Many businesses are adopting data-driven management as a means of facilitating change, staying flexible, and making sure the business doesn’t get stuck in outdated processes.
Elizabeth Press‘ goal is to teach you people to transform data into insights that will help you run your business, make decisions and manage your team. She shared her tips with us via our friends at Betahaus.
1. Data-Driven Management Improves Your Soft Skills
A data-driven approach to solving problems and leading discourse enhances the tenor of your communication and teamwork, in addition to improving hard performance metrics such as revenue and margin. Data and evidence-based brainstorming can also help turn creative ideas into business transformation. The reason why I am so excited about guiding entrepreneurs along their data-driven journey is that these techniques are important for people who need to articulate innovative ideas to investors, customers, partners and others in their ecosystem while creating super motivated teams.
2. You Gain Accountability
Using specified metrics and analytical methods at key points in your decision processes will improve your accountability. Sentiment from experts across the globe, including The Harvard Business Review in their article Big Data: The Management Revolution, point to improved decision-making through data. Even if your decision turns out to be sub-optimal, you will be able to explain your actions in a logical and concise manner and understand where you need to improve.
3. You Can Measure Your Results
Setting goals and measuring how your performance benefits your organisation’s strategy and tactical goals will allow you to communicate your successes and your prioritised areas of improvement through evidence-based reasoning. The city of Houston, Texas in the US has a Performance Insight portal to communicate their progress and provide transparency regarding strategic priorities.
4. You Can Learn and Adopt Positive Behaviour
Extracting insights from your performance data will help you understand why your decisions were great or not and enable you to improve. Houston’s mayor Annise Parker says that her use of data created a culture of “continuous improvement.”
5. You Can Improve Your Work Environment
Gamification is one data-driven strategy for engaging and motivating employees while increasing transparency, as described in CIO magazine. An additional benefit of using data is that a fact-based tone of discussion helps teams work on problems with minimal personal or negatively emotionally charged conversation.
To learn more about data-driven management, check out the Betahaus blog. They’ve also recently announced that they’ll be collaborating with EY Startup Challenge on their accelerator programme. For more info, check this out.