Cookies help us display personalized product recommendations and ensure you have great shopping experience.

By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    data analytics and truck accident claims
    How Data Analytics Reduces Truck Accidents and Speeds Up Claims
    7 Min Read
    predictive analytics for interior designers
    Interior Designers Boost Profits with Predictive Analytics
    8 Min Read
    image fx (67)
    Improving LinkedIn Ad Strategies with Data Analytics
    9 Min Read
    big data and remote work
    Data Helps Speech-Language Pathologists Deliver Better Results
    6 Min Read
    data driven insights
    How Data-Driven Insights Are Addressing Gaps in Patient Communication and Equity
    8 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-25 SmartData Collective. All Rights Reserved.
Reading: Less Dogma Equals Better Decision Making
Share
Notification
Font ResizerAa
SmartData CollectiveSmartData Collective
Font ResizerAa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Big Data > Data Warehousing > Less Dogma Equals Better Decision Making
CommentaryData ManagementData WarehousingDecision ManagementExclusiveMobilityPolicy and Governance

Less Dogma Equals Better Decision Making

paulbarsch
paulbarsch
5 Min Read
Image
SHARE

Image

 

 

Image

More Read

Guide to Incorporating Analytics in the MVP Development Process
Customer Data Integration – Separating the Hype from the Reality
Assisted Insight: The Future of Data Discovery
Why the Chief Data Officer is the Hottest Job of the 21st Century
Redefining Business Intelligence: Don’t play the game, change the game!

 

 

Unless you’re Donald Trump—a fellow who’s always right, even when he’s wrong—there’s not much benefit to dogmatism. That’s because some of the biggest breakthroughs come as a result of challenging assumptions; especially those that are commonly accepted. Even better, it’s important to put processes, systems and people in place to constantly provoke our pre-conceived notions and help ensure we’re ready to jump on opportunities as they arise.

Today’s facts are ripe for the picking. After all, Lord Kelvin’s famous statement; “Heavier-than-air flying machines are impossible” or Thomas Watson’s 1943 declaration; “I think there is a world market for maybe five computers” show us that what’s true today, may not be true tomorrow.

For example, when Netflix’s stock tanked in 2011 as Amazon introduced its own video service, pundits declared “Netflix has already picked all the low-hanging fruit”. In the same year, when its stock dropped 52%, Netflix was declared just about dead. Meanwhile, online video growth and smart devices connected to the internet kept marching on. Today, Netflix is worth more than CBS! And any investor who stuck with Netflix through those tumultuous years racked up an appreciation of 100% or more!

To seize new opportunities, executives need to constantly review their articles of faith—or convictions of how the world works. The challenge, however is that too many of today’s leaders “like what they like” and “know what they know”. New and valuable information is often declared anathema or quickly discarded, especially when it contradicts an already stated direction or opinion.

Moreover, our information systems aren’t helping very much. That vaunted “single source” of truth—whether enterprise data warehouse in the early 2000s or enterprise data lake today, still looks far from reality, especially as today’s data lakes are mostly used as data dumping grounds from which various LOB data marts import spurious and questionable data sets. And this, of course, leaves us with an opportunity to find data sets or evidence that matches what we already believe.

This is dangerous territory we’re charting. Our inability to challenge ingrained assumptions, coupled with poor data quality will lead to some risky and possibly disastrous decisions in the near future. Add to the mix “smartest guys in the room” executive hubris syndrome, and you have an Enron-type stew in the making.

There are solutions. First, realize that the obstinate mind is not your friend. Financial Times columnist John Kay has it right when he says; “To admit doubt, to recognize that one may sometimes be wrong, is a mark not of stupidity but of intelligence.” Realize that what is true today could be upended tomorrow, especially as technology rapidly accelerates and markets develop and advance.  A flexible approach then is warranted.

Second, keep in mind that the single source of enterprise truth is worth the journey. An enterprise data lake with consistent, governed and secured data should be a source for multiple downstream facilities. These data management efforts will help prevent the “I have my facts”, “you have yours” syndrome that’s way too prevalent in today’s business environments.

Third, for top level leaders, it’s important to build a culture where it’s OK to challenge ideas, ask questions and take risks. P&G’s new CEO David Taylor has it right where he says; “I learned that part of the role as leader is to create space for everything including disagreements, conversation, dissension and agreements, and come to really appreciate messy meetings where (we can) disagree respectfully.” When people know that their job isn’t on the line for sharing their opinion, new and better ideas have a place to develop.

Finally, even though it’s contrary to Bayesian methods, go back to well-traveled paths—or areas declared dead by the pundits—and look for undiscovered value. Areas where “everyone knows” the market has moved on. This way, while everyone else is focused on the “next big thing”, you might just find a secret goldmine that can power your profits for another three to five years.

 

TAGGED:risky business
Share This Article
Facebook Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

data analytics and truck accident claims
How Data Analytics Reduces Truck Accidents and Speeds Up Claims
Analytics Big Data Exclusive
predictive analytics for interior designers
Interior Designers Boost Profits with Predictive Analytics
Analytics Exclusive Predictive Analytics
big data and cybercrime
Stopping Lateral Movement in a Data-Heavy, Edge-First World
Big Data Exclusive
AI and data mining
What the Rise of AI Web Scrapers Means for Data Teams
Artificial Intelligence Big Data Exclusive

Stay Connected

1.2kFollowersLike
33.7kFollowersFollow
222FollowersPin

You Might also Like

Image
CommentaryExclusive

Wasted Breath: Data Alone Won’t Convince

5 Min Read
Image
Big DataCloud ComputingCommentaryExclusiveITRisk Management

Adapting to Winds of Change

3 Min Read
Image
CommentaryExclusiveHardwareITOpen SourceRisk ManagementSecuritySoftware

Why Returning $1 Trillion to Shareholders is a Bad Idea

4 Min Read
Image
AnalyticsCloud ComputingCommentaryExclusive

Rent vs. Buy? The Cloud Conundrum

5 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

ai chatbot
The Art of Conversation: Enhancing Chatbots with Advanced AI Prompts
Chatbots
ai is improving the safety of cars
From Bolts to Bots: How AI Is Fortifying the Automotive Industry
Artificial Intelligence

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-25 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?