Do you have enough data, is it good enough?

In this short article, I would like to discuss a question I receive frequently in our client conversations:

Do I have enough data, is it good enough?

We should answer these questions within the context of what do you need the data for and where you need to make it more and better with what urgency?

You need data for the purpose of making your business better.

What you need to do for that depends on what your business looks like right now.

For example you may want to increase retention of customers with high customer lifetime value and in order to increase their stickiness you want to xsell to them a new and helpful product they need.?Your cross sell prediction machine learning models can tell you exactly to whom you should offer the product. This increases customer outreach efficiency, we have seen increases as much as 20x. Especially when the xsell model comes with xsell segment explanations, the model will help you understand why people buy and dont, what is right or wrong about your product and even what your competitor is offering and to whom.?

By examining your model, its accuracy in different segments and the xsell results, you can?go back and decide on your next data investment. Maybe you need more data points to increase the breadth of your data, such as collect information on your product usage, use external data sources. Maybe you need to increase accuracy for some segments and need to collect data from customers in those segments, increasing the depth of your data.?

If you follow this approach, you will first use the existing data to create a machine learning model to help you understand and make your business better. Then you decide on where you need to invest next for data collection and cleaning. And you keep doing this as you create more models and take actions with them, again to make your business better.?

Comments? Do you want to learn what you can do right now using your data? Please reach out to me directly, or email [email protected]

PS: To put this conversation in context:?

At TAZI, we help you to make your business better by providing you with an easy to use SaaS ML platform. The platform does 3 things (well it actually does more):?

1- helps you evaluate and fix your data quality,?

2-allows you to see your data and machine learning model explanations on dynamic and customized dashboards and?

3-allows you to create, productionize, monitor and update machine learning solutions with your teams easily, in weeks, and taking up much little IT time than usual.

You can do these with a platform like us even if you do not have any experienced data scientists in your team right now.?