Question

Data-driven decision management is usually undertaken as a way to gain a competitive advantage. A study from the MIT Center for Digital Business found that organizations driven most by data-based decision making had _________ productivity rates and ____________ profits.

Answer 1

Answer:

• 4%
• 6%

Explanation:

Professors Andrew McAfee and Erik Brynjolfsson of the MIT Sloan School of Management performed a study that proved that corporations that used data driven decision management had a higher productivity (+4%) and higher profits (+6%). This study was made by the two professors and the MIT Center for Digital Business.

They were very clear in specifying that the success of data driven management is based upon the quality of the data gathered and the effectiveness of its interpretation. Not all data gathered is useful for every corporation, so it must be properly analyzed and interpreted.