Wednesday, April 27, 2011

Increase Productivity 5-6% with Data-Driven Decision Making

According to new research at MIT, firms where decision making is based on data and analytics have output and productivity 5-6% higher than firms with similar investments and information technology usage.
“To the best of our knowledge, this is the first quantitative evidence of the anecdotes we’re been hearing about - Erik Brynjolfsson, MIT Sloan School of Management
The findings are based on detailed survey data on the business practices and information technology investments of 179 large publicly traded firms. The researchers contrasted decisions based primarily on “data and analysis” with traditional management by “experience and intuition.”
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"The biggest change facing corporations is the explosion of data," according to David Grossman, technology analyst at Stifel Nicolaus, and "The best business is in helping customers analyze and manage all that data."

Sources:
(a) Strength in Numbers: How Does Data-Driven Decision Making Affect Firm Performance? - Sloan School of Management, April 23, 2011
(b) When There’s No Such Thing as Too Much Information - New York Times, April 22, 2011


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