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MIT: Businesses thrive more with real-time data flows

Strategy enables people and systems to make real-time decisions, MIT professor says at IFS show.

MIT professor Weill speaks at IFS show
Ben Ames
By Ben AmesOct 16, 2024
Ben Ames
Ben Ames has spent 20 years as a journalist since starting out as a daily newspaper reporter in Pennsylvania in 1995. From 1999 forward, he has focused on business and technology reporting for a number of trade journals, beginning when he joined Design News and Modern Materials Handling magazines. Ames is author of the trail guide "Hiking Massachusetts" and is a graduate of the Columbia School of Journalism.
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Companies that integrate real-time data flows into their operations consistently outperform their competitors, an MIT professor said in a session today at a conference held by IFS, the Swedish enterprise resource planning (ERP) and artificial intelligence (AI) firm.

A real-time business is one that uses trusted, real-time data to enable people and systems to make real-time decisions, Peter Weill, the chairman of MIT’s Center for Information Systems Research (CISR), said at the “IFS Unleashed” show in Orlando.

By adopting that strategy, they gain three major capabilities, he said in a session titled “Becoming a Real-Time Business: Unlocking the Transformative Power of Digital, Data, and AI.” They are:

  • business model agility without needing a change management program to implement it
  • seamless digital customer journeys via self-service, automated, or assisted multi-product, multichannel experiences
  • thoughtful employee experiences enabled by technology empowered teams

And according to Weill, MIT’s studies show that adopting that real-time data stance is not restricted just to digital or tech-native businesses. Rather, it can produce successful results for companies in any sector that are able to apply the approach better than their immediate competitors.

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ArticleTechnologyEditorial
mit - massachusetts institute of technologyifs

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