Escaping Data Prison: 5 Reasons for Analysis

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<p><strong>Hoboken, N.J. &mdash; Oct. 1</strong><br />Is more always better? When you&#39;re talking raw business data, the answer is an emphatic no. </p><p>Your company undoubtedly has tons of data. You can probably find a number for any business operation or function under the sun right at your fingertips. </p><p>It sounds good in theory, but if you&#39;ve ever tried to actually solve a problem by wading through this flood of data, you know the reality is far different. </p><p>Often, those numbers are just numbers, meaningless in terms of moving the business forward and paralyzing by virtue of their sheer volume.<br /><br />Most organizations are data-rich but decision-poor, said Rudolf Melik, author of “The Rise of the Project Workforce: Managing People and Projects in a Flat World.” </p><p>Without the information they need, leaders end up making decisions based on past experiences, gut feelings and rules of thumb rather than on the facts. The results are rarely positive.<br /><br />”Having tons of numbers in different categories isn&#39;t helpful for managers or their employees,” Melik said. “In order to make the good decisions that are going to move the business forward, those numbers need to be turned into reliable, timely and easily accessible problem-related facts and background information. And that&#39;s what project workforce management is about.”<br /><br />In his new book, Melik explains that when organizations implement project workforce management disciplines and tools, they can more easily compile data on their customers, projects and talent that is more quickly and seamlessly transformed into useful information. </p><p>They can do it because of the dashboards and real-time analytics one has access to with such a system and approach. </p><p>These two vital elements help close the fact gap, lower costs, improve productivity and increase satisfaction for both employees and customers.<br /><br />”The No. 1 problem for most organizations today is the &#39;fact gap,&#39;” Melik said. “Management teams are unable to absorb the flood of data that comes to them in spreadsheets, e-mails, conversations and meetings, and they are forced to make judgment calls based on instinct, experience and memory &mdash; a tendency that leads to the fact gap. Organizations think these vast and growing quantities of dispersed data are normal. But in today&#39;s fast-moving, globalized business world, where organizations (and their competition) are no longer contained to just one or even two locations, most decisions require real-time access to all of their data in a concise actionable format.<br /><br />”All of that data must be transformed into knowledge in order for it to be useful. Usually, that never happens, and when it does happen, it&#39;s usually too little too late. In the globalizing business world, companies must be able to exchange vital information quickly. If they can&#39;t, the data that was meant to be empowering actually imprisons.”</p>

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