Is Data a Silver Bullet?

Does your company think of data as a silver bullet?

Companies of all sizes can profess to make “data-driven decisions” or have a “test and learn culture,” while relatively few invest time and resources to build the right infrastructure. The biggest challenge, in my opinion, is connecting the top-down business results (e.g., revenue) to the bottom-up metrics (e.g., customer satisfaction, signups, retentions, etc.). For example, how does a 5-point increase in Net Promoter Score (NPS) impact your company’s total revenue? Even within the product management realm, different end-user segments are measured differently. For example, platform is usually measured by system effectiveness, such as feature adoption and NPS, data which takes longer to gather and less frequently to pulse. Growth product, on the other hand, is more geared towards top-of-funnel (TOF) impact on the consumer; therefore, the volume of user actions is likely higher, but it doesn’t mean finding actionable insights is easier.

There are a few considerations I recommend every team wanting to start exploring data as a solution or service to their company:

• Data sources
• Data availability
• Data insights
• Data socialization
• Data application

Read the full essay on Medium. If you have found yourself on a similar data journey to mine,?let's connect!