Why Data Isn’t Everything

Posted by Cat Virca in Planning, Tips, Trends

Data is usually considered a very valuable resource for most companies. It enables companies to make smart decisions based on trends and demographics. However, sometimes it’s not the most reliable resource. Rob Hamlin, director of exhibition services for Ungerboeck Software International, explains why data isn’t everything.

In a pop-culture study published in the Journal of Operations Management, researchers studied how record label executives attempted to predict where a new song might fall on the Top 100 chart. They found that the executives made worse judgments when they relied on historical data rather than personal instincts. This is a reminder that sometimes experience and creative intuition weight heavily when making a business decision.

Here are a few tips to help you trust your gut: 

• Keep an eye out for trends. Stay current with what’s going on in your industry. Rely on your networking abilities and talk to your colleagues to find new developments.
• Get inspired. Give yourself creative freedom even if the numbers disagree. When you feel like you’re on to something that might be big, run with it!
• Look for feedback. Go to team members or past attendees for insight. Valuable information can be picked up from conversations and brainstorm sessions.

Of course, we can’t always rely completely on ourselves. Draw conclusions from given information and trust yourself when you feel confident – the best decisions are a combination of concrete data and gut instinct.

Read the full article.