Back to Basics – Part 2: Analytics Lead To Data-Driven Decision Making

540Of all the lessons I have learned this past year, one that definitely rings truest is that people who use data in their decision-making always come out on top. Having spent 15 years in an amazingly successful company, it became obvious to me that almost everything being done in the bank has a lot of planning and thought behind it. And much more often than not the planning was both strategically and tactically guided by mountains of data. When I left Wells, there are 30-40 analytics postings on any given day, I just looked recently and there were 120 job postings requiring analytics skills.

Now having spent close to two years working with a wide range of other businesses as a consultant, its clear to me that few businesses have the same will to use data in decision-making. It takes a lot of foresight, tons of planning, and huge amounts of discipline to really get a handle on the data in your business, and very few smaller business are able to develop an analytics culture.

That the 2nd reason behind founding BPO Elite. I identified that the talent gap growing quickly when it comes to analytics training (the first) and I also identified the lack of strong analytics cultures in most businesses (the second). So we set up BPO Elite to train and place talent with these companies in dire need to better analytics.

I am helping a friend prepare a new product he is going to launch for his consulting business. On the surface it seems like a great idea with a decent sized market that should fairly easily make a decent revenue stream. But what does the data say? How big is the market really? What is the ideal price to make the product profitable? How best to market it to the target demographic? Most business leaders take a few hours to conduct actual research and then dive in and start spending money on marketing and product development. And this is where so many go wrong. They never looked deep enough to find the data to answer these questions with a more scientific certainty. So that is where I come in.

Empowering small businesses to make more data-driven decisions is where it all started!


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