With Data, Failure Can Become Success
The ability to capitalize on data is often the mark of success for a company, product or service. It allows you to have an informed product or offering; one that is more likely to succeed, one that is built to produce a certain result.
Simply having access to this data is no guarantee of success. However, the manner in which you utilize the data produced and how you treat the trial and error process, can.
Rather than simply monetizing the intentional data outputs, monetize the mistakes.
Data generally provides an accurate “standard” pattern for you to observe. Think of the game 20 Questions. The aim of the game is simple: use logic and the process of elimination to determine what object/person/film/etc. the other person is thinking of. You narrow down your potential answers by asking at first broad questions, determining the category or basic function of the mystery word. Then, as you become more informed, you alter your questions, becoming more specific.
Will you guess correctly on your first attempt? Unlikely. Those failed attempts however offer something arguably more valuable than the “given reference points” of the game. Accounting for these errors in future attempts allows your analysis to become more tailored.
In almost every business, there will be mistakes made and flaws in your process. The data produced through these “failures” is as valuable as the intentionally studied data points produced through your known “successful” processes.
This is the key to the Internet of Things (IoT): monetizing every aspect of your production process and product functionality, including inevitable shortcomings. Upon the discovery of such pitfalls, you need a team that will assist you in devising better practices, products, etc., and putting that data to work for you.
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Clare Maher is the Product Marketing Manager at ClearObject. A graduate of Saint Mary’s College (#gobelles), Clare can usually be found yelling at the screen during a Notre Dame game, quoting any film ever made or touring the Indy restaurant scene.