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Today there is very little excuse for businesses not to make use of data for their decision making. This is true for both consumer-facing as well as B2B firms. The head of digital marketing at Google says that this approach will soon replace the HiPPO bias. HiPPO stands for highest paid person’s opinion. This usually means the opinion of the CMO or other such high official, whose opinions are based one experience and gut feeling. This might work out on a number of occasions, but won’t many times. The healthcare industry is making use of data for its decision-making, but few players are able to make the right use of business analytics. Instead of using data as a transformational force, many are simply using it as a defense mechanism towards their confirmation bias. As a result, data and its subsequent analytics is only taking place retroactively, after a project is done. This allows for analysis, but remain postmortems. But those shunning HiPPO will go a step ahead and proactively weed out deficiencies for the next projects.

Source:https://www.adweek.com/digital/how-re-evaluating-data-analysis-can-transform-a-brands-reach-and-engagement/

Uploaded Date:08 November 2018 

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