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It’s an understandable human contradiction that in moments of crisis — when we most need to act in a reasoned and rational manner — we are instead sometimes reactive or impulsive. In uncertain times like we are currently experiencing, short-term thinking might appear to solve problems quickly, but ultimately can be problematic. The best actions and outcomes are the result of data-driven decision making — always, but particularly in a time like this.
Business leaders are tasked with making difficult choices daily — sometimes hourly, especially in these unsettling times. Some may need to scale back plans in one area and ramp-up in others; some may have to get creative to reach customers in new ways; a few must come to understand that when they reach specific milestones they have to pivot or shut down altogether. From medical organizations to the grocery supply chain, every enterprise is finding new ways to operate, often remotely and through digital channels. Making these business shifts swiftly, and understanding the impact changes will have on a business’ bottom line, is of utmost importance.
But it’s not all bad. Some changes will positively impact businesses, like embracing the notion of a remote workforce and cutting costs associated with the traditional offices. Online collaboration and conferencing tools will become embedded in capital expenditures. Routine best practices, commuting habits and hiring boundaries will undergo major changes to ensure organizations hire and retain the best employees.
Leaders understand that the decisions made now, under pressure and through stress, will have long-lasting effects. Having accurate and trusted data at hand during these deliberations is an invaluable tool. The best analytics draw from multiple data sources, build on existing context and evaluate future opportunities and threats to guide intelligent actions.
In a bright environment, the benefits of data-driven decision making are undeniable; in uncertain times like these, they’re invaluable. Data helps us find the best options, not the most expedient. We call this evolved state of business Data Intelligence because rather than restricting data access to a few, it allows all authorized business professionals across the ecosystem to uncover and extract the strategic value hidden within organizational boundaries. The best decisions come from connecting the right data, insights, algorithms and people to allow all users to overcome current challenges and drive innovation. It gives everyone the power to use data to solve problems, implement ideas and enhance operations.
Forward-motion must be strategic as well as speedy. Here are some tips that may help you rethink your approach.
In these troubled times, there are no easy answers. But data-driven decisions can help make the hard ones a little easier and can make the company stronger in the long term. Remember that in times like this, business leaders who trust their data can feel confident that the decisions they make are guided by the best information.
Stan leads Collibra’s Data Office and is responsible for overall data strategy, data infrastructure and translating internal learnings into value for our customers.
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A message to our Collibra community on COVID-19. Read more from our CEO.