We are moving into a world where the amount of data we are generating is becoming the star in the decisions we are making. Netflix is making content based on what people are telling them they want to watch. Politicians rely on data for what the people want to hear. Products are being created based on data. Need I go on?
I read somewhere that 90% of the data that we rely on has been created over the last two years. Bloomberg did the research and came to the conclusion that he could not win the Presidential race. Looking at who did win, I wonder if the data was actually correct.
I recently met with a founder who has a really smart idea in the food space. His partner was someone who had never been in the trenches of the food space so he did a deep dive into the data. He kept repeating the data back to me as if there was no room for error. He came up with the valuation of the company (and more) based on data. He had it all planned so perfectly based on all his research but I didn’t agree with his analysis because my expectations were based on my experiences which are personal data points.
My brother and I were talking about this. He said, “people are not as predictable as we think”. I couldn’t agree more. I love data but it is one point among many and sometimes even though all the data is pointing in one direction does not mean that it will end according to plan.
I want to believe that content could be made based on data but on top of that are real people with creative minds and we all know it isn’t that easy to just make good content. There have been politicians who have come out of nowhere because they decided to run regardless of all the data pointing in a different direction and lo and behold, they won.
Data is great but it is not the end all be all.