The future of decision making
The volume of data consumer products companies are collecting is mind-boggling. Managing petabytes of information is now the new norm.
More and more, unstructured data is at the core of consumer products company decisions. Real-time retailer information, geo-positioning data from consumer smartphones, vast amounts of social media data all have to be managed and analyzed to drive insights and value for the business.
Information systems have helped to reduce transaction costs but have been less effective in improving decision-making.
Many companies have invested heavily in information systems as part of this quest for data collection. But while the systems have helped to reduce transaction costs, they have been less effective in improving decision-making.
Even companies with rigorous analysis capabilities find that their analytical methods are often not well-understood by decision-makers and don’t connect quickly enough with the organization.