I remember watching MIT professor Andrew McAfee years ago telling stories about the importance of data over gut feeling, whether it was predicting successful wines or making sound business decisions. We have been hearing about big data and data-driven decision making for so long, you would think it has become hardened into our largest organizations by now. As it turns out, new research by NewVantage Partners finds that most large companies are having problems implementing an organization-wide, data-driven strategy.
McAfee was fond of saying that before the data deluge we have today, the way most large organizations made decisions was via the HiPPO — the highest paid person’s opinion. Then he would chide the audience that this was not the proper way to run your business. Data, not gut feelings, even those based on experience, should drive important organizational decisions.
While companies haven’t failed to recognize McAfee’s advice, the NVP report suggests they are having problems implementing data-driven decision making across organizations. There are plenty of technological solutions out there today to help them from startups all the way to the largest enterprise vendors, but the data (see, you always need to go back to the …read more
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