Big Data 4Dx (online)
Dates: Oct 15-16, 2013
Certificate Track: Management and Leadership
Program Days (for certificate credit): 2
Big Data 4Dx is a new, live, online offering of our popular Big Data program. Participants in this online session will attend, in a virtual environment, the live session of Big Data being held in Cambridge on October 15-16, 2013. The online program will be conducted in conjunction with the on-campus session, and will feature the same faculty, content, discussions, and exercises.
Big Data: Making Complex Things Simpler
"In the past, IT worked primarily with finance to run reports, which were often used to justify decisions leaders had already made. That is changing with big data. Managers are analyzing enormous data sets to discover new patterns and running controlled experiments to test hypothesis. Decision making that was once based on hunches and intuition is now driven by data and knowledge."—Erik Brynjolfsson
Today, businesses can measure their activities and customer relationships with unprecedented precision. As a result, they are awash with data. This is particularly evident in the digital economy, where clickstream data give precisely targeted and real-time insights into consumer behavior, but leading edge companies in every industry are using big data to replace intuition and guesswork.
This program prepares you to understand and lead this revolution in your organizations by:
- collecting many different forms of information gathered from inside and outside your organization
- developing new knowledge from that information, for example, discovering patterns of customer behavior
- using this information in a collaborative way to improve both productivity and strategic decision making in real time
Collectively, the practices taught in this program constitute a new kind of "R&D" that draws on the strengths of digitization to speed innovation, increase customer loyalty, and improve execution.
Based on research in MIT’s Media Lab and the MIT Center for Digital Business, Professors Erik Brynjolfsson and Sandy Pentland will explore how big data changes the way IT interacts with the rest of the organization, cutting across business units and functions to create new value, and how it can have a huge impact on business results. They draw on the world-leading research that has made the big data revolution possible.
Through examples, case studies, and discussion in buzz groups, participants will learn how organizations are using big data effectively in fields as diverse as marketing, retailing, branches of government and healthcare. The program will encourage participants to apply these concepts in the context of their own organizations—including defining problems that could benefit from the application of big data concepts, brainstorming sources of data, and designing experiments to collect and analyze data in ways that are acceptable to customers—to create new value.
Participants in this program will learn:
-How several key technologies and applications are driving the big data revolution.
-How nanodata and nowcasting can be used to improve forecasts and predictions
-Common pitfalls in using big data
-The design of controlled experiments to sort out causality
-Specific case examples from retailing, marketing, real estate, human resources and other applications
-How to recognize opportunities in your own industry or function
-The organizational and cultural complements and inhibitors to the data-driven decision-making.
-How to use the Matrix of Change tool to plan and executing a transition to a data driven organization
-The roles of privacy and data ownership
-Develop a concrete action plan
Big Data 4Dx is designed for senior executives and managers interested in learning more about the big data revolution and how they can use big data in their own organizations. Participants include:
-Chief Marketing Officer
-Customer relationship people
This new online offering of the Big Data program will give people who might not otherwise be able to travel to MIT the opportunity to attend online and experience first-hand the value of MIT executive education programs.