Are Your Decisions Data-Driven?

by CXOtoday News Desk    Nov 24, 2014

data

With accumulating data, business intelligence yields the maximum power, when it comes to strategizing—long term or short term. Be it IT investments or understanding customer behaviour, big data lays the foundation for decisions.

Decision-making isn’t always easy, especially when it comes to a company’s future prospects. Basing a big decision on some numbers on hand needs the C-suite to have a direction and to ensure sustainable and growth-oriented plan.

PwC says that one of the challenges is that organisations don’t really know they need big data and analytical skills until there’s a project where they see the benefits.

According to According to a PwC’s Global Data and Analytics survey, senior executives value intuition and experience more than quantitative factors when it comes to decision making.

Has anything changed in the last two years?

Yes, say many executives, who felt that data analysis has taken centrestage in their organizations.

Majority of executives felt that the quality of data analytics hasn’t improved, but it is essential for the next two years. However, the number of people involved in decision-making has changed.

Though there are several factors that impact decision making, they chose three megatrends: Urbanization (28%) , Resource scarcity (27%) and Mobile Internet (26%) .

“Decision making can feel forced or reactive. And when executives do take a more thoughtful approach they tend to dive in to the data, techniques, and technology that make up an analytics strategy. Instead, step back and look forward, starting with the decision that will not only shape your company today but position it for whatever future changes come your way,” said the authors of the report.

Across industries, the top goals for decision making in the next one year include growing an existing business, followed by entering a new vertical.