How Do You Solve This Pain Point?December 5, 2012 8:01 am
Most of our decisions these days are data-driven. Or, we think it is that way. The real issue is with data-capture. Let me give an example.
When I drive back from work, I have a choice between taking the freeway and avoiding it altogether. Sometimes I reach faster when I take the freeway, but not always. Every Day, I would like to take this decision based on probabilities. But I have no recorded data and hence no probabilities.
Now you can extend this pain point – As we move towards a data-driven future, hundreds of decisions we take in our everday lives would be driven by data such as this. The data-capture is a pain.
Should You Take This Rest Area or the Next? What is the probability of the flight getting delayed?
What is the probability of that Craigslist item getting sold, in what timeframe?
By past history, what would be the Hotel Room availability – better still, what is the probabiltiy that this person would check out by 10 AM, etc?
(You: “I need to check-in early”. Hotel Receptionist: “Well, we can try. Based on past data, there is an 80 percent chance that the person there would be out by 10 AM”)
Summary is this: why do we never capture data that can be captured, and use it to make better decisions?
(On Air ticket fares, this is being used.)
Finally Google Glasses can tell us, like they show in Poker tournaments on TV, the appropriate percentages for different actions everywhere.
But for now – How do you solve this data-capture pain point?