Data Magic | Crystal Widjaja (Gojek, Reforge, Generation Girl)
Dec 8, 2023
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Join Crystal Widjaja, a seasoned product manager and analytics expert, as she shares insights on data-driven decision-making, industry benchmarks, balancing qualitative and quantitative data, avoiding analytics pitfalls in startups, and the symbiotic relationship between data analytics and effective product management.
Data-driven decision-making should strike a balance between quantitative and qualitative data.
The use of industry benchmarks should be contextualized and considered relative to the company's own data and goals.
Deep dives
Data-driven Companies and the Constant Exercise of Data
Being data-driven is a continuous effort for companies, as data should be constantly analyzed and instrumentalized. Many companies may try too hard to be data-driven and place a heavy burden on their engineers to track everything. Data is useful in informing decision-making, but it should not solely rely on quantitative data. Qualitative data, such as customer feedback and intuition, should also be considered. The severity and impact of a decision should determine the amount of data to be collected and analyzed. A balance should be struck between data collection and the time and effort invested in analyzing it.
The Trade-off of Leveraging Data and Optimal Stopping Points
Collecting and analyzing data come with a cost in terms of time and resources. The trade-off lies in determining the extent to which data should be collected and analyzed to inform decision-making. It is essential to be efficient in the search for relevant information that supports decision-making. Optimal stopping points should be identified, beyond which spending more time on data collection and analysis becomes less meaningful. The goal is to strike a balance between obtaining enough data to make informed decisions and avoiding the wastefulness of excessive data analysis.
The Role of Intuition and AI in Decision-Making
Data analysis should consider qualitative evidence, including intuition, as a form of data. Intuition and feelings play a role in decision-making and should be considered alongside quantitative data. AI can assist in suggesting wider searches for possibilities and alternative solutions based on analysis. However, AI currently lacks the ability to incorporate context clues and business objectives, which is where human intuition excels. AI can enhance human decision-making by prompting a wider search for insights and possibilities, but the ultimate judgment and decision-making still rest with humans.
Using Industry Benchmarks and the Importance of Context
Industry benchmarks can provide directionality and weight when comparing performance to the industry standards. However, the relevance and specificity of the benchmarks to the company's own data and demographics should be taken into account. It is crucial to weigh benchmarks relative to the company's scale and user base. Industry benchmarks should be used to signal deviations from the norm, but not as the sole basis for analysis. Benchmarks should guide prioritization and focus, but the specific context of the company and its goals should always be considered.
🎙️ Embark on a compelling conversation with Crystal Wijaya, seasoned product manager and analytics expert, as we navigate the intricacies of data-driven decision-making and product management in the dynamic tech landscape.
Drawing from her extensive background in the tech industry, including roles at major companies and startups, Crystal offers a treasure trove of insights and practical advice for aspiring product managers and analytics enthusiasts.
👉 In this enlightening discussion, we cover:
The evolution of data analytics in startups and its pivotal role
Crystal's unique approach to using industry benchmarks strategically
The delicate balance between qualitative and quantitative data
Overcoming common analytics pitfalls in early-stage companies
Navigating the nuances of product management and data science
Crystal's philosophy on event tracking and understanding user behaviors
The importance of qualitative data as evidence in decision-making
Lessons from Crystal's experiences at the intersection of data and product management
Tune in to gain valuable perspectives, practical strategies, and a deeper understanding of the symbiotic relationship between data analytics and effective product management. Don't miss this opportunity to glean insights from Crystal's journey and enhance your approach to navigating the evolving landscape of tech and analytics. 🚀