I was reminded today of something told to me by a friend last year:
It still takes good people who are smart to ask good questions before any data analysis tools can help develop good answers.
Think Enron and Madoff for examples of smart people who are "bad" and purposely misuse data to manipulate and misrepresent answers.
See also:
Entrepreneurial Law - Developing a Good Business Model
Culture of Private Equity
Entrepreneurial Law - Proof of Concept & Proof of Scale
Fatal Flaws in Leadership
Keep the Good Ideas Coming but Stay Focused
Business Law - 10 Common Negotiation Mistakes
Funding Law - Presentations to Investors
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Alerding Castor Hewitt, LLP is an Indianapolis law firm focusing on business law, information technology law (including SaaS law and legal technology consulting), private equity consulting, and business and Internet litigation.
Good people who are smart ask good questions
Bad people who are smart ask bad questions
Good people who are not smart ask bad questions
Bad people who are smart ask bad questions
Good people who are not smart ask bad questions
In business we are always looking for answers – but what we really want are good answers. Today the issue is never whether we have enough data (we arguably have too much), it is whether we can properly utilize that data to make better decisions. I see this especially in my Internet Law / SaaS law practice where an immense amount of data is available. Analytics and business intelligence tools can help – but they are still based on one critical factor:
It still takes good people who are smart to ask good questions before any data analysis tools can help develop good answers.
Think Enron and Madoff for examples of smart people who are "bad" and purposely misuse data to manipulate and misrepresent answers.
See also:
Entrepreneurial Law - Developing a Good Business Model
Culture of Private Equity
Entrepreneurial Law - Proof of Concept & Proof of Scale
Fatal Flaws in Leadership
Keep the Good Ideas Coming but Stay Focused
Business Law - 10 Common Negotiation Mistakes
Funding Law - Presentations to Investors
~~~~~~
Alerding Castor Hewitt, LLP is an Indianapolis law firm focusing on business law, information technology law (including SaaS law and legal technology consulting), private equity consulting, and business and Internet litigation.
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