MAR 1, 2011 9:21am ET

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Science of Business vs. Evidence-Based Management


I've written a lot over the past couple of years on the science of business and evidence-based management. In my "Science of Business Manifesto" blogs a few months back, I used EBM as a synonym for the SOB, drawing on the connotations of both to the conduct of business by the rigorous formulation, measurement, testing and evaluation of alternative courses of action. But a recent interview/article in the MIT Sloan Management Review, “Matchmaking With Math: How Analytics Beats Intuition to Win Customers,” is making me question whether there might be a nuanced difference between the two that's important for BI.

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Comments (12)
This example supports my hypothesis that customers are a commodity and we are now in the Algorithm Age.

Customers are no longer important to organizations but their data is. Customer data is a commodity used to feed the algorithms that run the business.

I suggest that based on this, a follow on book to Jared Lanier's "You Are Not a Gadget" should be "You Are a Commodity".

Posted by Richard O | Wednesday, March 02 2011 at 12:51PM ET
Proof of the pudding is in the eating; there are so many holy cows of conventional wisdom that have gone on unchallenged because they were "self evident" and accepted as truth. Here the evidence speaks. This might become a future conventional wisdom if it can be repeated again in other situations and scenarios. Not that hypothesizing is wrong or does not work. Depends on situations and it might work in some and not in others. Social relationships are open systems. In open systems there is no black or white. You attempt something and it might work out the way you expected or some other dynamic might modify it. That is the lay of the land. Ask any family therapist. But in this case you have hard figures as feedback and larger amounts of data to do predictions and successful ones.
Posted by Muthukumar V | Wednesday, March 02 2011 at 1:07PM ET
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