So say PwC.
They sponsored a survey via Gut & gigabytes (great name) which found that 'highly data-driven companies are three times more likely to report significant improvement in making big decision, while only one in three executives say their organisation is highly data-driven.'
I have to say that I use little or no data to drive MY business, I tend to read a lot; follow numerous futurists and then really go on gut instinct.
Sometimes I'm wrong, sometimes I'm right.
In the survey 58% of executives relied on intuition or experience and the advice and experience of others in their organisation to make decisions. In fact many executives said they were even sceptical or frustrated by the practical application of data and analytics for big decision.
So which resonates with YOU? Data driven decisions or no data decisions or a mix of the two?
As Lee Iacocca once said 'If we wait until we've satisfied all the uncertainties, it may be too late.'
And perhaps we all need to find a way of combining the two.
I work with teams and quite naturally in ALL teams you will find people who analyse everything, and people who analyse nothing and prefer to go on gut feel. The challenge (and opportunity) here is for the two thinking and working styles to value each other's input. To have the detail people hop off and analyse every aspect of an idea and to bring back those facts and figures to at least have a starting point.
However - throughout history we have millions of examples of successful businesses or products or services, where there was NO data just a feeling that this will work.
Think of the creators of Microsoft; Apple; Google; Twitter etc. etc. They would have had NO data whatsoever when they started their businesses.
Don't be afraid to give things a go even if you have no facts to support your idea - play with ideas; give them a go. As Steve Jobs once said:
“Here’s to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in
square holes. The ones who see things differently.”