Effective decision-making lies in big data
Enterprises are increasingly looking to gain a competitive advantage by deploying big data solutions for more accurate real-time analytics. Decision-makers can leverage database administration services to filter and analyze big data and make predictions that will drive more cost-effective, powerful strategies.
According to Gartner research, 70 percent of high-performing companies will manage business processes using real-time predictive analytics by 2016. Jim Sinur, research vice president for the firm, explained that big data solutions will impact business operations and the way employees work.
"The most dramatic change is the increased visibility in how the company is running and what is happening in its external environment," he stated. "Individual contributors and managers have more situational awareness, so they are able to make better decisions faster."
Gartner asserted that organizations with real-time decision management capabilities can perform better through intelligent business operations (IBO). IBO enables business processes to become more self-aware by learning from the situational context of work interactions and actively applying on-demand analytics to predict the outcomes of potential changes. This improved awareness can elevate customer service quality and revenue growth while minimizing costs and business risks. Sinur further explained that workers can better collaborate by reacting more quickly to analytics for decision-making that drives business outcomes. Gartner predicted that real-time, predictive analytics will be a critical factor in differentiating higher performing businesses .
Removing the risk of instinct
Other experts agree that big data intelligence will continue to be in high demand. Dr. Chongqi Wu, assistant professor of management for the College of Business & Economics at California State University, told Smart Business that firms will need to leverage big data solutions instead of relying on the corporate belief system and intuition to make decisions. He explained that fact-based decision making is superior because it empowers executives to easily identify inefficiencies and problems and quickly correct them. He further stated that studies have shown it is more difficult to improve long-term when reacting to problems without basing decisions on factual analysis.
Wu told Smart Business that after acknowledging the significance of big data in decision-making, enterprises can use data modeling to project outcomes and evaluate ideas, using analytics to form these hypotheses.
By merging facts from big data analytics and business instincts, enterprises can gain a competitive advantage by making more intelligent, innovative decisions.
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