Data Leadership

Is business intelligence a luxury?  Data – done right – is neither cheap nor easy. Most businesses wait until they are a certain size before investing in an in-house data competency. A greenfield assignment, the initial build-up of an inhouse data function, is an important early step in a company’s journey towards data maturity. Before the inception of an inhouse function dedicated to data, a company can be considered data immature, regardless of who uses the data or how long the company has been around.

In Berlin habe ich mehr als ein paar Mal den Kommentar „das ist nur Business“ gehört. In New York habe ich niemals einen solchen Kommentar vernommen. Ganz im Gegensatz zu Berlin wird es in New York über Unternehmensstrategie, Marktentwicklung und Marketingstrategie eifrig diskutiert.

A creative mind can discover the insight lurking behind data. When found, it is absolutely necessary in bringing your business forward. In my experience, too many people cut corners here and just use the data or information at hand and/or that which is familiar to them. Approaching it with the right question frames your entire analysis both in terms of strategic and tactical impact, as well as project budget. The right question will also create a clear scope for the data needed, requisite analytical processes and tools, as well as human capital.

Data-driven management improves your „soft skills“: A data-driven approach to solving problems and leading discourse enhances the tenor of your communication and teamwork, in addition to improving hard performance metrics such as revenue and margin. Data and evidence-based brainstorming can also help turn creative ideas into business transformation. Using specified metrics and analytical methods at key points in your decision processes will improve your accountability. Even if your decision turns out to be sub-optimal, you will be able to explain your actions in a logical and concise manner and understand where you need to improve.  Setting goals and measuring how your performance benefits your organization’s strategy and tactical goals will allow you to communicate your successes and your prioritized areas of improvement through evidence-based reasoning.