I find that most people tend to focus on the word "data" in that phrase and not enough on "driven decisions".
Being resolute in a decision and firmly pursuing it with an understand of what outcome you are hoping for yields far better experience than simply examining data and letting the wind take your ship farther into the ocean of indecision as you wait for the next data point to guide you.
It's incredible how many people I interact with on a daily basis that tell me they've now started doing something new because an article they read stated that a "subject" who does "insert action" in "this" way sees "this result".
Gleaning insights from the experience of others is invaluable. Gathering data to inform your actions is preferable. I'd simply caution to remain biased towards action and give that gut feeling a chance now and then.
Let's face it. You'll never seen an article titled "People who follow their gut feelings are seeing are 50% increase in...". Just because it's difficult to study and quantify does not mean it should not be given weight to.
Data driven decisions is a safe way to have predictable and incremental results. If you're hoping to challenge a gorilla in the market, it is likely they not only have access to more data, but more analytical tools and the talent to inform their next decision.
Don't challenge the gorilla to see who is faster at climbing the tree. Make the gorilla compete in a way that the infrastructure it possesses, which is the source of its pride at the moment, now severely limits its ability to compete.
Do something crazy that doesn't make sense.
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