t matter what you are thinking of, to improve your achievements or getting more results for your professional life or your business or the company you work for; the availability of technology usage and its application is so huge and easy that data production is massive and increases absurdly. So in this case, the demand for understanding all this data and transform it into qualified information – as a competitive advantage over your competition (doesn’t matter what or who it is, business or professional) is imperative.

As a senior executive, with more than 22 years of experience working with governance, risk and control [GRC], 16 of these years I have worked on and applied technology through data analytics as a preventive or even predictive approach to the decision making process, recovering and/or reducing losses and achieving goals as financial results.

So, if you, your business or the company you work for are not using technology – and specifically data analytics as a data-driven decision making process, and in this way adding value to enhance your results over your competitors as an assertive approach, once the scenarios that we have today are even more complex, sorry to tell you this, but you are literally out of the game.