In decision theory, there is a concept known as EVPI, the expected value of perfect information. Economists and others have studied, quantified and developed the concept. In essence, EVPI looks at the difference between what something costs versus what it should cost if you had perfect information about the item and its market.
This is why data analytics is such a valuable tool for businesses. Information may not be at the level of perfection yet, but we’re getting closer. There is so much data available and so much accessible, inexpensive computing power that if you ask the right questions, you gain powerful insights that make for better, more profitable decisions. The right data, that is trusted and leveraged appropriately, creates a critical connection between your business and your constituents through analytical communication, bringing you closer to your mission and adding value across your entire organization.
RSM’s experienced advisors have developed services, tools and insights to solve your data challenges and give you more timely and accurate information to guide the business. The right decisions can transform your operations, enabling seamless adjustments to products and services, and lead you to a deeper understanding of your organization to enhance the employee and customer experience. But you must know what to ask.
