Are Indian CXOs Ready to Take Big Decisions Based on Advanced Analytics?
Big decisions are getting increasingly complex for organizations. Are organizations using data or are they mostly relying on their experience for taking these big decisions?
CEO of a retail store wants to open a store in a particular location. Is this big decision taken on the basis of gut feel and “experience” or there is advanced analytics around consumer profile, competitive landscape, economic outlook which needs to be performed for objectively “evaluating” the attractiveness of the store location. Moreover, is there a consistency of approach in opening not just the first store but also the next 50 stores? If we take the complexity of the decision making to the next level, is there a feedback loop of historically “performing” versus “non-performing stores” which can be an input to the effectiveness of the decision making process. 62 www.dqindia.com
Big Decisions’ are getting increasingly complex for organizations. Are organizations using data or are they mostly relying on their experience for taking these big decisions? More importantly, even if CXOs are taking data-driven decisions, are they using advanced analytics for getting more confident about the decision making process. How does Indian organizations’ cost against their global counterparts?
As per PwC’s Data and Analytics Survey (2016) involving C-suite leaders in India, nearly 98% of the respondents were found to believe that their organizations were either highly (61%) or either somewhat (37%) data-