Opinion | Data driven management is a recipe for success

As recently as five years ago, our consulting advice to clients was in part driven by industry-wide experience layered with insights derived from empirical research. If an executive had an idea and came to us and asked, “How might I implement this?” we could present blueprints based on industry analysis and hands-on experience.

With the rise of big data analytics, we are now able to slice and dice research more precisely and support our answer with data.

Management always involves a level of crystal ball gazing. Research of views today can be radically altered by events tomorrow. There is no sure thing.

But in today’s world there is no excuse for decision-making without data-driven analysis to support it. This is not to say gut “Ah-hah!” ideas are out. Quite the contrary; they have always been and likely always will be what drive innovation. But they can and should be backed up with data-driven research to support the likelihood of success.

When most people think of big ideas they think of the invention of the car or aeroplane, or in more modern times they consider innovations in medicine, payments and energy.