However, have you considered that their success is the product of multiple calculations rather than chances?
Whilst luck may to a certain degree, play a part in the outcome, the ability to extract, use and decipher data has propelled these companies into the forefront of their market.
In data we trust
Data is the bloodline for any company and the way it is interpreted can impact the way future decisions are made. However, why should we trust data to make company decisions?
Data isn’t the decision maker, but rather a deciding factor. Given that data is created outside the realms of emotional influence, when extracting data (such as the number of claims made in a week) you in turn, can produce concrete evidence generated from a multitude of reliable sources.
Data also has the ability to be manipulated, meaning you can then add multiple layers of data to see if there is any correlation. This, therefore, gives you the ability to create a broader picture and understanding of potential outcomes, repercussions and risks. Therefore, created fundamental evidence that can assist in determining the company’s R.O.I trajectory.
By using algorithms, you can also extract specific data as and when required, all in a matter of moments, all with the knowledge of complete accuracy. Meaning your workforce can focus on using this data for future planning.
You can’t always rely on human instinct
You can’t always trust your judgement. While our initial opinion may be correct, interjecting factors can impede the way in which our human brain processes and interprets the information. From stress to fatigue, humans can be cognitively impaired without fully realising it, something data processors don’t have to worry about.
Use data to turn an opinion into an accurate assumption.
Think of data as the foundation for your argument; you have a point now use data to prove it. While you may have the right idea based on intuition, evidential data can reinforce your suggestions which can be especially pivotal when it comes to pitching an idea to investors.
Turn instinct into an interpretation
The one thing humans do better than any data processor is interpret data on a natural level. While data can provide evidence for the present as well as a predictor for potential outcomes, by using this data as a base for your interpretation you can either prove or disprove a hunch, therefore confirming that data and human knowledge work hand