No one knows your data like your team.
The market is the pits right now. But, letting go of entire departments might not be the right move if your business intends to rebound from this economic downturn.
Brain drain within a company can have real, long-term consequences for a business. While morale may peter out or efficiency may slow, there's a significant consideration some companies may be forgetting or simply overlooking.
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For years, analysts have been toting the power of data. But, what they mean is this:
ONCE data can be structured into causality datasets, the business CAN MAKE smarter decisions.
If you've hired a team of data scientists at a relatively small company, you may still be waiting for that ideal state of data. Some, sadly, may have even sunset their efforts to begin using machine learning in their business, having not found value in time to validate the investment.
Competitive companies, however, are turning that phrase entirely on its head and taking it further:
AS the data is structured into causality datasets, the business MAKES smarter decisions.
Did you catch that? Progress is not some desired, fleeting moment in the future; it's the constant state of progression well into the future. Increasingly, the market is offering tools that will structure that data automatically, make the implementation process a breeze with low-code and no-code solutions, and keep pace with the existing development process of a team. But companies, who have or are considering letting go of the talent aware of data's significance, may risk a future with an even greater hill to climb when the market rebounds.
What historical knowledge has been most vital to your business?
What strategies and tools are you using to retain that knowledge?