Even with a wealth of information at our fingertips, making decisions in our fast-paced business world can be challenging. A survey conducted by McKinsey found that ineffective decision-making can cost a Fortune 500 company approximately $250 million in annual wages, highlighting the high-stakes repercussions of these decisions.
As the volume of data grows, organizations recognize the vital role of efficient information processing in improving decision-making. This increased demand for producing results drives efforts to strengthen decision science processes through stronger data management practices.
Understanding how businesses can harness this potential begins with a closer look at the impact of information and decision science on day-to-day operations.
Information science is used to organize, manage, and optimize data in the workplace.
By improving the accessibility and retrieval of data, information science enables professionals to spend less time searching for data and more time interpreting it. Companies use information science to enhance efficiency in the workplace by:
Beyond storage and structure, information science enables organizations to leverage data as a strategic tool for growth.
For businesses to effectively leverage data in their decision-making processes, they must grasp the fundamentals of decision science. But what is decision science?
Decision science is a discipline that focuses on how individuals and organizations make informed choices. Drawing from economics, psychology, data science, and statistics, decision science supports strategic and operational decision-making in complex and uncertain environments. At its core, decision science uses statistical analysis and data modeling to evaluate options, predict outcomes, and reduce risk.
Effective decision-making begins with high-quality data, where information science and decision science intersect. By applying empirical data and quantitative techniques, businesses can strengthen their decision-making processes and align choices with their strategic goals.
Across industries, companies are applying decision science in tactical ways:
By understanding what decision science is and how it’s applied, companies can better anticipate trends, respond to challenges, and make data-driven decisions that move their business forward.
The power of integrating information and decision science lies in its ability to turn raw data into actionable insights quickly and efficiently. As businesses face mounting pressure to stay competitive, they turn to technologies that can interpret data in real-time, empowering teams to make smarter decisions more quickly.
In everyday operations, this integration comes to life through tools like business intelligence platforms that combine centralized data sources with real-time analytics. These tools enable teams to analyze, visualize, and act on data seamlessly, driving operational efficiency and aligning decisions with business objectives. This integration also enhances collaboration across departments, breaking down barriers and encouraging data sharing.
By combining information science and decision science, organizations enhance their agility in response to a rapidly changing market. It also fosters a culture where decisions are informed by evidence, rather than guesswork, resulting in improved outcomes across the board.
That said, as the data landscape evolves, so must the expertise that drives it, making continuous learning a key factor in staying ahead.
Information and decision science are revolutionizing business operations, enhancing efficiency, driving innovation, and facilitating more thoughtful decision-making across various industries. As emerging technologies such as AI, machine learning, and real-time analytics evolve, the demand for professionals who can harness and apply data will continue to increase.
The Master of Professional Studies (MPS) in Information Science from the Cornell Ann S. Bowers College of Computing and Information Science prepares students to meet that demand. This interdisciplinary program equips graduates with the tools to analyze data, understand user behavior, and design systems that drive informed decisions in real-world settings.
If you are ready to make an impact at the intersection of technology, data, and strategic thinking, an MPS degree in Information Science can help you build the career you envision.
Ready to take the next step?
Download our resource—From Classroom to Career: Cornell Bowers CIS' Information Science Degree—to learn more about the career outcomes of the MPS program and what you can expect post-graduation.