Question

Pulling raw data and organizing it in a format that it can be analyzed can be very time-consuming. Do you feel it is worth all the effort or is the old "Gut Feeling" a more efficient approach to decision making? Provide some examples for which both might be more appropriate.

Answer 1

Pulling out the raw data and organizing in a format that is presentable and analyzable, it is often found to be time-consuming. However, the results and the outcomes of such laborious procedures often lead to desired results. A gut feeling can sometimes be useful when there lacks data and time is less to decide. However, situations where data collected over a period of time can help to identify the recent trends, and data often convey an appropriate way of handling a situation. For example, companies like Google does not or will never rely on gut feeling rather it uses the vast amounts of data at its discretion to study the various aspects of consumer preferences, searching keywords. Hence, a gut feeling can never substitute an analyzed data.

Secondly, when companies research for the development of a new product, it often relies on surveys, and collects data on customer preferences. This ultimately leads to the success of a product. However, if gut feeling had been used under such scenarios then results could have been worse.