Where it Hurts?
Ultimately, bad data can hurt entrepreneurs in different ways. It may mean they launch a store on a street that doesn’t have the footfall and demographics promised, resulting in lower than expected revenue. Alternatively, it could be a failure to optimize an iOS or Android app for new-user conversions. Because the data is leading the programming team to the wrong conclusions—something that could go on for weeks or even months. While the one constant is that the only thing worse than not having any data at all, is drawing the wrong conclusions from bad data.
Current data supply chain
The current data supply chain also incurs a hidden opportunity cost. The data economy is chaotic and disorganized with disparate sources of data making its way into AI algorithms and business decision-making. Without the ability to properly map and organize this data, entrepreneurs will find it hard to build innovative solutions and alternative business models.
For example, we all use different apps during our daily life—from ride-hailing apps to get from point A to point B to food delivery apps. Individually, this data may provide us with insights into our food preferences or travel habits. Together, though, this data will provide a much more complete picture of the user and spur innovative services and solutions. Yet, integrating this data and mapping remains extremely difficult in the current data economy.
So, the next time your startup fails or your end-of-year cashflow is too deep in the red, don’t just question your individual business strategy or product. But look at your underlying data assumptions. As with any good education, it may not always be pleasant. It may be surprising, it may even be downright depressing, but it could also save you millions.
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