Initiateanalysis

It's a very common and a proven methodology to go through Data -> Information -> Knowledge -> WISDOM cycle in making sound judgment.

The environment which the company is in changes over time, new competitors in the market keep evolving. In differentiation, competitive advantage is probably more to do with information fluency, brand name refinement, and quality. 

There are varying concepts that need to be clarified in analysis practice; for example: what is "judgment"? How to improve organizational decision effectiveness and business intelligence?

Is it an individual's personal choice about what rules should apply? Or an individual's choice about how close something is meeting a certain standard to make sound judgment: People have their own preference and processes to make judgments. Many social interactions are based on senses of trust (or lack thereof) and other "gut feelings," not logic. "Big Data" may not be replacing these sorts of judgments; but it could eventually tell us something about who those people are, how they decide, and act.

Judgment and decision making are often considered together. Gut-feelings and information analysis go hand-in-hand. It is important to leverage data analysis in making both strategic and operational decisions in the complex business environment with a high degree of unpredictability and ambiguity. In information-savvy organizations, analytics is the ingredient that needs to be well embedded into business culture, to drive data-based decisions both at the strategic and operational level.

Is judgment an application of some method to balance the influence of a variety of opinions and feedback analysis? Information savvy organizations have a healthy information management, and feedback-feedforward cycle. They embrace a variety of opinions, and appreciate diverse viewpoints. Feedback helps to not only make sound judgment, but aid to feedforward for either managing change or accelerating performance. It does not focus on the past; it tells you what is happening so that you can adapt.

So the right scenario of information analysis and decision cycle is to collect information ->capitalize on real facts -> predict the future trends -> be preemptive -> learn from mistakes -> analyze data in order to make sound judgment. Customer-centric businesses have already used data to do sentimental analytics, explore what’s in customers’ minds, gain customer empathy, and take action for driving customer-centric innovation.

How can anything be replicated if one "scientist" uses his or her "judgment"? Businesses explore the power of big or small data to drive business decisions, improve transparency in organizational activities that can be used to increase efficiency. Information scientists apply scientific principles and methods to gather and analyze data in seeking answers to the questions; apply science and research techniques to gather and analyze the "right" data with the attributes such as reliability, accuracy, or consistency in improving analysis accuracy.

Scientifically, if judgment is used in application of scientific method to analyze quality information, the results could be replicated because the same judgment is applied. It’s always important to apply good statistical methods to analyzing data correctly and providing correct interpretations of the results, and design instruments for gathering the kind of data that provides the information most needed to make judgment.

It's a very common and a proven methodology to go through Data -> Information -> Knowledge -> WISDOM cycle in making sound judgment. Whatever we sense as a human being, there is a methodology behind that.. See it - sense it -> get it processed-> react. Information is not the end itself, the end is to improve problem-solving effectiveness and people satisfaction.

Posted in: Big Data,Business Intelligence,Decision Making