Anything is Possible When It’s Digital
Digital means data. And anything is possible when useful data is available, properly analysed, and intelligently put to work.
The Most-basic Data Metrics…Putting CARTS Before Horses
To be useful, data must be –
Consistent: The data must be uniform across sources or over time, enabling reliable comparisons and trend analysis.
Accurate: The data must be correct, reliable, and error-free, providing a trustworthy basis for analysis.
Relevant: The data should directly relate to the issue or decision being addressed, helping innovators focus on key insights.
Timely: Data must be current, reflecting the latest trends or conditions, so that innovators can make decisions based on the most recent information.
Simple: The data should be presented clearly and concisely, making it easy to understand and interpret by all stakeholders, especially in a visual or narrative format.
AGEing Your Metrics…Analysing Data for Decision-making
Once the basic metrics are in place, you must ensure your data meets additional criteria that allow for practical, effective use in decision-making.
Three thoughts –
Actionability: Data provides is a springboard for action. The insights you derived from data should suggest clear, practical steps that innovators can immediately act upon. This is crucial in turning insights into tangible outcomes.
Granularity: While data should be simple enough for easy comprehension, it also needs to be detailed enough for in-depth analysis. The right balance allows decision-makers to dive deep when necessary, without being overwhelmed by unnecessary complexity.
Easily Accessible: There is no room for excuses. Data must be easy to access and retrieve, free from complex barriers or unnecessary delays. Innovators can focus on innovation when they have tools such as user-friendly dashboards, intuitive databases, and clear documentation. Ready access ensures that decision-makers can gather the insights they need, exactly when they need them.
Organizations that prioritize easy access to data remove unnecessary friction, streamlining the decision-making process and fostering an environment where innovators can confidently work with the information at hand.
Summing Up
To truly leverage the power of digital data, the data must satisfy basic needs: consistency, accuracy, relevance, timeliness, and simplicity alone. To pave the road for innovation and informed key decisions, data must also be actionable, detailed, and easily accessible.
When data meets all of these criteria, organizations and innovators are equipped to move swiftly, make informed decisions, and turn insights into impactful actions. This approach optimizes the use of data and empowers businesses to explore new possibilities.
When it’s digital anything is possible.