Why did businesses succeed in the past? A few factors: timing, intuition, know-how, and a little bit of luck. While a lot of these factors still influence corporate success and decision-making today, there are more tools available than ever that are available to help predict success or failure. One of these tools is big data—which offers solid insights that are often as valuable as even the most experienced CEO’s intuition. Today, big data has shifted corporate decision-making in many companies, particularly startups. Does intuition still have a place in our data-driven world? Let’s take a look.
Mining the Past for Future Growth
While intuition is based on past experience (the past experience of a business professional), big data represents a concrete picture of the past. Mining past data of an organization (or the organization’s competition if the company is brand new) is key to predicting the future of new initiatives. While trends can change, it tends to be more reliable to make decisions based on the past to help spur future growth.
Changes in Business Strategy
Big data has become a popular tool in business strategy partially because it’s easy to see and communicate the reasons behind decision-making. When decision-making is based on intuition …