The business principle “under promise and over deliver” is one that I learned to use to great advantage over the years. I really liked the concept from the first time I heard it. It made total sense to me: follow through on your commitments and exceed what you said you’d do.
For example, your boss asks when you can get a project finished by, you give a date and manage to turn it in 2 days early, perhaps with enough time for some feedback and to create another version.
This extra time you create can be very valuable as you can tweak things based on that feedback. It will give your boss the feeling that two helped shape the final outcome and increases their satisfaction with you and your work.
When I reflect back to what made me such a successful analyst at Wells Fargo, this is the thing that comes to mind first and foremost. My boss would often comment on how I had a knack for estimating how much time it would take to deliver something and would almost always meet or even exceed that deadline.
Some advice I got from a mentor early on in my career was to never make a promise unless it came of out of a genuine desire to follow through, not because of an obligation to do so. I came across this blog recently that outlines some tips on how to Under Promise and Over Deliver:
- Consider what you are trying to achieve by making a promise and whether or not it can be obtained by making a smaller, more manageable promise.
- Instead of promising to complete the entire project in an unreasonable amount of time, break the project up into sections.
- Promise to have portions of the project completed by a certain date. This allows you to manage expectations and keep up with the workload.
- Estimate how long you think it will take you to fulfill the promise and then double or triple that time.
- If you are not able to answer how long it will take you to complete a task, don’t give an answer. Tell the other person or group that you will get back to them.
- Sometimes we can’t help but break a promise. Be up-front and immediately offer an apology. It makes a difference and will go a long way towards repairing your relationship.
The lesson of under promising does more than just surprising people and making them happy. It gives you the space to do your absolute best and that will make you feel good too. Each time you make good on a promise you will feel that much more confident in your abilities.
Every promise fulfilled will help you to associate your name with positivity and trust. This is very, very valuable to your career. Making promises you can keep is instrumental to helping you build and maintain any relationship in life, but especially with your boss and people with influence over your career.
Here is a excerpt from the upcoming textbook, Fundamentals of Business Analytics….
What is Business Intelligence?
Per Wikipedia, Business Intelligence (BI) is an umbrella term that refers to a variety of software applications used to analyze an organization’s raw data.
BI as a discipline is made up of several related activities, including data mining, online analytical processing, querying and reporting. BI can be used to support a wide range of business decisions ranging from operational to strategic as well as both basic operating decisions include product positioning or pricing and strategic business decisions include priorities, goals and directions at the broadest level.
The CHED memo breaks business intelligence into four phases:
- Data Gathering. Business analysts need to identify the appropriate data-gathering technique by conducting research. Once you have identified the right data, it needs to be captured. This process is the same as the identify process.
- Data Storing. A general term for archiving data in electromagnetic or other forms for use by a computer or device. There is a common distinction between forms of physical data storage is between random access memory (RAM) and associated formats, and secondary data storage on external drives. This process is akin to the first part of the inventory process.
- Data Analysis. The process of systematically applying statistical and/or logical techniques to describe and illustrate, condense and recap, and evaluate data is the analysis phase. Data analysis has multiple facets and approaches, encompassing diverse techniques under a variety of names. We need to have a data analysis to improve the company’s performance. This process is the 2nd half of the inventory process.
- Data Access. Data Access refers to software and activities related to storing, retrieving, or acting on data housed in a database or other repository. Two fundamental types of data access exist: sequential access (as in magnetic tape, for example) Data access crucially involves authorization to access different data repositories. Data access can help distinguish the abilities of administrators and users For example, administrators may have the ability to remove, edit and add data, while general users may not even have “read” rights if they lack access to particular information. This phase is the equivalent of the integrate process.
It is important to note that business intelligence and business analytics are sometimes used interchangeably, but there are different.
From my perspective, the term business intelligence refers to collecting business data to find information primarily through asking questions, reporting, and online analytical processes.
Business analytics, on the other hand, uses statistical and quantitative tools for explanatory and predictive modeling. In this definition, business analytics can be seen as the subset of an enterprise wide BI strategy focusing on statistics, prediction, and optimization. The CHED memo is more closely aligned to that division as well as the primary focus is on the storage of data and the use of modeling.
As for myself, I worked with business intelligence software and methodologies with Wells Fargo long before I had even heard of the term BI. But for most of you reading this, that is ancient history. 🙂