I saw an article posted on the Axios website, pumping up a report they had produced or partnered with about the future of retail.
The article said that high net-worth millennials were skewing the results and decision making processes of many retailers.
Which shouldn’t be much of a surprise to most people because that seems to be a challenge that a lot of people looking to study data to make decisions are encountering.
In their efforts to be “innovative” or “data-centric” many people are confused about what the data they are using should really be used for.
For far too many people, data is looked at as a foolproof tool to make decisions.
What is happening is that this is driving the race to the bottom advertising and thinking that is rampant in many places.
The better way to use data is by coming up with a hypothesis based on your own thinking, your own knowledge, and your own experience. Then allowing the data you use or come in contact with to help tell you whether or not your hypothesis is correct.
If you continue to look for an easy way out, you are likely to struggle.
So, let me ask, what are you asking your data to do?