You must have heard this phrase “data is the fuel that drives a business”. But is this statement true? Be it big data, data science, data mining, anything related to ‘data’ is considered the god of everything, but is it so?
Data is good as long as it can provide valuable insights which can lead to an action. Data if interpreted badly can lead to disastrous business decisions. For example, if the data in your report indicates that all the sales are closed from cold calling, it is obvious that you are going to make your decisions based on that information. But you don’t realize that you are using the wrong data and most of your leads are actually generated and nurtured from marketing emails which is ultimately closed via cold calling. Now you have decided to hire 20 more employees in business development and do nothing for email marketing. You invested your money, time and resources in a completely wrong direction. You are bound to make the wrong decisions if you use faulty data.