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A measurement model of value of data for decision-making in the digital era

Author

Listed:
  • Ganesh Sankaran
  • Martin Knahl
  • Guido Siestrup
  • Ismini Vasileiou

Abstract

Despite burgeoning opportunities for data-driven decisions, research shows that decision makers are failing to make sense of data within a broader context of organisational change which presents the following pertinent questions: 1) How can decision makers measure the value of data by giving a holistic account?; 2) How should the organisation-specific blending of machine and human rationality be factored in the measurement model? This study tackles these questions by proposing a novel approach that combines system dynamics and the ability to incorporate data science methods. In addition to a conceptual description, this paper also describes a feasibility test conducted on a small-scale prototype set in a supply chain context. The results show that the use of sophisticated models that have a local scope ('locally rational') might have unintended global consequences. It underscores the need for a holistic model in the decision makers' toolkit providing the ability to run targeted simulations to assess digital investments.

Suggested Citation

  • Ganesh Sankaran & Martin Knahl & Guido Siestrup & Ismini Vasileiou, 2021. "A measurement model of value of data for decision-making in the digital era," International Journal of Integrated Supply Management, Inderscience Enterprises Ltd, vol. 14(1), pages 50-76.
    • Handle: RePEc:ids:ijisma:v:14:y:2021:i:1:p:50-76
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