It is an increasingly widespread opinion amongst managers, as well as our Clients, that knowing how to organise and use a company’s Big Data is key for generating value.
Herbert Simon, 1978 Nobel Prize winner for his studies on “bounded rationality”, has long highlighted the difficulties encountered in the decision making process due to the constraints of time, information, and competencies.
This challenge, therefore, has always accompanied managers, but in the past two decades, it has become unavoidable due to the growing complexity of the competitive environment and the high expectations of all the stakeholders involved in business processes.
By best organising information that is sometimes too unstructured, and collecting and classifying it further in a focused manner, it is possible to construct a system that constitutes a “laboratory” for manages to test intuitions and suggestions that result from experience gained.
Clients often ask us how it is possible to face the complexity of the external environment while mitigating the effects of “bounded rationality”.
In a recent piece of research published on the Sloan Management Review from MIT, three essential elements are indicated:
1. considering the flows of information rather than the data historically collected
2. training “data scientists” and business process experts rather than historical data analysts
3. bringing expertise on “analytics” and Big Data out of the IT function and into the business core, operations, and production functions.
We’re ready to help you take these opportunities. Are you?