Research findings tell us companies that have a blend of decision making comprised of 1) data-driven analytics and 2) intuition based on experience will see results in the best business performance - thereby giving us an "equilibrium" to shoot for. But what ratio is optimum for each organization? And how do we achieve and maintain equilibrium nirvana?
Earlier this week, a dynamic team of business leaders hashed out these questions and debated the creative concepts of analytics culture, information quality, and better decision making processes at the SAS Power Series event in Chicago.
As one of the attendees, I brainstormed with a team on the ideas that Tom Davenport and Jim Davis primed us with. We worked on defining immediate actions we need to start tomorrow - or more like yesterday - to get our own organizations positioned at the right equilibrium by 2015, which, sadly, doesn't feel very far away! What did we come up with? A few sound - and exciting - ideas on what is at the crux of the changes that are needed. We agreed with Jim Davis when he noted that there is too much concern and hype about Big Data (data has been getting bigger since the 70's - this has not happened over night!), which distracts us from the real issues:
- A top down commitment to analytics as a culture.
- Staffing with the right talent.
- Data in better order.
- Putting the tools to work.
- Reaching the right "tipping point" that is only evident in an upsurge of business value being realized across the environment.
We need to stop "hoarding" data (as Pamela Prentice, chief researcher at SAS puts it) so we can stop worrying about how big it is and how much is out there. Rather, we need to reinforce the good, tried and true, decision making processes, based on experience and proven intuition, that have kept businesses viable to date. At the same time, we should drive the quest for analytic maturity - knowing who to unleash on which good, clean data to discover and uncover the best possible outcome - and to uncover the value propositions that are still out there yet still untapped.
My new crusade after this thought provoking event is finding the optimum equilibrium in my world - and help others across my areas of influence move forward in the quest for the right balance. Starting with the people and the culture, with the right mix of information, process and commitment, I believe the scales will tip in favor of phenomenal results. What about you?