Business data

Business data

 

Christophe De Greift provides a post designed to help you get it right with these five tips for a more data-driven 2021.

2020 accelerated several trends and one of them is the need to be ‘data-driven’ in decision making. From vaccine testing to last-mile logistics in e-commerce, data analytics is part of the path to making the right decision and generating value.

Having collaborated and talked with dozens of Peruvian companies this year on their greatest analytical challenges, I share below my recommendations for a 2021 full of analytical successes.

Team

Turning data into value requires such a diversity of knowledge and skills that it cannot be achieved without effective teamwork. However, collaboration in analytics does not occur naturally, as the business user seeks a practical solution to their problems and does not know about machine learning, while the data scientist prioritizes rigorous analysis and knows little about the business. A solution that several Peruvian companies have successfully implemented is the incorporation of an Analytics Translator to the team , connecting business users and data scientists.

  1. Strategy second

I have been a staunch advocate of strategic planning for business, despite mounting criticism. Data analytics also requires a plan, but that doesn’t mark the beginning of the analytics journey. Indeed, a minimum of knowledge about artificial intelligence, data governance and technology is required to think strategically about analytics and an organization must experiment first to develop this knowledge. An online course is not enough. If you are just starting out, choose a use case following the advice in the next point.

 

Tips include:

  • Overcoming cognitive impairment
  • Using minimal viable outsourcing
  • Moving with speed

 

Read the full article, 5 tips for a more ‘data-driven’ 2021, on christophedegreift.com.

 

 

Lin Giralt shares findings from a Evalusys and Lambda study of over 600 small and medium sized enterprises in the U.S., covering ten categories, including results on: human resource management, business exit readiness, innovation processes and capabilities, and quality of business processes.

What Evalusys and Lambda have learned about US Small and Medium Sized Enterprises [SME’s]

Summary of Results from over 600 Business Evaluations indicates that improvements in Sales Management [98%] and Strategic Business Planning [94%] are the Categories that lead top managers’ and owners’ areas of action[1]. In terms of specific points of action, the Innovation Category had the top three most important actions mentioned: “Company does not have the right metrics and incentives to support a culture of innovation,” [72%]; “Management is not satisfied with their ability to leverage open innovation,” [66%]; and “Management is not satisfied with the rate of new product development,” [64%].[2]

On the other hand, most SME’s were content with their Overall Business Processes, Supervisory Practices and Human Resources Management.

 

In addition to metrics, this article includes:

  • Topline conclusions
  • Discussion of results
  • Examination of the data
  • Conclusions and further considerations

 

Read the full article, What Evalusys and Lambda have learned about US Small and Medium Sized Enterprises [SME’s], on LinkedIn.

 

Luiz Zorzella moves beyond the buzzwords to explain how a razor-sharp vision, strategy, and plan inspires buy-in and achieves results.

 

If your organization is not delivering the results you expected, maybe one factor holding it back is a lack of razor-sharp precision.

Most business leaders would benefit from sharpening their strategies: employing more clear language (calling a sword a sword), more accurately defining strategic priorities and objectives. But few actually do it. For example, most financial services companies profess to be “client-centric”, but very few actually explain what that looks like. And if you survey the organization and ask how this principle of “being client-centric” applies to practical matters, you will obtain very different answers.

 

Read the full article, Your Business Needs Razor-Sharp Precision, on the Amquant website.