Intuition vs. Data – Which to Trust More?
Retail company professionals know that handling workforce lodging requires knowing the ins and outs of the industry. Staying up to date on technological innovations, consumer trends, and government regulations is a critical measure to good decision making. Thanks to big data, the information required to make yourself an effective retail industry expert is more accessible than ever. Tough decisions become far less daunting when you have statistics available to inform them. With so much data at your fingertips, how do you know when to rely on your intuition and ignore the metrics? Or, should you ever go with a hunch over the results from data analysis?
Fast Company suggests that the answer lies in finding a balance. An article commenting on the future of work lays out the pros and cons of relying solely on big data to inform business decisions. In some cases, the article points out, companies can be too eager to jump on results from data collection and end up rocking the boat. The retailer Target made headlines when it predicted a shopper’s pregnancy through analyzing her purchases over time and used that data to send tailored ads to her house. The problem? The shopper was living with her parents, and her father was not pleased when his daughter received promotions for baby-related goods. It’s safe to say he would have rather heard the news from his daughter, not Target’s marketing department.
The key takeaway from the Fast Company article is that while metrics are sure to keep improving, a good CEO or manager will still need his or her judgment to make the right decisions. Big data is only as effective as the person who uses it, and sometimes, that means going with your gut.
Like you, CLC knows that retail travel requires retail knowledge. Our on-staff industry experts can tailor your lodging solution to fit the needs of your fleet. Learn more about all of your options by getting in touch with CLC today.
This entry was posted on Wednesday, August 3rd, 2016 at 9:38 am and is filed under Money-Saving Tips, Workforce Travel. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.