A recent Capgemini (2012) study found that 9 out of 10 business leaders "believe data is now the fourth factor of production, as fundamental to business as land, labor and capital." That report concludes "Big Data represents a fundamental shift in business decision making." Data-driven decision making refers to the collection and analysis of data to guide or make decisions. Data has been used to support structured decisions since people began collecting and recording data. High velocity data can potentially improve routine, reoccurring decisions, but the impact on unstructured strategic decisions is less certain. Some vendors broadly assert that big data and statistical analysis will be helpful for "all" decisions if we are creative in using data. Decisions are choices among options, but some choices are more complex and difficult than others and some options are ambiguous and poorly defined.
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Posted November 9, 2014 10:57 AM
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