How To Use Data To Find Out Good Ideas For Business

If we allow ourselves be led only by the opinions of company leaders, we are at risk of ruling out the good options and instituting the bad course of action before we get to realize and examine the full potential impact. Alternatively, businesses must be making decisions based on data. So, here is how to use data to find out good ideas for your business.

1.     Insuring Against Mistakes, and Against Regret

To protect your current business like Korean plastic surgery clinics from well-meaning but incorrect opinions, your best way is to center your decisions on data. You really have to go down to the bottom level to get a complete picture. Just like what the Korean-based clinic Misooda did to find out what their data is really communicating.

Misooda admits how costly and time consuming it may be. But in the long term, they are always thankful when they’ve properly invested in data. When they looked back and recalled how they regretted the incorrect decisions they made, they now understand clearly that they could have prevented those with better information.

2.     Listening for Information is Everywhere

If you are listening for information is everywhere, you can look back at the data you have collected in the past before you drive forward. You need to listen and learn from everyone and everything all around you. You must have the foresight to think ahead of your company’s next moves like a chess game, and you can start collecting all the information as early as possible helping you make decisions about where to go next.

Even if Misooda started as a 5-person company, the data they collected became very handy when they grew to 50 people for making their business decisions now and in the future. The important pieces of data for expansion include chit chatting to people for product market fit, collecting data over time,  and understanding the pain-point you are solving for a particular geography.

3.     Putting the Puzzle Pieces Together

Misooda invests a significant amount of work into a centralized data platform providing all that data across existing systems that are not synced together. A big picture can be viewed for all queries and reporting dashboards. This can be dangerous to rely on, so using other tools to see what is happening with each user in each session is very important to see and capture the fundamental truth.

Conclusion

The best insurance to fight against regret and bad decisions for your business is centering your decisions based on data. When there is something going wrong, you can always look back and get explanations why your company made bad choices it did at the time. When everything is recorded and tracked, even the smallest data strategy, we can always make logical decisions.

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