TECH BUYER Jun 2019 - IDC Perspective - Doc # CA45043319
Big Data Decision Making: Rebalancing Intuition and Data in a Digital World, Part 2
This IDC Perspective examines how organizations need to find the right balance between intuition and data in a digital world. The biggest threat corporate management faces is the disruption that is changing the way business is done from industries as diverse as mining, retail, and healthcare. It is no longer a question of if, but when. Analytics has emerged as a wedge that differentiates the winners from the losers. There is no argument that, when it comes to strategic decisions, the more information, the better. Yet 40% of the strategic decisions made by enterprise-size companies are based completely or mostly on intuition. The case for intuition is primarily based on a firm's historical decision-making culture and "why mess with success" attitude. Intuition (or a lucky streak) can steer you in the wrong direction.
"Intuition no longer cuts it in a digital economy where your competitors are changing long-held rules of business. The companies that succeed in the future will be able to balance the use of data and intuition," says Mark Schrutt, strategic advisor, Public Sector and Innovation Research.