Management 13th Edition by John Schermerhorn,Daniel Bachrach

Exercise 24

MAKE DATA YOUR FRIEND
Analytics-driven managers "know how to get the data to tell them the things that matter (and not the things that don't.)"
Intelligent Enterprises Know How to Win with Analytics

A survey on "The New Intelligent Enterprise" conducted by the Sloan Management Review asked 3,000 executives from around the world to report on how their organizations use and deal with data for business intelligence. Results included the following:
60% of executives said their organizations were "overwhelmed" by data and have difficulty making it useful for performance results.
Organizations outperforming competitors were three times better at managing and acting on data.
Top performers were two times more likely than low performers to say they needed to get even better with analytics.
Top performers use analytics most often in finance, strategy, operations, and sales and marketing.
Most frequent obstacles to adopting better analytics are lack of understanding, competing management priorities, and lack of skills.
Analytic techniques expected to grow most in importance are data visualization, use of simulations and scenarios development, and use of analytics within business processes.
YOUR THOUGHTS
What are the implications for your career planning and development The consulting firm McKinsey Co. projects that by 2018 the United States will be short 1.5 million managers who have the skills to "use data to shape business decisions." Are you prepared to compete for jobs and promotions in career situations where analytics count How could your local schools, small businesses, and even government agencies gain by better harnessing the power of information and analytics