Why little data mean a lot: Incremental innovation is key.
Google Trends shows a spike in searches – iPhone6: Remember the flu trends? Increased searches do not make something a fact…
Constant experimentation and rapid implementation: Strive for lots of small and frequent advances, because that is good enough.
We address three questions
1. What does it mean when Google Trends shows a spike in searches?
2. Should we aim for lots of small wins from ‘big data’ that add up to something big?
3. Do metrics that focus on small but useful improvements make sense?
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1. ‘iPhone slow’ and Google Trends
There are three types of business analytics:
– Descriptive analytics that look at historical data,
– Predictive Analytics that try to determine what might happen, and
– Prescriptive Analytics that focus on giving us different options, in which case we choose what we think suits us best, given time and money constraints.
The question remains whether we have the right data… To illustrate this challenge, we can look at the Google Flu Trends (GFT). Using search results from Google, the GFT supposedly indicates how the flu spreads and affects people in various countries.