Big Data Drives Make-or-Break Business Decisions
When it's time to make a major decision at your organization—one that can translate into a significant profit or loss over the next year—how do your senior executives proceed? Do they rely on intuition or data analytics? A research report from PwC conveys a mixed portrait: Executives worldwide said they recognize the growing influence big data has on critical business strategies and decisions. However, they also reported that their own experience and instincts—as well as those of colleagues and employees—play a major role. In other words, companies are moving forward with a balanced blend of human and metrics-based thinking. "A company's success today is tied to how good it is at making big decisions," says Dan DiFilippo, PwC's global and U.S. data and analytics leader. "While executives say they continue to rely on experience, advice or their own gut instinct, they also see investment in data and analytics as critical to success. Experience and intuition and the use of data and analytics are not mutually exclusive. The challenge for business is how best to marry the two." A total of 1,135 global senior executives took part in the research.