Leveraging Superior Facts and Analyses to Make Better Business Decisions
|Event Date:||April 11, 2011|
|Speaker:||Dr. Thomas Frese|
|Speaker Affiliation:||McKinsey & Company, Chicago, IL|
|Sponsor:||Communications, Networking, Signal & Image Processing|
|Location:||Fu Room, POTR 234|
|Contact Name:||Professor Charles Bouman
|Open To:||ACCEPTABLE FOR ECE 694A
Many important business decisions are made based on intuition and perception of the business environment and the competitive dynamics. Strategies often need to be tested and optimized through trial-and-error in a rather costly manner. Moreover, many of the day-to-day business decisions that drive overall company performance never get optimized due to a limited fact base on what’s possible and therefore limited management awareness of opportunity. In this talk, I will discuss how we can bring facts and science to businesses to enable better decision-making and significantly improve company performance. Examples span across business strategy, marketing and sales, pricing, purchasing, and frontline operations. I will also highlight some of the typical barriers that prevent many businesses from successfully employing these tools today. Finally, we will look forward to the next horizon of data-driven analyses and the necessity of proprietary tools and data.
Dr. Tom Frese received his Ph.D. in Electrical and Computer Engineering from Purdue University, West Lafayette, IN. He is currently a partner with McKinsey & Company in Chicago, where since 2001 he has focused on helping clients in the transportation industry and other industries to improve their performance.