September 28, 2011

How To Turn Your Data Junk Into Gold Bars

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Today I gave a talk for IDEA, for an audience of electrical industry executives. 

Their challenge is likely similar to yours: What do you do with all the data you are capturing, storing and analyzing?  If you don't do something with data, it's just an expense line item, after all.  In his book, Information Masters, John McKean talks about the importance of people skills and human technology in making the leap from Data Rich to Customer Smarts. 

It starts with sharing the data, especially with your value chain and in many cases, your competitors (think of them as Competimates in this regard).  Why? Because the data isn't by itself really useful, but in the hands of the distribution channel, it may bounce back as knowledge.  Becoming a smarter company via data isn't just listening and learning, because you are still in a bubble when you do this - there's no perspective! 

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The first step, then, is to boldly share the data outside your enterprise.  By letting go of the data, you are making the first step in letting go of the Scarcity Mindset and the SQ.  Don't sweat this, because you data in many cases is worthless UNTIL it makes the leap to knowledge (what Eric Ries in Lean Startup calls 'verified learning').  

While knowledge is better than raw data, it's the insight you glean from it that connects with your Customer-Value model that truly moves the needle on your business.  That's the stuff to hold on to, not your crummy data.  

Whether you are looking at web/blog/social analytics or supply/customer data, you need to make the move today - and test my theory out.  To borrow a phrase from the Quality Movement, 'waste is any commitment of resources that fails to create Customer value.'  So what's your data?  A storage plan or your barter for biz wizdom? 

 

Posted at 9:09 AM in Business Effectiveness , Tech Stuff  |  Permalink  |  Comments (4)  |  TrackBack (0)

Comments

Commentor

Remodeling and upgrading of an existing home, the intervention aims through simplicity, elude the formal irregularity.

Commentor

Hi
the Anything for Hire business directory does exactly what it says on the tin. If there’s a demand for a product, service or talent, you’ll find it listed on our site.

Commentor

It is very important to take the data you already have and turn it into profit. If you do nothing with the research you have done, then what was the point? Take a leap of faith and start your own business.

Commentor

Not sure if I would like to let my data go. Interesting concept though.


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