The little-known solution to your ordeal of leveraging data.
The status quo
Currently, many organizations that explicitly require data for decisions, conduct their own surveys, and hire specialized personnel for the tasks involved.
Many more organizations still do not believe they need data for operation, but as we, at Pearl like to say:
Every company is a data company
Here a data company is one that leverages data for business value.
For the companies that run a statistics department, they will soon be way in over their heads with the specialized tasks that will always require new skills and call for outsourcing.
Take an example of a humanitarian agency researching human rights, and freedom of expression, surveying for data can not gather this data with one questionnaire, the observation techniques required need to gather data over a longer period observation, the subjects’ engagement on various topics without intervention, the obvious source for this data is social media.
However, a conventional statistician on retainer may not have this skill since it involves a whole new chain of tasks and an unfamiliar work-flow, hence hiring a data scientist, who later won’t help with a computer vision task, investigation water pollution, new hire: Machine Learning Engineer. By now, the wheels are off of this statistics, turned data, turned whatever department. Many of the new hires won’t have a standing role when their exercise is completed.
For the companies that do not believe they need data for operation, the market and the industry is drifting, and they will soon be out of it, because of the fact they are unaware of what is happening both within their clients and outside in the market and in the industry. (No, that’s not a threat)
Take an example of a popular, probably multinational grocery store. It rules the market because, with its economies of scale, it can give low prices, promotions, and it’s long-earned name comes with loyalty.
A competitor who gives customized promotions to customers at the register, based on what they purchased, has higher chances of consumers taking them, and rapidly increases sales to realize the economies of scale to equal the prices. Not to mention, a sturdier costumer relationship if they keep suggesting purchases that connect with the customer, hence dragging a heavier customer loyalty, even if newer in the market.
That it is close to impossible to build a data department that can handle this century’s data requirements.
And that every company is and should be a data company.
A data firm has a proven competence to handle all data processing tasks, with a team of experts, and can offer all data intelligence services, and with a range of products across markets and industries, you can stay in the throne of your industry, or make your way up.