In decision theory, there is a concept known as EVPI, the expected value of perfect information. Economists and others have studied, quantified and formulized 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.
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 advice can transform your operations, enabling seamless adjustments to products and services, and a deeper understanding of your organization to enhance the employee and customer experience. But you have to know what to ask. And, we might add, who to ask for.
