Data has always been with us. But today there seems to be more of it. That’s the bad news. Now the good news: there are more and better ways to harness the data. And there are good reasons to do so. For example, it can help companies spot business trends well before they happen. In Gil Press’ recent article in Forbes Magazine, he explores WebbMason Board Director David Rich’s idea of investing in big data, specifically in predictive analytics.
“When the 2008 recession hit […] the question was how come we weren’t better prepared with all the money we’ve spent in the last decade on information systems? That has caused a spur of activity that we’ve seen in the last several years, driven by the promise that now it’s technologically possible to have predictive analytics meet performance management at scale in real-time.”
By “performance management” Rich is referring to what it takes to manage the enterprise. He thinks that we are witnessing the emergence of a new management discipline, one that’s “much more about data-driven decision making.” He explains that now: “Management wants more data before making a decision or they want to collaborate with more people before making a decision, then the previous generation.”
The recession impacted all of America, but why didn’t we see it coming? Maybe we weren’t paying close enough attention to the data. With better access to complex information, business leaders could use technology to pre-determine what they need to do. Since the recession struck, businesses are taking advantage of the availability of preventive measures. Today’s predictive analysis technology provides industries with the tools to overcome impending obstacles.
It’s an important trend that David Rich is helping WebbMason pay more attention to in his role as advisor to the company. Apparently, the writers at Forbes are paying attention, too.