This week, we’ve been reading a lot about skepticism around data. We think it’s important to think critically about data’s role in helping your company grow. We are firm believers that being data-driven is the best path to growth. However, data needs to be used extremely wisely, and data needs to be of high quality to be useful. This week we’ve got a few articles that have kept us on our toes.
This article isn’t so much about being skeptical about data modeling as it is about a possible future where AI vastly improves our ability to find meaning and relationships within data. What we find specifically compelling here is the acknowledgment that the time taken to collect, update, and analyze data models is significant enough to produce results that have a risk of being out of date. More efficient, and immediate ways of analyzing data are being developed every day, so we can’t rest on our laurels when it comes to one way of doing things.
This immediately caught our attention because we love music at Open-i Advisors, but it’s also relevant to other industries. Do gut instincts produce the best results? In some cases, yes. However, even when years of experience and gut instinct lead you to make a “wing and a prayer” decision, it’s still important to be able to measure the results.
Is Your Data Healthy?
There are SO MANY providers of third party data. When you’re basing major business decisions on that data, you’d better make sure you can trust these providers to be accurate. Due diligence can be hard, but it’s of critical importance to your business. Data health is an area we spend a lot of time focusing on. It’s never easy, but it’s always time well spent.
To put it simply, many companies think they are data driven, but they haven’t really structured their organization to take advantage of data in truly transformative ways. Big data is generally unstructured until you shape it into what you need. Too often, companies grab spot data to reinforce existing paths, rather than holistically trying to create data-driven strategies that set up and challenge or validate core assumptions about a company’s business operations. Like most things, data is only what you make of it. By only using the parts you like, you can reinforce bad strategies rather than finding new pathways to growth.
How Brands Use Data-Driven Content to Tell Better Stories
Content Standard (Skyword)
We close on a positive note, with some examples of how we believe data should be used to help create pathways to growth. Data isn’t perfect, but there are myriad ways it can be used to produce positive benefit for companies. This article describes one such way.