The Importance Of �Slow Data� In Ecommerce

Nummero08 Oct, 2021Business

Nobel laureate Daniel Kahneman proposed the concept of two competing thinking systems in his 2011 book, Thinking, Fast and Slow, each important to human performance but each capable of being employed at the incorrect moment. For example, when we need to look at a problem with skepticism and depth, we may make a hasty decision based on too shallow knowledge. Kahneman also introduced us to the ?planning fallacy,? which is a tendency for corporate executives to fall victim to. As a result, we may be too optimistic and base our judgments on this rather than a reasonable balancing of benefits, losses, and probabilities. In e-Commerce, the easy availability of data may frequently lead to rash and ultimately futile behaviour, using valuable resources.