Episode 31: Balancing Data and Intuition to Make Better Decisions
Striking a Healthy Balance: Integrating Data and Intuition in Decision Making
When it comes to balancing data and intuition, many people believe either can be correct on its own.
But the truth is that they work in tandem because without gut instinct, there would be no insight into what data to look at or how to analyze it.
Podcast Transcript:
Kiva Slade: [00:00:01]
Hello, and welcome to Collab With Kiva. I'm your host, Kiva Slade. From the marbled halls of the US Congress to my racing-themed office chair, I've learned that there is no perfect path to the life of your dreams. My journey over the past 20 years has included being a legislative director for a member of Congress, policy director for a nonprofit, stay-at-home mom, homeschooling mom, jewelry business owner, and now the owner of a service-based business. Whether your journey has been a straight line or full of zigs and zags, join me and my guest as we share insights, hope, and lessons learned from our female entrepreneurship Journeys. May The collaborative sharing of our stories be the tide that lifts your boat. Let's dive in.
[00:00:55]
Hey-hey-hey, welcome back to Collab With Kiva. A few weeks ago we started delving into what happens when data alone does not move people to make better and or different choices. We're going to touch on that a bit more. But first, I want to share a story. I was recently talking with a girlfriend of mine, and her husband relies a lot on intuition. And she finds that it's an area in which she struggles. She is very much data-driven. And things have to make sense for her, they have to line up for her in order for her to move forward. And the reason we were talking about this is that they are contemplating going into business together, and she's concerned that he's going to make these decisions, maybe what she feels in a bit willy-nilly fashion. Whereas for him he can't always explain his reasoning, however, she has noted that his decisions are typically very on point.
[00:02:12]
And that got me thinking ... because as I said a few weeks ago, we talked about what happens when data isn't enough to make people make better decisions or change behaviors based on the information that they have taken in. And there is a place for instinct or intuition. And it definitely matters because that alone is not everything. It's not the end all, be all. I think we can all agree on that. But where's the balance for the two to coexist? And what does that look like? Because the gut can sometimes be wrong. And if the data is the wrong data that's being collected or it's interpreted in the wrong manner, it can also have some errors, I'll say.
[00:03:13]
And so, I guess let's just dive into it's not an either-or people it's a both and. It's not data versus intuition or intuition versus data. You need both. And this was one of the things I was telling my girlfriend, that if she and her husband really go through their strengths, I think they would find some things that were quite complementary to one another that would make them really thrive in a business environment. Obviously, they've done that as husband and wife and their family dynamic. And I do think that there's an element of that that can transfer over into business, in that they both are bringing skill sets to the table that would be beneficial.
[00:04:11]
And again, it's not a choice of, "Oh, we only can work with intuition. Oh, we can only work with data." You really do need both. And if you think through life and what things have happened in your own life, normally the best decisions are the ones where data supported the decision or the data allowed your intuition to come into play. So, then you were even able to follow up even more by measuring the impact of the decision or measuring the outputs. And that showed you or confirmed that, that intuitive decision that you felt was actually the best decision based on the data that came after it.
[00:05:03]
I think that's a really important part that we don't always allow ourselves to explore. And I think that there's obviously taking things to the other extreme, just relying on the data, not understanding data breathing, it's living. It's not something that's flat and stagnant. So, ask yourself, even with the data, what action is going to be taken? Whether you're the one who is presenting data to someone else or you are the one receiving the data, what action do you want that data to cause someone to make or take? Is there a new thought that you want them to have as a result of this information that you are going to give them? Because in most cases we're using data to drive behavior. We're using it to drive decision-making, which is a form of behavior. We are using it to achieve an end. Okay.
[00:06:11]
And so if we don't take the time to really think through those questions and how this information is going to land with people, then we really do the data, I feel like a disservice. And my girlfriend and I continued to talk through this in about this. And it was funny at one part because she was just like, "Kiva, I don't know. I don't know about this." She's like, "Intuition ... Let's be honest, it's really personal. For some people, something that might seem highly intuitive and it's not highly intuitive to someone else. What does that look like to find that balance between the two?" And I was like, Whoa, that's a good question. I don't necessarily have an answer for it.
[00:07:02]
And typically, if it's your intuition versus someone else's intuition, what generally happens? And she agreed, and we'll talk through it. If you're feeling one way and your husband is feeling another, what typically happens? They talk through it and come to a consensus. I was like, Well, there's the answer. That's very similar to what would happen if you felt that that intuitive response that was being given was not the same intuitive response that you might have shared. And so, I think it's definitely worth exploring what role intuition plays in your business. Do you find that you trust yourself in the decisions that you make? Do you find that you've seen a pattern of behavior where the decisions that you've made actually have not been good decisions and you wish you had made better decisions?
[00:08:08]
What would make those bad decisions better? What would you have wanted to have? Would it have been more information, a.k.a. data? What would you have preferred to have had? Just a few questions to help you explore what that looks like. Because I will be honest, sometimes our intuition can be wrong. Or we have inherent biases that cloud our intuition whether we want to acknowledge them or not. In many cases, the information that we receive first ... In neurological studies, they've shown that the information we receive first pretty much distorts how we view subsequent information.
[00:09:04]
And we can even take that back to the book, The Premonition, where I was talking about the US government's response to COVID. That first information we received was a lot different than subsequent data that came out and it impacted what people did or what they didn't do. So, we have a tendency to give a credence to information that we receive first. Sometimes we look only for information that confirms, that doesn't challenge, but confirms what we're already thinking. We also go sometimes with information that ... We look for conclusions that justify what we've already done.
