Your share portfolios may well have lost value in the last week as markets panicked when China's stock exchange twice shut down automatically as its new "circuit breaker" decided prices were in freefall.
Like lemmings, investors decided that China's economy was hitting the rocks after all and trading screens everywhere turned red.
And now "After weighing advantages and disadvantages, currently the negative effect is bigger than the positive one. Therefore, in order to maintain market stability, CSRC has decided to suspend the circuit-breaker mechanism," a statement from the China Securities Regulatory Commission (CSRC) said.
Which just goes to show that with all the faith in data scientists and predictive analytics you have to add in a good handful of common sense and business acumen. People who know the whole process of their industry/process/markets. Who can over-ride the big data analytics when they are plainly failing.
This is where the value of self-service analytics will play a big part. Self-service analytics on a secure analytics platform practised by competent professionals who work in the real-world where customers and sellers buy, deliver, collect, pay and use products. Who add a good dollop of practical insight, common sense and local knowledge. Sti
A back-up action plan when business process automation and big data analytics goes wrong
The intelligent business not only adopts BPA with enthusiasm but also with caution. Risk of failure needs to be assessed and a mitigation strategy to deal with unexpected eventualities built in. Free up your valuable people to perform higher value work but make sure that they know how to still do their job when automation tools and systems go awry.
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