I would say that I am fairly new to the corporate life, but I have made several observations on decisions that are made. The term ‘Big Data’ is the new buzzword to hit the lips of IT personnel everywhere over the globe. For me big data is the vast amount of information now available to business, this information can be on customers (internal & external) as well as information on the efficiency on business processes within a business. Due to the share volumes of data, the building of Data Warehouses as well as data security is climbing to the top of a CTIO priorities. However I believe a key issue for businesses is not the data itself (though I must highlight the need for the data to be accurate), but the decisions that the business makes based on the analysis (if any is done). Having vast amount of data, and the creation of reports does not lead to profitability, it is the decisions that management make based off of these reports which lead to such a state.
Too often the data is not even seen prior to important business decisions being made, and at the end of the day when the data is given a glance at it coincides with the reason why the decision made turned out to be the wrong one.
So we must ask ourselves why the data is not been given a thorough ‘run through’ before making decisions. Is it a time factor? Dependent on the industry this could come into play, the business needs to be able to react quickly to a competitor sudden emergence in the market, however a rash decision that is made based on a hunch could cost millions of dollars, so we must weigh the risks.
We must respect the data and let it guide us in making decisions.