The boardroom plays an important role in the ongoing development of an organization. Filled with executives and partners of all types, this room is the place where most decisions about a company’s future are made. Traditionally, discussions about the trajectory of enterprise programs were built around old conversations and past experiences, which guided decision-makers to either fund or kill prospective projects, depending on how rewarding managers believed certain initiatives would be in the long run.
Today, some companies are embracing similar mentalities, which isn’t necessarily helping them, especially as new technological and operational trends emerge within the enterprise. Other firms are taking a more innovative approach and embracing the tectonic shifts happening within the IT landscape. In the past, IT movements were generally ignored by the boardroom because these projects were considered too technical, which meant that most employees were unaware of the direction of IT. The Big Data phenomenon has changed all of that.
Why bring data into the boardroom?
Businesses of all sizes and industries are quickly realizing that information is the key to success. Although this ideal has been reinforced in the past, the repercussions of not using data as a guide are becoming more widely understood.
Boardroom-level decision-makers used to base their expectations on gut feelings. Doing so was sometimes beneficial, especially when executives were highly experienced and aware of what was happening within their companies and competing firms; however, there was no effective way to guarantee their beliefs were accurate until it was too late to change their minds. Instead of following this antiquated approach to decision-making, executives can now use information to their advantage.
The digital world of today is fueled by a massive increase in available information because almost every activity carried out on a smartphone, tablet, or other computing device leaves a trail of data crumbs. By gathering these scraps of information and analyzing their trajectory, organizations can essentially predict the future and build strategies to maximize return on virtually any investment.