Trust but Verify: A Common Sense Approach to Data

Data drives decisions of the worlds largest companies but in a world with constant data, how do you make sense of it? Host TC Riley, puts the world under the lens of data and analytics and explores current news, B2B trends, and popular topics.

 

Diving Into Data tackles a common and pivotal part of the data ecosystem—don’t trust it until verifying it. There are many approaches to take to ensure data accuracy. Additionally, even if data is accurate, that doesn’t mean it’s always applied correctly. Remember, correlation doesn’t always equal causation. Host TC Riley offered his thoughts on best practices, learning from mistakes, and more.

Riley said, “Data will tell the whole story most of the time, not all the time. Always consider what the data can’t show you.”

The first tenet of trust but verify is the source. There are many reliable sources for data, but it’s a good idea to be skeptical. Always verify accuracy for external data. That same approach applies to internal data, too. Riley recommends putting a routine quality control check for data systems. Doing this early and often ensures that you don’t end up with tainted data.

The next principle is to consider other factors. Data doesn’t lie, but it doesn’t always paint the complete picture. Riley shared some data errors he made on internal projects by not thinking about external forces. In one story, comparisons were off because the comparisons were not apples to apples.

The third and last area is don’t believe that simulation data always works in the real world. There are many times when decision-makers, analysts, and companies make this mistake. Riley noted that a good example is the recent Texas power grid challenges. “Many were convinced that considering the diversity of energy sources and large geographic spread along with backups, nothing could go wrong, but it did,” Riley added.

The significant outlier of a cataclysmic event wasn’t in the data mix. While organizations shouldn’t let extreme outliers paralyze them, they need to be aware that it’s a possibility so that they can mitigate the risk in the best way.

Follow us on social media for the latest updates in B2B!

Twitter – @MarketScale
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale

Follow us on social media for the latest updates in B2B!

Image

Latest

The Power of Self-Compassion in Leadership and Cognitive Diversity Can Transform Workplaces
July 23, 2024

Mental health and a sense of belonging are critical issues in today’s workplaces. So much that it is essential to practice self-compassion and form a better understanding of cognitive diversity. Leaders today must navigate the complexities of fostering connection and reducing isolation among their teams. Recent studies indicate that 40 percent of employees feel…

Read More
Knox Kronenberg
Passion, Nature, and Fine Art Photography with Knox Kronenberg
July 23, 2024

In the ever-evolving world of fine art photography, capturing the intersection of the old and the new is both a challenge and an art form in itself. Knox Kronenberg, a prominent photographer based in Austin, Texas, embodies this intersection through his work, which uniquely blends historical elements with modern contexts. As technology advances and…

Read More
Robots? In My Hotel? Three Ways AI is Stepping Up as Hospitality’s Next Great PMS Support Tool
July 23, 2024

Artificial intelligence is uniting departments and supporting hospitality from behind the scenes By Warren Dehan Where did all of these robots come from? While hospitality may seem like the last place you might expect to find Artificial Intelligence, this technology has significantly impacted how hoteliers do business. While most generative AI today reacts to text…

Read More
SafeHaven
Ripple of Change: SafeHaven with Melina Davis and Dr Ally Jaffee
July 23, 2024

At a time when the mental health of healthcare professionals is under intense scrutiny, the SafeHaven program emerges as a beacon of hope. With rising burnout rates among medical staff, the necessity for confidential support systems is more evident than ever. What are the barriers preventing healthcare professionals from seeking the help they need?…

Read More