CIO — The desire to make better decisions faster is one of the fundamental drivers of new big data analytics technologies and a general push toward data-driven decision-making. But the relationship between data and intuition — the old 'gut feeling' — is a complicated one, says Peter Swabey, senior editor, technology at the Economist Intelligence Unit (EIU), the research and analysis division of The Economist Group.
"They both play a role," Swabey says. "The process of developing data is the process of trying to identify what the true state is. In identifying that, your intuition could be a useful guide."
In an effort to better understand how business decisions are made, predictive analytics firm Applied Predictive Technologies (APT) asked the EIU to conduct a study, resulting in a report released this week: Decisive action: How businesses make decisions and how they could do it better.