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What do you do if your strategic decisions lack data-driven insights?

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Making strategic decisions without data-driven insights can feel like navigating through fog. As an industrial engineer, your role often involves optimizing systems and processes, and data is the compass that guides these improvements. However, there are times when the data you need is incomplete, outdated, or non-existent. This scenario can be daunting, but it's not insurmountable. By leveraging your expertise and applying certain strategies, you can still make informed decisions that steer your operations in the right direction.

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Jo?o Vitor Lins Maciel

Engenharia | Qualidade | Gest?o de Projetos | Melhoria Contínua | Lean | Opera??es Industriais | Linkedin Top Voice
Erik Pescare

LinkedIn Top Voices | CEO | EP Sistemas | Software Personalizado | Gest?o | Indicadores | Solu??es Customizadas |…
Chiko Liu

Business Analysis Manager @ P3Tech Africa | Data Analytics

1 Assess Gaps

When data is lacking, the first step is to assess what information is missing and why. Determine the critical data needed to support your decision-making process and identify the gaps. This might involve reviewing existing data sources, evaluating the quality of the data, and understanding the context of the data shortfall. This assessment will help you prioritize which missing data is most crucial and guide you on where to focus your efforts to gather additional information or seek alternative approaches.

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Erik Pescare

LinkedIn Top Voices | CEO | EP Sistemas | Software Personalizado | Gest?o | Indicadores | Solu??es Customizadas | Gest?o de Projetos | Automa??o | Planilhas | OEE | MES | Dashboards Inteligentes | Integra??o
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N?o há como tomar decis?es sem dados, invista em coleta e análise de dados, considere investir em melhorias nos processos de coleta e análise de dados. Isso pode envolver a implementa??o de novas ferramentas, a contrata??o de especialistas em dados ou o desenvolvimento de parcerias com empresas de análise de dados.

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Chiko Liu

Business Analysis Manager @ P3Tech Africa | Data Analytics
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when faced with strategic decisions lacking data-driven insights, it's essential to assess gaps, gather intel, utilize expertise, model scenarios, leverage technology, and iterate quickly. By following this roadmap, Industrial Engineers can navigate through uncertainty with confidence and make informed decisions that drive success.

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Freya Menzel

I help you connect with your audience, interpreting the clues they share in your content data trail, fostering meaningful networks?? to achieve your goal ?? Your friendly data navigator. Data Analyst ?? DM me for info ??
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I would start by listing the factors that play a role in the decision, then evaluate what data is available to identify gaps.

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2 Gather Intel

Once you've identified the gaps, it's time to gather as much relevant information as possible. You might conduct interviews with stakeholders, facilitate focus groups, or observe processes firsthand. These qualitative methods can provide valuable insights that are not always captured in quantitative data. While this information may not be as precise as numerical data, it can still inform your strategic decisions by offering a deeper understanding of the issues at hand.

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Chiko Liu

Business Analysis Manager @ P3Tech Africa | Data Analytics
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Gathering intel through qualitative methods empowers decision-makers to gain deeper insights, enrich their understanding, and make more informed strategic decisions. By embracing a holistic approach that combines quantitative rigor with qualitative richness, organizations can navigate complexity with clarity and confidence.

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Freya Menzel

I help you connect with your audience, interpreting the clues they share in your content data trail, fostering meaningful networks?? to achieve your goal ?? Your friendly data navigator. Data Analyst ?? DM me for info ??
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The key is to identify the most efficient means to collect meaningful data. This involves - among other things - assessing the understanding of the data gatherers, whether manual or automated. Not all data can be automatically collected from machinery or software.

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3 Use Expertise

Your professional expertise is a powerful tool when data is scarce. Draw on your knowledge of industrial engineering principles, past experiences, and industry best practices to make educated guesses and assumptions. These informed estimates can serve as a temporary foundation for decision-making until more precise data becomes available. Remember, your expertise can help fill the void when data cannot tell the whole story.

