(2 articles) Big Data Isn’t Better Data: What’s Wrong with Analytics | Why Harnessing Resilience Leads to a Successful Business | Entrepreneur

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You Might Like � � � You Might Like � � � � � � � � � Don't like ads? Go ad-free with TradeBriefs Premium Big Data Isn't Better Data: What's Wrong with Analytics    “Big data isn’t better data for a couple of reasons,” says Iyengar. “There’s a race going on now, where companies are trying to collect as much data as possible. But I like to think of data as the new oil. Striking it isn’t enough. For oil to be useful, you have to extract it and connect it to the end user with pipelines. It’s the same for data. Some companies have a lot of it, but they don't know how to extract it or how to build those connections. That's one reason.” The second, which Iyengar says is also challenging, is that not every type of data is useful. “Sometimes organizations collect data for the sake of data — they’re drowning in it but don’t know what to do with it. It’s not tied to any of their KPIs [key performance indices]. A better approach is more targeted, collecting the types of information that can help target consumers or make your products better, for example.” The pandemic, like other massive shocks to the economy, helped to dramatically shift consumer behavior. With many stores closed, people had to quickly figure out how and where to get what they needed. While online shopping is a part of that story, it’s not the whole story. Marketers had to figure out how to reach their customers in new ways, both in terms of messaging and in the channels they used to relay those messages. The ones who succeeded, says Iyengar, were the companies that were already very proactive, with a test-and-learn culture. “They were never satisfied with knowing what they know right now, but worked to understand where things are heading. Those companies clearly understood that things were changing, and worked to get ahead or keep pace with those changes through constant experimentation.” Continued here Why Harnessing Resilience Leads to a Successful Business | Entrepreneur    In entrepreneurship, the transition from a national player to a worldwide phenomenon embodies the ultimate ambition. But, this process entails considerable challenges and growth opportunities alike. At the heart of this venture, resilience and leadership emerge as two fundamental elements that shape the trajectory of entrepreneurial success on a global scale. Resilience, an entrepreneur's best ally, becomes particularly vital when aspiring to transform a national venture into an international powerhouse. The competitive, volatile business world demands a capacity to weather economic storms, tackle unexpected setbacks and emerge even stronger. Instilling this quality in your organization forms the bedrock of any successful expansion, providing a steadfast shield against the unpredictable nuances of regional and global marketplaces. Continued here

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