Description: If you’re trying to use advanced analytics to improve your organization’s decisions, join the club. Most of the companies I talk to are embarked on just such a quest. But it’s a rocky one.
Date: Feb 25, 2015
The technological challenge is hard enough. You have to identify the right data and develop useful tools, such as predictive algorithms. But then comes an even tougher task: getting people to actually use the new tools.
Why is the people factor so important? It’s easy enough to automate routine decisions, such as identifying likely buyers for a product upgrade. But many decisions in today’s knowledge economy depend on expertise and experience. Think of bankers deciding on business loans, product developers determining tradeoffs between features and cost, or B2B sales reps figuring out which prospects to target. Analytics can help codify the logic of the best decision makers, but it can’t replace human judgment. Read the rest of the Story
Questions for discussion:
1. Why is the people factor so important in the use of data analytics? explain
2. Explain the following statement “Analytics can help codify the logic of the best decision makers” —- can you think any industries where this holds true?