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Jo?o Vitor Lins Maciel

Engenharia | Qualidade | Gest?o de Projetos | Melhoria Contínua | Lean | Opera??es Industriais | Linkedin Top Voice
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m situa??es onde a incerteza é alta, é útil adotar abordagens iterativas para tomar decis?es. Isso envolve tomar uma decis?o com base nas informa??es disponíveis, implementá-la em um pequeno escopo ou por um período limitado, e ent?o avaliar os resultados e ajustar conforme necessário. Esse processo iterativo nos permite aprender e adaptar à medida que avan?amos. Quando os dados s?o escassos, é valioso buscar conselhos e opini?es de pessoas com diferentes perspectivas e experiências. A colabora??o e o diálogo aberto podem ajudar a iluminar diferentes aspectos da situa??o e fornecer insights que podem influenciar nossas decis?es de maneira positiva.

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4 Model Scenarios

Scenario modeling can be particularly useful in the absence of complete data. Create different potential scenarios based on available information and educated assumptions. Analyze how each scenario could impact your operations and what the potential outcomes might be. This exercise allows you to explore various possibilities and prepare contingency plans, thus reducing uncertainty and risk associated with making decisions without comprehensive data.

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Shubham Mody

Duke MEM ‘25 | Fuqua I&E | Turning Products into Experiences!
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Scenario Planning can look like this highlighting key considerations making it easier for risk mitigation. 1. Optimistic Scenario: Rapid Penetration High demand aligns with the company's offerings. Limited competition leads to quick market share gain. Smooth operations and surpassing profitability. 2. Moderate Scenario: Steady Growth Steady growth with challenges from stronger competition. Investment in marketing and differentiation strategies required. Learning opportunities for refining strategies. 3. Pessimistic Scenario: Strong Competition and Market Challenges Tough competition from established players. Lukewarm consumer reception and pricing pressures. Potential loss of investment, requiring a reevaluation of expansion strategy.

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5 Leverage Technology

Consider leveraging technology to compensate for the lack of data. Simulation software and predictive models can help visualize the impact of different decisions under various conditions. These technological tools can process existing data and extrapolate it to predict outcomes, which can be invaluable for strategic decision-making when data is incomplete. Remember to factor in the limitations and assumptions of these tools to avoid overreliance on their outputs.

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6 Iterate Quickly

Finally, when making decisions with limited data, it's crucial to adopt an iterative approach. Implement decisions on a smaller scale if possible and monitor the results closely. This allows you to make adjustments quickly based on real-time feedback and emerging data. By iterating rapidly, you can refine your strategies as more information becomes available, minimizing potential negative consequences of decisions made with incomplete data.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Erik Pescare

LinkedIn Top Voices | CEO | EP Sistemas | Software Personalizado | Gest?o | Indicadores | Solu??es Customizadas | Gest?o de Projetos | Automa??o | Planilhas | OEE | MES | Dashboards Inteligentes | Integra??o
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Caso n?o consiga acessar os dados por conta própria, é recomendável considerar a contrata??o de consultoria ou mentoria. Uma vis?o de fora pode revelar aspectos que n?o está considerando, além de trazer expertise no assunto. Isso pode acelerar significativamente o processo, preenchendo lacunas de conhecimento e fornecendo insights valiosos.

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What do you do if your strategic decisions lack data-driven insights?

1

2

3

4

5

6

7

1 Assess Gaps

2 Gather Intel

3 Use Expertise

4 Model Scenarios

5 Leverage Technology

6 Iterate Quickly

7 Here’s what else to consider

Industrial Engineering

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What do you do if your strategic decisions lack data-driven insights?

1

2

3

4

5

6

7

1 Assess Gaps

2 Gather Intel

3 Use Expertise

4 Model Scenarios

5 Leverage Technology

6 Iterate Quickly

7 Here’s what else to consider

Industrial Engineering

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