What first step should businesses take to extract value from data and make the most of it, especially with a recession on the horizon?
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We have no idea what data you have, where it came from, or how it was extracted, so this is a tricky question. However, I believe this response is correct. Everyone else expects you to align it with existing goals and objectives. This will lead to a biased perspective, and all data should be viewed objectively, asking what does this information tell me rather than how can I use it to tell me what I want it to say. During a looming recession, some key questions to ask include: what is my ICP, what are my profit margins with each customer, are there services I should eliminate or double down on, are there customers I should break up with, are there new desires my clients have as a result of the looming recession, and many, many more. I can provide a better answer if you provide context.
1) I think it is important to first understand on a deeper level what churn actually means to your business. Churn is not always recognized or it is over recognized.
2) We also have to look at different accuracy paradoxes that come up in the data example: The job reports show a strong workforce, but that is because the 473,000 jobs that were eliminated in Tech will not reflect until everyone is officially terminated, which is usually months after they lose access to their emails and tech.
2.) Thinking about data as a product being sold as well and contributes to the turnover.