Paul J.H. Schoemaker, Decision Strategies International, and Philip E. Tetlock, The Wharton School
MIT Sloan Review, Spring 2017 Issue
Summary: Businesses must develop a sustainable competitive edge in order to compete and succeed in the long run. One way to achieve this is by leveraging technology-enabled insights with a sophisticated understanding of decision making, judgment, and reasoning to make smarter decisions in the face of uncertainty. But how can businesses outsmart the competition?
Although businesses have succeeded in the past by economies of scale, proprietary intellectual property, motivated workforces, or strategic vision, these driving factors are not enough in today’s knowledge economy. Intelligent enterprises are now defined by their ability to make superior judgments and choices.
However, few companies have systematically integrated big data and predictive analytics with the latest understanding of human reasoning, judgment, and decision-making. Paul Schoemaker and Philip Tetlock’s research offers some insights and advice for managers looking to develop an advantage over rivals by combining the power of humans and computers.