Ajay: How did the parent-teacher session go yesterday?
Shadi: My son has made me proud again. Teachers have only good things to say about him. But there was something really interesting this time.
Ajay: What was that?
Shadi: During the orientation session, a teacher came up with a fantastic presentation on the parents role in the childs education. It was fascinating how she supported all her arguments with the help of data collected from a small sample survey.
Ajay: Thats the power of data. Look around and you can see how companies that are data-driven truly stand out from the rest. For example, Amazon, where even the smallest of the decisions are taken based on data. Data gives you plain facts and nothing else. It doesnt lie.
Shadi: I have always felt that being data-driven makes you more confident and provides you with clarity.
Ajay: Indeed. Because everything other than data are just opinions. Opinions differ from person to person. But data is consistent.
Shadi: But, are you saying that one should not follow his gut?
Ajay: Not at all. The more you have been in the business the stronger will be your intuitions. Also, budding entrepreneurs who dont have enough data at their disposal might have nothing but their instincts to fall back on. But when your competitor is out there basing every decision of his on data, you cant afford to rely simply on your intuitions. Cross-verify them with what the data says. Adopt a hybrid approach if you like. But if a situation arises where you have to choose between intuition and data, I would say, always pick data. After all, they dont say data is the new oil for nothing.