This week lesson is about using data to optimize business outcomes. And my first question that appears in my brain is: Can a business operate without any data? I think the answer would be YES, but it is hard to expand its business and to retain customers.

Nowadays, data is important in doing a business, especially in making decisions. Almost every companies are collecting data in a timely based. Having data, company and marketing manager can have a better understanding of their customers. A company collects data can:

• Review performance
• Solve problems
• Retain customers
• Predict future sales
• Improve customer service
• Attract new or existing customers

Uzialko in the article stated that there are three ways to collect customer data- directly asking customers, by indirectly tracking customers, and by appending other sources of customer data to your own. The most frequently used method of collect data is by doing a direct interview or survey with customers. However, I think there are some drawbacks of interviewing customers. The first is that customers may provide fake or inaccurate information. Second, the quality of questions that to be ask may not good enough which cannot strictly solve the problem. Lastly, the sample size of interviewees may be so small that cannot be represent the whole segment.  

Therefore, company should careful collect, use and analyse the data which is important to the company.

Reference: Uzialko, A. C. (2018, August 03). How Businesses Are Collecting Data (And What They’re Doing With It). Retrieved from https://www.businessnewsdaily.com/10625-businesses-collecting-data.html