Information services provider Thomson Reuters, US, has released a new report citing exponential increases in the volume, frequency and variety of data as a critical risk factor in decision-making, especially in time sensitive situations. The report, shared at the Aspen Ideas Festival, is observed to draw on Thomson Reuters research as well as a joint study with Julian Birkinshaw at the London Business School.
The report, 'Intelligence, Intuition and Information', is led by David Craig, Executive Vice President and Chief Strategy Officer; Peter Jackson, Chief Scientist and Vice President, Thomson Reuters Legal. The study indicates that when faced with unsorted, unverified 'raw' data, 60 percent of decision makers will make 'intuitive' decisions that can lead to poor outcomes.
When data pours in by the millisecond and the mountain of information builds continuously, professionals inevitably cut corners and go with their 'gut' when making decisions that can impact financial markets, medical treatments or any number of time sensitive matters. To that end, many government regulators have flagged increased financial risk-taking, which can be traced in some degree to imperfectly managed data, as a contributor to the recent financial crisis. Moreover, the world is awash with data- roughly 800 exabytes- and the velocity of information is increasing, says the report.
The challenge is that the staffing and investment needed to ensure that information and information channels are trusted, reliable and useful is not keeping pace. It is estimated that the information universe will increase by a factor of 44; the number of managed files by a factor of 67; storage by a factor of 30 but staffing and investment in careful management by a factor of 1.4.
The Thomson Reuters study notes that the same technological revolution that has resulted in the explosion of information also opens the way to new and improved tools for providing intelligent information: better organised and structured information, rapidly conveyed to the user's preferred device.
The full report is available online http://thomsonreuters.com/content/corporate/PDF/Intelligence_Intuition_and_Information.pdf.
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