Data driven decisions in Startup?
Data driven decisions in Startup?
You don't need neural networks to take data driven decisions.
Happy Weekend! I will give you a short and quick read for the day.
Work from home has amazing advantages. I truly believe that the companies who learn to build their business online and scale up will have massive “moat” in future.
What do you think? Secondly, I want to cover a startup in the coming session so any one up for the challenge?
Data Analytics is not a new thing. It has been around the block since years. However, a very few startups actually use data to take decisions.
One common misconception is that in order to do any sort of data analytics, you need millions of data points. This is so not true.
You do generate massive data but you need might need some guidance to capture them.
10-100 data points is enough if the data has enough information.
One of the major mirage in data analytics is that amount of data.
No amount of mathematical trickery can overcome the lack of information in millions of data points.
So How do you take data driven decisions in a startups?
I usually advice for a following blueprint -
Don’t leave a data analytics team in insulation. A clear defined problem statement will help them in creating a data collection strategy.
Data Interpretation is the key differentiator. Same data presented to different data analyst can generate different story. Hence, for example a growth/marketing person’s inclusion in the weekly sprint will help in creating a story with which top management can take decisions.
Don’t rush to build predictive models. It can often be a waste of time and lead to misleading outcomes. More focus should be on building better visualisations and getting interesting insights which can lead to massive outcomes.
Please feel free to reach out to me if you need help with data science or data engineering at your organisation, I would be more than happy to help.
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