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Big data technologies to revitalize management science

Author  :       Source  :    Chinese Social Sciences Today     2016-01-22

A symposium titled “Data-Driven Research on Management and Decision-making” was held on Jan. 5 at Fudan University, Shanghai. Guo Chongqing, a professor from Tongji University, said that the ubiquity of the Internet and the Internet of Things generates an astounding quantity of data at a rapid rate, ushering in a paradigmatic shift in management science. Attendees agreed that data-driven research on management and decision-making can help scholars understand the complex interconnections among entities, reduce risks in decision-making that result from data redundancy and deficiency, and understand emerging phenomena caused by the exponential growth and convoluted interrelations of data. The ultimate goal is to distill information, knowledge and wisdom from the galaxy of Internet data. In fact, big data is no longer a mere byproduct of industrial chains. It will give rise to a string of strategic emerging industries. Moreover, to better evaluate the theories and practices of management science, scholars must draw upon a massive amount of economic and social data.

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