Information is the oil of the 21st century, and analytics is the combustion engine-Peter Sondergaard
Data has become quite the buzzword. It would be easy to dismiss it as a fad but that’s unlikely as it will always bring great value to an organization when collected and used correctly. Here are 3 reasons why we think data is gold.
1.Your prior experience is a flawed measurement tool
As business leaders, it's easy to be lured by our “gut reaction,” which is usually a composite of past subconscious experiences. As humans, however, our memory is fallible and inconsistent. We succumb to phenomena such as “flashbulb memory”, where we remember surprising events but not the everyday, boring ones. In management though, it is often the everyday, boring data that is more reliable and relevant for decision-making.
2. Your Data is a window to your progress
Key Performance Indicators (KPIs) can provide timely indications of your progress and the value of your efforts, allowing you to capitalize if things are going well or apply early corrective actions if necessary. KPIs are versatile tools and can be useful in assessing marketing, financial or operational data.
3. Your data can get you more results...and more support for your programmes
If you’re at the stage where you’re trying to scale a service or identify new agencies to partner with, your data related to your accomplishments and client outcomes could do a lot to attract additional clients and support for your programmes. Even if you do not yet have robust impact measurements, simply illustrating that you have the capacity to conduct impact evaluations could bolster your attractiveness to these stakeholders.
There are all kinds of data you can collect and analyze to make your organization more successful, and many ways to do it. If this seems overwhelming and you aren't sure what kind of data could be important to you or how to collect and analyze it, give us a call and we can help.
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