Big Data: The Management Revolution
Speaker: Erik Brynjolfsson, MIT Center for Digital Business and the MIT Sloan School
Date: Wednesday, December 5 2012
Time: 4:00PM to 5:00PM
Refreshments: 3:45PM
Location: 32-G449 (Patil/Kiva)
Host: Samuel Madden, CSAIL
Contact: Sheila Marian, x3-1996, sheila@csail.mit.edu
Relevant URL: http://hbr.org/2012/10/big-data-the-management-revolution/ar/1 Big Data: The Management Revolution
The big data measurement revolution is creating a management revolution. I will discuss research from the MIT Center for Digital Business on how data-driven decision-makers are outperforming their competitors and how this management revolution can accelerate innovation. In particular, using detailed survey data on the business practices and information technology investments of a set of large publicly traded firms, we find that firms that adopt data-driven decision-making have output and productivity that is 5-6% higher than what would be expected given their other investments and information technology usage. Furthermore, the relationship between data-driven decision-making and performance also appears in other performance measures such as asset utilization, return on equity and market value.
Bio:
Erik Brynjolfsson is the Director of the MIT Center for Digital Business, the Schussel Family Professor at the MIT Sloan School, and a Research Associate at the National Bureau of Economic Research. His research examines the effects of information technologies on business strategy, productivity and employment. His recent work studies data-driven decision-making, the pricing implications of Internet commerce and the role intangible assets. Prof. Brynjolfsson has received numerous awards for his research and lectures worldwide on technology and strategy. BusinessWeek has profiled him as an “ebusiness visionary” and he is a director or advisor for several technology-intensive firms. His recent books include Wired for Innovation: How IT is Reshaping the Economy and Race Against the Machine: How the Digital Revolution is Accelerating Innovation, Driving Productivity and Irreversibly Transforming Employment and the Economy. He received his A.B. and S.M. degrees from Harvard and his Ph.D. from MIT. You can read his blog at http://www.economicsofinformation.com, download his papers fromhttp://digital.mit.edu/erik and follow him on Twitter at @erikbryn.
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