Since time immemorial, data has been the key to success. Traders who understood their customers’ needs and emotions could sell more goods at a higher price. Craftsmen who understood what their customers wanted were able to sell more products, and kings who knew their enemies’ secrets were able to win more battles.
In the past, the amount of data at hand was vastly smaller, yet people used what little of it they had to gain leverage whenever possible. Today, not much has changed. People still need data to make decisions, and as before, sometimes that data isn’t available to the decision maker. It’s still often the case that decisions are made solely on the basis of a gut instinct.
Author: Felix Rosbach