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Data – Getting to Grips with the numbers

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Three Questions:

1.         How many people in your enterprise use data well to extract real insights that help them / you make better decisions?

2.         Are analytical skills concentrated in a small sub set of your people?

3.         Do you have a reliable central depository of data / information or is management discussion distracted by inconsistent data from multiple systems?

 

 

 

 

 

 

Shvetank Shah, Andrew Horne and Jaime Capellá argue in the Harvard Business Review (Apr2012, Vol. 90 Issue 4) that Companies need more “informed skeptics,” who can find the middle ground between making decisions based on intuition and being too reliant on analysis. They consideration of the roles of information resources management and analysis of information in overall corporate or organisational decision-making found that a minority of employees and only half of senior executives successfully balanced the analysis of information with their own judgment.

Are you an “Unquestioning empiricists” who trusts analysis over judgment, a “visceral decision makers” who go exclusively with you gut instincts or an “Informed sceptic” who really optimizes decision making by effectively balancing judgment and analysis?

At Efficienarta we believe that Effective, Efficient and Consistent Governance requires better use of Digital data. Bottom-up and middle-up efforts need to be combined with greater consideration as Strategic Direction is discussed. Data and information that is presented to Directors in an easily assimilated way helps this and also reduces reliance on analytical skills and the pool of “Informed Sceptics” (referred to by Shah, Horne & Capellá) is increased.

 

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