Everyone knows company executives get paid the big bucks because they make the big decisions fast. But what most people don’t see is the amount of data-crunching that goes into making these decisions.
Good leaders have the ability to forecast, analyze, and interpret company data. Only after doing so are they able to make the right decision for the future of the company.
But all too often collecting data becomes more of a headache than an important step in the decision-making process. The most common frustration leaders have to deal with comes not so much from squeamishness about pulling the trigger as it does from not having adequate access to all of the data they need to make the right decision quickly. This results in “shooting from the hip” decision making as opposed to fact-based decision making.
Here are the first steps to move toward fact-based decision making.
- Know what information is needed in the company as a whole.
- Know who is looking at this information and how they are looking at it.
- Know where this data comes from, how many systems are feeding these reports, and if they are reliable.
To be a better leader, you need the ability to make quicker and better business decisions, based on better data, and without having to put additional strain on your IT department.
Easier said than done, right? But the key is to act—and not react to the frustration of data collecting. Have the systems and processes established before you need the data, so you can make the right decision when the need arises.
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Questions about Business Intelligence?
Contact: Steve Ehinger
Business Development Manager