by David Mills on January 9, 2012

The excerpt below from an article in the Wall Street Journal last week underscores a major shift in the management of enterprise across the global landscape. Those who ‘get it’ and ‘do it’ will be winners in sync with the way things are. For the rest more chaos and confusion will likely be the case.

We are ruined by our own biases. When making decisions, we see what we want, ignore probabilities, and minimize risks that uproot our hopes.

What’s worse, “we are often confident even when we are wrong,” writes Daniel Kahneman, in his masterful new book on psychology and economics called “Thinking, Fast and Slow.”

An objective observer, he writes, “is more likely to detect our errors than we are.”

Large data sets and applied analytics will soon be driving daily business decisions, Dennis Berman reports on the News Hub.

The new year will bring plenty of splashy stories about iPads and IPOs. There is a more important theme gathering around us: How analytics harvested from massive databases will begin to inform our day-to-day business decisions. Call it Big Data, analytics, or decision science. Over time, this will change your world more than the iPad 3.

Computer systems are now becoming powerful enough, and subtle enough, to help us reduce human biases from our decision-making. And this is a key: They can do it in real-time. Inevitably, that “objective observer” will be a kind of organic, evolving database.

These systems can now chew through billions of bits of data, analyze them via self-learning algorithms, and package the insights for immediate use. Neither we nor the computers are perfect, but in tandem, we might neutralize our biased, intuitive failings when we price a car, prescribe a medicine, or deploy a sales force. This is playing “Moneyball” at life.

CREInFocus, a developer of cloud based financial performance management and analytic software, helps companies assess the performance of their corporate real estate investments and operations while providing actionable information for their internal and outsourced managers to reduce costs and fulfill infrastructure needs.

Categories: Big Data, Business Intelligence, Cloud, Predictive Analytics, Software, Specialized Knowledge Platforms
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