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Business experts say that analytics and data will define the difference between winners and losers in various industries. If you’re a manager and don’t have a clue about statistics or how to ask smart questions about data, it’s time to start if you want to thrive in your career and your organization.
Do you only care about statistics when discussing fantasy football? Is the only knowledge you have of data is how to spell it? If so, you better wise up – fast.

While data and statistics are changing the way companies like Google and Amazon do business, they also are impacting industries from manufacturing to health care. Managers and employees who are clueless about the subjects may find themselves standing on the sidelines as key projects continue without them or senior leaders pass them over for promotions.

Susan Athey, a Stanford Graduate School of Business economics professor, has consulted for companies like Microsoft and other technology firms. She says that while these companies require their managers to be knowledgeable about data collection and statistics, it’s a trend that’s starting to seep into other industries.

She explains that more companies are collecting and analyzing data as a way to stay competitive and innovative. It’s been shown that when companies inject data and analytics deep into their operations, they can boost productivity and profit that is 5% to 6% higher than the competition.

In other words, managers can no longer just ignore Big Data or trust the IT department or an outside firm to deal with it. If they value their jobs, they need to become more informed. Read more www.elosonservices.com/why-managers-must-embrace-big-data-or-be-left-behind/
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elosonservices:
Business experts say that analytics and data will define the difference between winners and losers in various industries. If you’re a manager and don’t have a clue about statistics or how to ask smart questions about data, it’s time to start if you want to thrive in your career and your organization.
Do you only care about statistics when discussing fantasy football? Is the only knowledge you have of data is how to spell it? If so, you better wise up – fast.

While data and statistics are changing the way companies like Google and Amazon do business, they also are impacting industries from manufacturing to health care. Managers and employees who are clueless about the subjects may find themselves standing on the sidelines as key projects continue without them or senior leaders pass them over for promotions.

Susan Athey, a Stanford Graduate School of Business economics professor, has consulted for companies like Microsoft and other technology firms. She says that while these companies require their managers to be knowledgeable about data collection and statistics, it’s a trend that’s starting to seep into other industries.

She explains that more companies are collecting and analyzing data as a way to stay competitive and innovative. It’s been shown that when companies inject data and analytics deep into their operations, they can boost productivity and profit that is 5% to 6% higher than the competition.

In other words, managers can no longer just ignore Big Data or trust the IT department or an outside firm to deal with it. If they value their jobs, they need to become more informed. Read more www.elosonservices.com/why-managers-must-embrace-big-data-or-be-left-behind/
Please drop your comment and click on notify button for new topics

This is very true, big companies are now looking for big data analytics which i predict will be the next big thing.