Check out this article – Business leaders need Rs not Vs: The 5 Rs of Big Data. I met Merritt,the author, at the TDWI Solution Summit on Advanced Analytics this spring. In the post, and in his subsequent work, he makes some great points.
I really like his 5Rs and think they illustrate the power of Decision Management when it comes to applying advanced analytics:
- Relevant – data fit.u
Decision Management begins with the decision in mind and only adds new data that clearly first with that decision or that can deliver the analytics that would improve the decision.
- Real-time – data on time
By focusing on decisions first, Decision Management ensures you know how timely data must be to help with the decisions that matter. Understanding the data usage first means you know how real-time your needs are and don’t under- or over-build.
- Realistic – data insights
Decision models, a critical component of Decision Management, allow you to look at a decision-making approach and ask “if only” – “if only we knew which customers would churn we could make a better decision” or “if only we knew how late this supplier might be we could estimate the order volume more accurately”. These if-only questions identify analytic insight that WILL help and that drives data requirements, not the kind of “surely this data will help someone” discussion you sometimes see.
- Reliable – data quality
Data quality is about good enough – good enough to make a good decision. Understanding the decisions that need data lets you see which data must be of high quality and prioritize your data quality efforts.
- ROI – data as an asset
Data drives analytics that improve decisions that impact performance measures. Without an understanding of the decisions the data (or the analytics built with it) will change it’s not possible to see what the value of that data is. Decision Management provides that connective tissue.
Decision Management – your best bet for delivering “the 5 Rs”.