“Here’s an industry secret that lies beneath all the news hype on big data today: after two decades of nonstop advances in business intelligence technologies, organizational leaders are still using their gut to make decisions 95 percent of the time,” he said. “The reason why is because most people cannot get their hands on accurate decision-support information in time.”
Trust in the power and potential of Big Data can be seen throughout higher education, though there persists some skepticism of the accuracy of data-driven tools meant to “wage war” against gut decisions.
Higher education institutions in recent years have invested hundreds of millions of dollars in data research and tools. Some universities are putting up this money themselves, while others are relying on government and organization grants.
A recent report by the McKinsey Global Institute estimated that “open data” alone (Big Data that is made freely available to others) would “unlock $3 trillion to $5 trillion in economic value annually across seven sectors.”
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