“Water, water, everywhere, Nor any drop to drink.”
“Rime of the Ancient Mariner” by Samuel Taylor Coleridge
Like the Ancient Mariner of Samuel Taylor Coleridge’s poem was surrounded by saltwater, business executives today are surrounded by information and may even envision themselves drowning in the overwhelming depths of data. Unlike the Ancient Mariner, every executive has the tools he or she needs to sort through the irrelevant and distracting bits of data to glean the pertinent information needed to make savvy business decisions.
To mix our metaphors, decisions that affect business come with two edges: one edge for business and the other edge for the people who make up the business. The trick lies in not cutting too deeply into either side. Writing for Forbes, Jeff Boss states, “… companies … must ensure flawless execution (i.e., doing things right) of the strategic initiatives set forth by leadership (i.e., doing the right things).” This requires knowing what the right information is and sorting it from the extraneous data surrounding it so that it makes sense and can guide you.
Many executives and managers focus on the delivery of the information more than ensuring whether the information is the right kind of information they need. Not all information is equally valuable; therefore, you must know what metrics are being measured as well as why you’re measuring them. As Boss states, “An empty email inbox at the end of the day isn’t a sign of productivity, as firing off yet another email into cyberspace doesn’t mean that the message received will equal the message sent.”
Another pearl of wisdom touts knowing how much is enough. You’ll never have all the information, if only because of the limitations of time and human comprehension. You’ll find that something you wanted to know wasn’t measured and that it wasn’t measured because you didn’t request that your staff measure it. You’ll find that some of what you requested to be measured succumbed to the law of diminishing returns: in other words, the value of the information falls far short of the value of the time and effort spent on information collection and analysis.
The current train of thought in business and management today adheres to the idea that data drives business. That ruthless determinism excludes the less exact and potentially more powerful insights yielded by things like perception and compassion. Henry Ford doubled the wages of his factory workers, a decision that appalled his rivals and made corporate history. However, his decision took into account that, in order to prosper, the company needed to sell automobiles. He made the decision to sell to the masses by enabling the masses to afford his product. Other factories fell into step, and the middle class emerged as a powerful political and economic force. Ford Motor Company survived and prospered without the fine points of hard data today’s executives demand at a moment’s notice.
Timing also factors into decision making. Blake DuBose and Mike DuBose write: “Understanding if and when a decision needs to be made: Few decisions have to be made immediately, so don’t rush!” Take the time needed to thoroughly analyze and understand the data and the problems you’re trying to solve.
Finally, seek insight from others. The receptionist’s perspective from the front desk will differ significantly from the chief operating officer ensconced in the corner office. Understand that customer-facing employees know intimately what helps or hinders their job performance and that their insight can yield tremendous benefits for the company overall.
The Heggen Group helps companies identify and analyze the pertinent data they need by taking a two-pronged focus that not only involves doing things right, but also by doing the right things.
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