Senior executives are often highly skeptical of predictive analytics. Some insist on exclusively trusting their own judgment, yet their “gut” often fails them—and their shareholders.
When initiating discussions with the business about the potential value of predictive analytics, CIOs may be met with resistance from business leaders who are wary of using data-driven methods to help make strategic business decisions. These skeptics have trouble imagining how a statistical process or mathematical model could possibly offer better answers to pressing business questions, such as where to open a store or which insurance risks will turn profits for the company, than they could, with their years of experience and refined business acumen.
Author: James Guszcza