Analytics, Collaboration Aid Good Decision Making
Strategic decision-makers are armed with plenty of data, but they're facing challenges in making the best use of it, according to a recent survey from the Economist Intelligence Unit and Applied Predictive Technologies (APT). The accompanying report, "Decisive Action: How Businesses Make Decisions and How They Could Do It Better," indicates that business-benefiting outcomes remain limited by office politics and a lack of collaboration among those who depend on their "gut feel" to make decisions. But this approach will no longer suffice in an era when data analytics is having a profound, positive impact on organizations. That said, the pursuit of useful metrics presents its own formidable challenges. "The quantity and variety of data available to decision-makers is vast, and it will continue to grow," wrote Jim Manzi, founder and chairman of APT, in the report. "[While] many business leaders know they need to make better use of data, it's clear that they don't always know how best to do so—or which data they should select from the enormous quantity available to them." Nearly 175 global senior managers and executives took part in the research.