Read more: Data science in the forest
The PwC report concludes that during times of rapid change, organisations that can calibrate themselves most accurately to their competition, and then invest accordingly, will do well.
PwC lists the four approaches for orgaisations to turn decision making into a competitive advantage:
Map decisions to shareholder value by pinpointing decisions that have the biggest impact on your future. “Understand how data analytics can give you a competitive edge.”
Link the strategic alternatives to the business impacts by simulating how mega trends, industry trends and your strategic alternatives affect your business and operating model.
Apply a value and results lens by quantifying the expected improvement in metrics associated with improving decision making.
Adopt a structured test and learn approachby specifying changes to the organisation, process, technology and culture that are needed to improve decision making. “Pilot first, learn quickly and then scale.”
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