The Data-Driven Decision Making Blog

Confidence in the European venture market seems to be growing, although many participants still cite best practices from the US. Corporate-Startup partnerships with the goal to „learn“ „innovation“ is in fever pitch in Berlin at the moment. A more diverse investor ecosystem – from very well known investors, to niche investors and corporate investors. Although more diverse does not extend to those who control the capital – the Berlin circle that controls the capital is still tight knit. The German government seems to slowly be realizing the urgent need for early stage financing. BAFA announced their grant for angel investors – Zuschuss für Wägniskapital.

Mike and Elizabeth had a lively discussion about how local entrepreneurs can map the customer journey, as well as use a mix of social media and in person interactions for cost effective solutions to targeting micro customer segments.

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.