The whims and agreements of people at the top of the food chain, proverbially speaking, are what determine the decisions that are taken at the top level and set the path out for the respective businesses.
Everyone else working under the top level executives are following the directives communicated across to them. This is a general model of most businesses you see growing around in your business or corporate environment. There is nothing to judge up until this point of the view, but when you look beyond, you start discovering the utilitarian thinking or mistakes of those top level guys.
In an ideal world, every decision taken for the welfare of a business should be based on data. We are living in the times where business decisions are more and more being taken based on real time, quantifiable data, rather than by the hunches of the so called experts. It is slowly ceasing to matter if you hold a high position in your department or company, because opinions are not being relied upon as heavily as they used to, till just some time back. Businesses on the whole want their decisions to be endorsed by data, numbers, real life case studies, instead of from the high handed tips of a top level executive.
It has been proven several times that executives suffer from a conformation bias and ignore the fact that might contradict their sense of understanding of a concept or a product model. This is where the importance of underlining the significant of dependable data that can truthfully set the ground rules for you to work comes to the fore. Data helps businesses take informed decisions that can further lay the groundwork for strategizing for more practical and suited for market products. It can thus be surmised that data helps businesses create opportunities and ten make the best out of them.
But with that said, appropriate parameters should be set before you even begin to collect the data. Haphazardly going about researching for data and recording it as per you deem correct takes you back to the problem of opinions.
Before you even set out to record data, you should have clear goals in mind. If the goal set of your business is not definitive and clear sighted, you will eventually end up collecting wrong data that may not be of much use to you. There is no point collecting heaps of information if you are not able to put it to good use. The only way to take your strategies to their logical conclusion is if you know what is it that you want your business to achieve, and this empowers you to look for data in places that are really relevant to you.
Only when companies have their goals clearly defined can they define who their target customer is and how it can be marketed products to. At the end of the day, it also boils down to the people who are working for you. The manpower you employ can truly determine that while capturing data, they do not falter and fall prey to common issues like measurement error, processing error, definition error and so on.
When you are employing experienced professions who know where to get the right data from, you are empowering your business to have a real sense of structure moving forward.