Sometime in the last 100 years, Edwards Deming uttered a quote that will be used constantly when talking about data: “In God we trust. All others must bring data.” Companies and executives use it to justify why they must keep investing in data. People use it to argue against opinions stated without any evidence to back them.
I think Edwards Deming had the right intention with his statement, but the essence has been lost in today’s world. Data is important, but it is not the most important thing for a company to focus on. Data is a lever that can make other things easier, not the end goal in itself.
Our data-driven world has swung too far to one end of the pendulum, and we need to correct it. I want to bust seven myths that companies cannot seem to let go of when it comes to data.
Myth 1: Data is the most important resource
The Economist dedicated an entire issue to describing how data is the new oil. It was, of course, talking about companies like Google and Facebook who have turned data into multibillion-dollar empires. For most companies, these are not role models. Almost everyone else is more about creating great products/services and delivering those to happy customers.
Data can help, but it is not your product. For Google and Facebook, data is their product. They want to capture as much as possible and then sell it through advertising. For other companies, data is merely meant to help support decisions. Strive to build data supported cultures, not data-driven ones. Give yourself room to make decisions without data; it will not be the end of the world.
Myth 2: Collecting data is the hardest problem
Denne historien er fra June 2021-utgaven av Indian Management.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra June 2021-utgaven av Indian Management.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Trust is a must
Trust a belief in the abilities, integrity, values, and character of any organisation is one of the most important management principles.
Listen To Your Customers
A good customer experience management strategy will not just help retain existing customers but also attract new ones.
The hand that feeds
Providing free meals to employees is an effective way to increase engagement and boost productivity.
Survival secrets
Thrive at the workplace with these simple adaptations.
Plan backwards
Pioneer in the venture capital and private equity fields and co-founder of four transformational private equity firms, Bryan C Cressey opines that we have been taught backwards in many important ways, people can work an entire career without seeing these roadblocks to their achievements, and if you recognise and bust these five myths, you will become far more successful.
For a sweet deal
Negotiation is a discovery process for both sides; better interactions will lead all parties to what they want.
Humanise. Optimise. Digitise
Engaging employees in critical to the survival of an organisation, since the future of business is (still) people.
Beyond the call of duty
A servant leadership model can serve the purpose best when dealing with a distributed workforce.
Workplace courage
Leaders need to build courage in order to enhance their self-reliance and contribution to the team.
Focused on reality
Are you a sales manager or a true sales leader? The difference, David Mattson, CEO, Sandler® and author, Scaling Sales Success: 16 Key Principles For Sales Leaders, maintains, comes down to whether you can see beyond five classic myths that we often tell ourselves about selling.
