I think that the Data Driven approach is of great benefit to a business at all stages of its development. The only drawback of this method is the cost of supporting the infrastructure. But again, it depends on the size of the business and the amount of data needed. Can you highlight any other disadvantages of this approach?
You are correct in your observation. The disadvantages of this approach can only be discussed by considering a specific example of business, such as the scope, purpose and size of the organization. But as you pointed out earlier, the main disadvantage for everyone is the cost. And it includes not only the use of technology, but also human resources. In any case, you need a team that supports and oversees the collection of data analysis.
I really enjoyed this video! I'm a big fan of data-driven decision making, and I thought you did a great job of explaining the different steps involved in the process. I also appreciate the real-world examples you shared.
I know that amazon uses artificial intelligence to analyze user behavior and suggest what they need. The AI understands and assumes what and when you want to order and therefore generates a selection of the most relevant products.
