Data Science for Decision Making in Developing Economies: A Travesty of Business Investments?

Arindam Banerjee

No WP2014-12-07, IIMA Working Papers from Indian Institute of Management Ahmedabad, Research and Publication Department

Abstract: Based on a recent survey of Analytics Adoption in Indian business organization, the author makes a claim that for most organizations grappling with the problem of incomplete and unorganized data, the tools of data science are mostly unhelpful in providing impactful information for decision making. What is required for most organizations embarking upon the Analytics journey is a strategic information plan which assesses requirement, availability and enhancement of information to support key decisions of the organization. This requires the generic skills of problem structuring and information resource identification and mapping them to business decision making. Knowledge of processing tools is important to the extent that information strategists are able to visualize what data and how to process them together to extract the right information. Therefore the top most priority in organizations in nascent environments is to work towards building a necessary healthy ecosystem of information which in the future will facilitate more analytics driven decision making.

Date: 2014-12-29
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