Data driven organizations are 5% more productive and 6% more profitable.
Data-driven decision making within businesses, has tripled in just five years. According Erik Brynjolfsson, Professor at the MIT Sloan School we’re in the early stages of a management revolution. The disruption is based on a company’s ability to collect, measure and digitally record information about human and systems activities, particularly with the finely tuned data sets available through Internet of Things (IOT).
As the premium on large, quantitative data sets grows, more companies will continue to move away from making decisions based on what they think and toward those based on what they know.
Recent (2016) research indicates that companies in the top third of their industry in the use of data-driven decision making are, on average, 5% more productive and 6% more profitable than competitors.
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