About the Episode

First, there was the promise of big data solving many of our business challenges, yet now here we are, flooded with data, and many businesses are having a hard time knowing what to prioritize and which data to pay attention to.

Today we’re going to talk about prioritizing the right data and signals to make a meaningful impact on your business.

To help me discuss this topic, I’d like to welcome Prasanna Dhungel, Managing Partner at GrowByData.

About Prasanna Dhungel

Prasanna advises executives, board & investors on data strategy, growth and product. He previously supported Product at Valence Health (acquired by Evolent Health) and D2Hawkeye (acquired by Cotiviti Health). He has advised leading firms such as Melinda & Bill Gates Foundation, Athena Health and Apellis Pharma. He sits on the board of Clinic One, a preventative healthcare outpatient center. He has advised private equity firms such as Bessemer Venture Partners and Welsh Carson Anderson & Stowe. Prasanna has an MBA from Kellogg School of Management, MEng from Princeton University and BS with Honors from Cornell University.

Resources

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Synopsis

The episode delves into the challenge of prioritizing the right data and signals to have a meaningful impact on a business. The host highlights the common conundrum faced by many businesses: having an abundance of data but not knowing where to begin. The guest, Prasanna Dhungel, explains that this predicament arose because businesses initially viewed big data as the solution to their problems. However, they are now overwhelmed by the sheer volume of data and struggle to extract valuable insights from it. Prasanna suggests that businesses need to prioritize the data that aligns with their goals and objectives. He also emphasizes the importance of assembling a diverse team of data scientists and exploring different business models to monetize the data.

Prasanna Dhungel, Managing Partner at GrowbyData, joins the show as a guest and shares valuable insights on effectively utilizing data. He discusses the evolution of data, from a society with limited data availability to a society inundated with big data, and now to a society overwhelmed by data. GrowbyData specializes in assisting businesses, particularly small to mid-sized ones in the e-commerce sector, in gaining data insights and making informed decisions. Their services include helping companies list their products on e-commerce platforms like Amazon and Walmart, determining pricing and promotions, identifying opportunities in various categories and geographies, and providing marketing insights to large enterprises and agencies. Prasanna emphasizes the importance of avoiding information overload and instead focusing on delivering the necessary data insights without unnecessary clutter. He believes that we are transitioning into a data insight society, where businesses can obtain the specific information they need without being inundated with excessive data.

The industry has progressed from a society with limited data availability to a society overwhelmed by big data, and now to a society overwhelmed by data. In the early days of wireless communication, data was scarce. However, with the advancement of technology and the rise of big data, the industry shifted its focus towards collecting and analyzing vast amounts of data. This led to the popularization of the concept of "big data" and the belief that more data always equates to better outcomes.

Nevertheless, over the past decade, the industry has come to realize that having an excess of data can be overwhelming and counterproductive. Businesses now face the challenge of determining where to start and how to extract meaningful insights from the vast amount of available data. Consequently, there has been a shift towards providing data insights without overwhelming clients.

The current emphasis lies in delivering specific information that clients require, without bombarding them with unnecessary data. The objective is to provide actionable insights that assist businesses in making informed decisions and driving growth. This approach acknowledges that an excess of information can be detrimental and that quality should take precedence over quantity.

This shift towards a data insight society stems from the recognition that clients and businesses already have access to a significant amount of information. Therefore, the focus is on distilling that data into meaningful insights that can propel business success. The industry now prioritizes providing targeted and relevant insights that address specific questions and challenges faced by businesses.

Overall, the industry has evolved from a society with limited data availability to a society overwhelmed by big data, and is now transitioning into a data insight society. The emphasis is on providing valuable insights without overwhelming clients and assisting businesses in effectively leveraging data to drive growth and achieve success.