Everyday, companies and individuals are bombarded with a wealth of information. The most common term we hear today is ‘Big Data.’ How best to capture and use data has become a new business for others. Now, from an individual perspective, news articles and programs come daily, interactions, such as, thru networking opportunities, social settings, and the like, bring information daily to our plate. Furthermore, we receive a wealth of emails discussing an array of matters. We learn in a multitude of ways, and constantly have to make decisions. Some are with lots of information; others are with very little, if any. In essence, we share the same predicament as companies.
For us, our choices include an impact upon livelihoods, in some singular or combined form, ranging from employment to additional sources, to the buzz word of being an entrepreneur. Quite frankly, it’s why the concepts of a level playing field are about privacy, civil liberties, and so forth. Accordingly, companies make the same level playing field argument. Of course, their goal is linked to profitability, whether or not to expand, products and services to offer, to the most efficient methods of operations and production. Decisions are made from information, the same as in the past. Today’s society provides newer tools.
One particular company, in the business, of helping entities, from the government to sports’ teams, to corporate or non-profit groups, is Decision Lens (www.decisionlens.com). I happened to have met the President and Founder, John Saaty, at ‘The Economist’ Innovation Forum in Chicago. We also had a follow-up conversation, via skype. And let me first say, I really do like skyping; though I marvel at how virtually none of my friends and family does. By any means, John shared some thoughts on Big Data, and the methodology of their company. Basically, I’ll share, in part, comments and interpretations, in cursory form.
Ultimately, they are working to focus your discussions; getting you to a point for digesting data. This includes recognizing trade-offs for priorities. It goes beyond merely evaluating data, but rather valuing data. What you’re seeing is a system meant for optimizing solutions; the pathway encompasses identifying, prioritizing, analyzing, measuring, and reacting. The concept embodies what-if-scenarios, embracing consideration of all stakeholders, multiple paths, a flexibility to change criteria, and define alternatives. Clearly, our discussion was more detailed.
Think in this framework. What innovative ideas, services, and products do is show the expansionary nature of the envelope, no matter the industry. The challenges, within a robust flow of global innovation, do not dismiss solid principles of making decisions, individually or as some entity. Most of us, admittedly or not, are hybrids in respect to employment and entrepreneurs. How many management folks, not only get a regular paycheck, but also write books, buy and sell stocks, and have other type gigs? If you want to talk sports, then fine. A sport’s star in football, skiing, racing, etc., will agree that a sport represents their main job/career. And on the other-hand, their entrepreneurial side can include endorsements, broadcasting, perhaps some business ventures, and even investment strategies. A musician/singer apparently, in similar fashion, can run the range of performer, clothing designer, investor, song writer for others, and so on. I am amazed, that in today’s widening of opportunities, thru innovation, differing sides remain embattled on labeling anyone, as merely, or merely settling, for employee or business owner status. Again, the actuality of freedoms of choice, level playing fields, and civil liberties, reflect the core of why vibrant transaction activities can occur; and that promotes the true betterment of economic growth.