{"id":2583,"date":"2011-11-29T07:00:30","date_gmt":"2011-11-29T15:00:30","guid":{"rendered":"http:\/\/www.formtek.com\/blog\/?p=2583"},"modified":"2011-11-29T07:00:30","modified_gmt":"2011-11-29T15:00:30","slug":"big-data-organizations-reap-the-rewards-of-data-driven-decision-making","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/big-data-organizations-reap-the-rewards-of-data-driven-decision-making\/","title":{"rendered":"Big Data: Organizations Reap the Rewards of Data-Driven Decision Making"},"content":{"rendered":"

Organizations that adopt data-driven decision (DDD<\/a>) making are 5-6 percent more productive than organizations that don’t rely on extensive data analysis prior to making their decisions. \u00a0That’s one of the results of a study made by\u00a0Erik Brynjolfsson<\/a> and his colleagues at the MIT Sloan School of Management.<\/p>\n

David Grossman<\/a>, a technology analyst at Stifel Nicolaus, a brokerage and investment company, commented <\/a>that “The biggest change facing corporations is the explosion of data. \u00a0The best business is in helping customers analyze and manage all that data.”<\/p>\n

Companies definitely want to be able to take advantage of data-driven decision making, but most companies just aren’t in a position to widely use the technique. \u00a0A report from SAS<\/a> on the use of Big Data and data analytics across different organizations, identified four stages of evolution in gaining competence in applying the results of data analytics to the decision making process.<\/p>\n

The SAS report classified the four stages of evolution for how companies effectively utilize their data:<\/p>\n