In an increasingly data-driven world, do instinct or numbers take the final call?
Data has been called the new oil for businesses. When analysed correctly, it can be a game-changer for businesses. It offers consumer insights, points to growing demand sectors and could help predict user trends. But is that necessarily true for all industries or are some industries still driven largely by intuition?
At a recent fashion panel in the city, designer Anita Dongre mentioned that judging the right time to launch a product or an idea is still a matter of gut. “For the repeats that we do, it’s data but for anything new, it has to be gut.”
“It’s actually so subtle. You can’t be too ahead. There are often ideas that I’ve introduced that haven’t been accepted, they’ve flopped and then two years later, everybody suddenly wants them. That’s the thing (about fashion). You can’t be too early, you can’t be too late. You have to decide when is the right time because you also have to wait for that idea to become a trend and acceptable to all.”
With stores in India and New York, multiple clothing brands and a global celebrity following, fashion designer Anita Dongre is a feminist powerhouse in a male-dominated industry. Asked how much was driven by data and how much by gut, Dongre said, “ I think it’s 80% gut. I still work with (my) gut.
Chasing the numbers For Manish Taneja, co-founder and CEO of Purplle.com - an online beauty and personal care company, the equation is reversed. The company, which launches on average 150 products a month, uses data to predict which of its products in which categories will be the most popular.
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“Sometimes we fail to quantify the market size that we’re going after or we try to be a little easy on ourselves but more often than not, I think if it goes by data, in our case at least, we can predict very, very accurately the sales that we expect from a shampoo or a cream or a lotion or a night serum.”
Makeup, on the other hand, tends to be a little tougher to predict, said Taneja. “Predicting colors that would do well this season in India is a tough one and I think that’s where it’s probably 80% data - 20% gut.”
Password Manager, Authentic Apps & Webcam Cover: 9 Steps To Ensure Data Security Every Day
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2019 was the year of serious data breaches. Each made headlines that jolted users into reality and the importance of protecting personal data. A recent survey indicates that 52 per cent of users polled believe they need to strengthen their data policies, 45 per cent expect advertising and marketing regulation to become 'more strict', while 88 per cent agree, or strongly agree, that digital privacy will become increasingly important this year.
While, January 28 is observed as the Data Privacy Day in India, the US, Canada and 47 European countries each day, Sunil Sharma, managing director sales, India & SAARC, Sophos advises you to treat every day as Data Privacy Day and apply these simple tips to secure your data.
2019 was the year of serious data breaches. Each made headlines that jolted users into reality and the importance of protecting personal data. A recent survey indicates that 52 per cent of users poll..
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Password managers will create and remember complex passwords for you, making it easy for you to keep different passwords for every website. All you need to do is remember one super long and complicated password for the manager itself.
Password managers will create and remember complex passwords for you, making it easy for you to keep different passwords for every website. All you need to do is remember one super long and complicat..
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Always check the permissions an app is asking for before you download it to your personal device. It’s also important to delete any apps that you don’t use anymore.
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Information such as your date of birth or address gives cybercriminals usable information about you. Equally, sharing when you’re going on a trip can alert local criminals that your home will be empty.
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You can do this with an app such as Google Authenticator, or from SMS codes sent directly to your phone. If you want to be super secure you can do it with a hardware key that you plug straight into your computer or laptop.
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It’s not impossible for hackers to access your webcam. Keep yourself protected and have peace of mind by using a webcam cover.
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If you’re having connection troubles, resist the temptation to “turn off the firewall” or “bypass the router” to see if that solves the problem. That’s a bit like disconnecting your car’s brakes and then going for a ride to see if performance improves.
If you’re having connection troubles, resist the temptation to “turn off the firewall” or “bypass the router” to see if that solves the problem. That’s a bit like disconnecting your car’s brakes and ..
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Tools can detect and block the disk-scrambling part of a ransomware attack. This offers you protection even if the malware file itself, and its running process, is out there on someone else’s computer that you can’t control.
Tools can detect and block the disk-scrambling part of a ransomware attack. This offers you protection even if the malware file itself, and its running process, is out there on someone else’s compute..
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There are millions of computers still at risk from WannaCry – this means they haven’t been patched for more than two and a half years! Don’t be one of those people. The best way to stay up to date is have auto-updates on so you know you’re running the latest software.
There are millions of computers still at risk from WannaCry – this means they haven’t been patched for more than two and a half years! Don’t be one of those people. The best way to stay up to date is..
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And keep at least one recent copy offline, so you can access your precious data even if you’re locked out of your own computer, your own network or your own accounts. By the way, encrypt your backups so that you don’t spend the rest of your life wondering what might show up if any of your backup devices go missing.
And keep at least one recent copy offline, so you can access your precious data even if you’re locked out of your own computer, your own network or your own accounts. By the way, encrypt your backups..
Striking a Balance Devangi Parekh, director of boutique fashion chain Aza Fashions, likes to strike a balance between both.
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“Data is extremely important in understanding each of the cities - what is the demand there, adding products in which categories etc. But when it comes to trends like is ruffles going to be huge, will neon colours be trending, are fanny packs back etc, that’s a timing thing; you have to be ahead of the curve but not too ahead. It’s definitely a gut thing at the end of the day.”
Parekh believes that while listening to the data is good, gut is what pushes companies to the next level. “If it was just data, then you would just stay where you are; you wouldn’t be the next big thing. To get to the next big thing, a little bit of gut is needed.”
