data-driven

Vocabulary Word

Definition

The term 'data-driven' refers to decision-making processes that are based on data or facts, rather than intuition or observation alone. It's like using a map to decide the fastest route to your destination, rather than just guessing.

Examples in Different Contexts

In a corporate setting, being 'data-driven' means basing business strategies on market research and consumer data. A CEO might say, 'Our data-driven approach has significantly improved our market positioning and sales.'

Practice Scenarios

Business

Scenario:

With the recent customer feedback, we have enough input to rethink our marketing strategy.

Response:

I agree, it's time we adopted a more data-driven strategy to optimize our marketing efforts.

Tech

Scenario:

The current algorithms need optimization. Let's leverage our colossal collection of user data.

Response:

Right, enhancing our algorithms with a more data-driven framework will surely deliver better performance.