Decisions can now be based on data rather than intuition from "summary" of Reinventing Capitalism in the Age of Big Data by Viktor Mayer-Schönberger,Thomas Ramge
Many organizations have traditionally relied on intuition and gut feeling to make decisions. However, with the advent of big data, this approach is being challenged. Data is now abundant and easily accessible, providing a wealth of information that can be used to inform decision-making processes. By harnessing the power of data, organizations can now make decisions based on concrete evidence rather than subjective intuition. This shift towards data-driven decision-making has the potential to revolutionize how businesses operate and strategize. Instead of relying on guesswork or personal biases, decision-makers can now turn to data analytics to uncover patterns, trends, and insights that may have otherwise gone unnoticed. Moreover, data-driven decision-making can lead to more accurate and reliable outcomes. By analyzing large datasets, organizations can gain a deeper understanding of their customers, markets, and competitors. This knowledge can help them make informed choices that are more likely to yield positive results. In addition, data-driven decision-making can also enable organizations to adapt more quickly to changing circumstances. By continuously monitoring and analyzing data, businesses can identify emerging trends and respond proactively. This agility can give organizations a competitive edge in today's fast-paced and volatile business environment.- The concept of basing decisions on data rather than intuition represents a fundamental shift in how organizations operate. By embracing the power of big data, businesses can make more informed, accurate, and timely decisions that drive success and innovation in the digital age.
