Typically readers ask Erin questions. Today, Erin is asking YOU a few...
I have written a few pieces about the importance of data, how you can harness the power of data, and where to start if you have an overwhelming amount of data.Two questions I've asked my readers to think about are:
- If data isn’t your priority now, when will it be?
- If you don’t think you have the time now, do you really think you will have the time later?
In those posts, I have told my readers the time is now. Fast forward to today, I am curious to know how you would answer these questions. The importance of data and timing has become more apparent in the last few months as we continue to deal with an unprecedented situation. We have all heard lately, "We have to wait for more data," or "There is so much data it will take some time to go through it all."
Whatever the situation may be, we have been forced into the future a lot faster than we thought.
We are going to need better tools to go through more data than we have ever seen and to get faster results. I believe we have all accepted the potential of data. I hope that we are now thinking about how to collect data faster and analyze it more quickly. We have case studies today at our fingertips to help us prove why we need to take data to the next level.
Some of that next-level thinking will involve automation, Machine Learning, and Artificial Intelligence. My advice would be to take a moment and jot down a decision you had to make recently. Ask yourself the following questions.
- How did you make those decisions?
- What obstacles did you stumble upon?
- What do you wish you had in your toolkit that you don’t today?
- How will the tools help?
Now, think about a year ago and then a year from now. How great would it be to look at your business year-over-year, quarter-over-quarter, before, during, and after a crisis? Being able to do this quicker and with more data will open your eyes to so many opportunities! This new way of thinking about data will help with strategic planning, forecasting, and planning for the next unknown.
Before I go, I will leave you with a few more questions to think about:
- What are you waiting for?
- What’s holding you back?
- What is the excuse now?
Do you need some advice on managing or interpreting your data? Ask Erin.
Now is also a perfect time to contact the NAED member engagement team and schedule a consult for the Market Data Program. What are you waiting for?
Erin Prinster
Erin Prinster is a Research and Data Analyst with more than 17 years of experience in analyzing the business needs of corporations and customers. She manages all phases of data collection and analysis for NAED research projects, including the application of standard, descriptive, and statistical methods for conducting analysis. Her passion is using data to provide insights into business performance, make recommendations, and create relevant practices and procedures to save companies time and money.