[00:09:59]
If you're a parent, I'm sure your kids have done this at one point or another, or you did it as a child. And you try to not upend the status quo. So, those are some drawbacks to solely relying on your intuition. Because you do have some biases that will come into play. And those are some flaws that pretty much research shows, operate at your subconscious level where your intuition lies. So, if you're going to give more weight to things that confirm your already existing assumptions or prejudices, you'll dismiss information that calls anything of that sort into question. And so, again, it leads to. It's not an either-or but a both and.
[00:11:01]
Because the data is not going to fall subject in many cases to those prejudices or those assumptions. Of course, it will if you decide to only look for data that supports what you want to believe. Well, yeah, that's a whole nother conversation, though. So, if you approach this truly from a purely research perspective, then you're not going to do that. And I think also when you're making decisions, do many, especially in this online space and service provider community, you're afraid that you're going to end up mimicking what your competitors are doing and things of that sort. And I think that we used to be more diverse in terms of our thoughts pre-Internet.
[00:11:59]
But now with the Internet, many of the same people are listening to the same people and you're all reading the same books and everything of that sort. That has made us much more homogenized, folks. And is your intuition still just your intuition? Have these other inputs caused you to feel like you're not creating something new that would distinguish you from someone else because everyone's consuming the same information? I think that's something that's worth exploring in terms of where are you receiving your information. What are you digesting? Are you digesting the same things that other people are? Is everyone at the table eating a salad? The same exact salad. Or did someone spice it up a little bit and get something different?
[00:13:09]
So, I share all this because again, I'm really fascinated by what role rather, I guess, data has when it comes to decision making, and why people are afraid in some cases of data. And then also why is it that we think that data and intuition do not both have a role to play in what we do in our businesses and in our lives in most instances? For example, my girlfriend's husband ... I think intuition gets a bad rap in terms of credibility.
[00:13:58]
People find it difficult as a way to explain why they came up with what they came up with. You don't want to just say, "Oh, well, it's my gut." And people kind of look at you like, "Oh, my gosh, really? That is so not the most scientific way." So, that leads itself to a credibility problem. And, quite honestly, sometimes I'm like, do you really have to explain it? There's something that made you choose that, and I think it's helpful to not dismiss that. And then, obviously, as I showed earlier, you can line the data up later to support your decision as long as you're not just continuing to affirm your assumptions and prejudices. But I think also, I see the both and ...
[00:14:57]
Because when you take in data and you're thinking about a complex problem (and I don't know where your favorite place to think is mine typically winds up being the shower) research has shown that even if we're not thinking about a problem, our brain still is. Our brain is still putting into place those pieces that we have gathered in terms of research studies or data or numbers or whatever it was that we were looking at, that when we sleep, our brain is still processing that problem. And so, in the shower, you might have that aha moment. The aha moment is because you gave your brain the space it needed to work. So, while you were asleep, your brain was still putting together connecting the dots. And that feels like intuition when it was really a combination of the data that you've taken in and that aha moment.
[00:16:00]
So, what I want you to take away from this is that data and intuition can and should find a nice, healthy balance of working together within your life, and within your business. So, that's takeaway number one. And takeaway number two is to really allow yourself to give your brain space it needs to work. Give your brain the space it needs to put together the data points, to put together the dots and connect them so that you have that nice balance between the data and the intuition at work, and in your life.
[00:16:55]
So, this episode is really just some thought-provoking questions to think about the role that data and intuition can play in your business. And wishing my girlfriend and her husband the most amazing business partnership if they decide to travel down that road. And I'd love to hear if there are some couples out there how you balance your strengths and weaknesses with your spouse and business. I'd love to explore that more. Do you want to be a guest? Let me know. I definitely would like to chat about that more because I think that ... I know when I look at mine, my husband, he jokes all the time. He's like, "What can I do to work for you?" I'm like, "No, dude, we can't have that." So, I always make a joke, like, I can't work with you. But I see some people who do it really well, and I'd love to know if there are some secrets, some tricks of the trade that you have. So, again, find ways for balance in your life between data and intuition. And strike it as a healthy balance. And know that it's not an either-or but of both. So, thanks for tuning in and I will see you next time. Bye.
[00:18:24]
Thanks for tuning in to this episode of Collab With Kiva. Each of us has a different path. And I hope that this episode gave you some takeaway that has left you inspired and motivated to keep pressing forward on your unique path. Make sure you subscribe so you don't miss out on any future episodes. And of course, your reviews on Apple are greatly appreciated. If you're a small business owner ready to start making data-driven decisions in your business, and you know that without the data, you're really just guessing, make sure to visit my website, the516collaborative.com, and let's schedule a time to talk to make sure that you can harness the power of data in your business. I'll see you next time. Bye.
Meet Kiva Slade - the Founder and CEO of The 516 Collaborative. With a unique background in high-power politics on Capitol Hill and sixteen years as a homeschooling mama, Kiva found her calling in the online business world as a trusted guide for entrepreneurs looking to build the business of their dreams.
Kiva's work began behind the scenes, orchestrating the back end of businesses and managing teams. But her inner data diva couldn't help but notice that small businesses needed help harnessing the power of data for growth. So she and her team set out to uncover and tidy up the data required to enable clients to grow their businesses confidently and easily.