How wise is your organisation?   Leave a comment


If wisdom can be defined as knowledge in action, on what are you basing your actions? How thorough, even relevant, is the knowledge you have?

How well do you know your markets, your employees and your competitors? How well do you know the systems in place in your business or not-for-profit? Do you know their efficiency or their effectiveness? Are you relying upon gut feel, what people are telling you, or do you have empirical evidence to back things up?

For the better knowledge you have, the better decisions you will make. All leading to a reputation of wisdom.

Where you are known for making right judgements.

And in this information-rich milieu, where the cost of collecting and analysing that information is forever falling, the question is – are you taking advantage of your data resources?

Are you, if you will, fully exploiting the “low-hanging data fruit” in your organisation?

Let’s say you are manufacturing widgets. Let’s assume that a rich stream of data is available from each point in that transformation process, surely the cost of storing that data is negligible! And what about the calculations on that data? Think of the improvements that could be made by looking at the relationships between the data streams from various points in the transformation process.

Let’s say you are dealing with information. Let’s assume that what is produced, ie reports/recommendations/decisions is dependent upon other sources of information. How easy is it to find the right data in those other sources of information? Surely the cost of automatically extracting that data is much less than the manual cost of extracting it? Think of the quality improvements that would flow into that set of reports/recommendations/decisions.

With the manufacturing industry example, the low-hanging data fruit is process efficiency. With the service industry example, the low-hanging data fruit is also process efficiency. The former is data collection that leads to performance improvement. With the latter, its data presentation that leads to performance improvement. And where the resulting knowledge from performance improvement leads to wiser outcomes.

The key point here is that we must reframe our approach to information. We must think critically about how we use the data we have.

For judgements that are more right will follow.

 

For more of what I have to offer, visit Dellium Advisory, follow on Twitter, connect using LinkedIn, or review my strategy and futures-centric blog.

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