On our obsession with data…
Marc Sniukas
For over 20 years, I‘ve helped leaders make their companies and teams more successful with clear, actionable, winning strategies • Follow for Proven Systems to Make Better Strategy • Fast and pragmatic
A leader told me the other day, „We will not do anything before we‘ve got a business case.“
All well (not really), but…
You have to realize that the data you‘re asking for is (1) either from the past, hence it doesn‘t tell you anything about the future, or (2) it is a forecast, made up, wishful thinking, all but assumptions, most likely gauged towards tricking you into agreeing to do this project…
I‘m wondering whether all these business cases and discounted cash flow calculations got updated after the recent raises in interest rates…CNN+ was projected to have two million subscribers in the first year and be a huge success…they probably had all the „data“ and forecasts to „prove“ it…yet, it was shut down after one month of getting only 10k…anyhow…
I understand that you need to do some calculations and plans if you‘re doing a large investment decision, like building a plant, buying new equipment, etc.
But, you must understand that your longing for more data stems from your unrealistic belief in predictability and control and the illusion of objectifiability of complex contexts and unpredictable events.
I know it would be a lot easier if everything were predictable…but it‘s not…and no amount of data can change that.
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Especially when it comes to launching a new innovation, product, or service or trying a new strategic move, no data in the world will tell you whether it will work.
What‘s more, in the case of bold moves, like re-inventing your business model, if they are truly „new to the world“ type of innovations, you don‘t even know what you don‘t know…and nobody can tell you.
In my work and research, I‘ve learned that in such cases, you need to act to be able to design your new strategy or business model. You must act to create the data you‘re looking for, as it doesn‘t exist. Only by acting will you learn whether it works, or doesn't, and what you will have to do to make it work.
Are you a leader who wants to see the data before making any decisions or allowing your team to take any steps?
Remember that the data is in the doing.
What are your thoughts on this?
Creative Breakthrough Facilitator | Helping you discover new ways to be bold, innovative and unlock your creative potential.
1yI agree with this post. Data-driven approach obsession provides nothing in terms of long term, impactful strategic solutions. It can be used as a starting point to create some assumptions to test but that's about it. Even then, I would tread carefully. Data is manipulated, subjective and a victim to Time's ability to evolve the meanings and contexts of information generated.
Strategy Artist/Innovator, TRIZ/SI, Futurist, Idea Mgt, Strategy Formulate/Execute, Start-up, Innovation/Strategy Expert
1yhi Dr. Mark. Agree with you. Wall Mart used past big data to predict what products would sell in a hurricane. However, as they did not apply Systematic Innovation thinking/method to the past big data, they missed out on the opportunity as what other products would, and not could, also sell.
Managing Consultant
1yDr.Mark.I got your point. We have to appreciate the fact that in the past business decisions were made by rule of thumb.Today , good business decisions are driven by data and business analytics.In as much as we should recognize the concept of volatility, uncertainty,complexity and ambiguity(VUCA) as factors that may have far reaching impact on our decision making but we need to subject the business we want to do to critical analysis.An organization can not ignore articulating a bankable business plan/feasibility study when it wants to embark on any business venture.Business plan/feasibility study gives business strategic direction.