We as human beings communicate in many ways…but ever thought of numbers talking to you? Well, yes that sounds strange! However, I have realized numbers talk to people. My last internship was all about numbers as I was a market analyst. By working in this field I came to know how numbers talk to people but the question arises: do we know how to listen?
Having a business plan or idea is good and executing one is awesome. But if you really want to create a niche in your market segment, you should know the numbers and their impact.
Throughout my internship I learned that numbers can never bore anyone. It is a domain which will always learn about the industry, clients, or new products. If you want to make your own mark, try to listen to numbers.You can take the example of FareCompare which set out to give travelers a way to get the cheapest airfares possible. It’s turned out to be a gold mine for analysts and professional investors.
In the beginning, FareCompare, then XXI Technologies, used the advantage to consult for airlines and travel companies. After 15 years of mining data for oil companies, Seaney(CEO) and Graeme Wallace (CTO) were working on a project for Hotels.com that introduced them to the bizarrely complex world of airfares. They took the same fare database that the airlines and all major travel sites subscribe to and created software that can run enormous price queries faster than anyone else. When Expedia(one of the big players in this sector) bought Hotels.com, it scrapped the software that XXI developed. But the programmers believed their product was unique and decided to strike out on their own. Now FareCompare posts new fares an average of five hours before they’re published on any other site, including Expedia.
The problem with big data is that there is, well, so much of it. Analyzing it is like trying to sip from a fire hose. You also have the chance to know the human nature in depth as you observe consumer needs and expectations on a daily basis. Even, by analyzing the human behavior, one gets to perceive people differently and you even get to figure out when someone is lying or speaking genuinely(it’s handy sometimes). Yes you should accept the fact that numbers do talk to people but it’s your understanding whether you can listen to those numbers efficiently.
– Vatsal Doshi
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