EURIM
Value of Information Subgroup
The importance of information, the current state of play
Dr Mike Kennerley & Dr Steve Mason, Cranfield School of Management Centre for
Business Performance, The Use of Information in Decision Making - A
Literature Review for the Audit Commission, Feb 2008
www.audit-commission.gov.uk/Products/NATIONAL-REPORT/77C7B4DB-0C48-4038-A93F-DFE3E645A26E/Cranfield_Information_use_
review.pdf
A review of the literature for
the Audit Commission on what can be learnt form the private sector on the use of
information in decision making. Provides a practical insight into the science of
decision making mainly in areas such as marketing, management control and
finance. Examples from best practice and some evidence that better use of
information can lead to better decisions & hence performance (for example, EDF,
THL, Tesco).
Analytics and
the ability to effectively use the insights contained within the data available
to an organisation can be a key competitive capability. Many organisations
complain of “drowning in data, whilst thirsting for information”. To overcome
this, a structured approach is necessary. They advocate seeing measurement as a
system of learning not control; spending more time visualising & interpreting
data not just gathering it; planning future performance not just reviewing past.
|
