As companies grow so does their data. In fact most of us have more data than we know what to do with. I am sure many of you prepare or receive detailed daily, weekly, monthly reports, with lots of lovely tables and graphs and comments. And I am sure many of them either get skimmed or ignored completely. Far too many reports are created for the sake of creating a report and add no value. In fact the time taken to create the report could have been used to generate real value for your company. The simplification and reduction of reports, could not only save your company time and money but it could also lead to happier employees. Sharing what the reports are used for and what was achieved using the data collected, can give employees a feeling or purpose, boosting moral and reduce attrition rates. I challenge each and everyone of you to read the reports you receive and think to yourself, what does this report tell me, and is it really necessary? And before requesting a report, try setting clear goals as to what you want to achieve with the data, and share the goals with the person making the report. Remembering even more importantly to share the outcome with them when you have achieved your goal. I finish off by sharing a great talk about algorithms and can we really trust the data we are given? by Cathy O'Neil. Algorithms decide who gets a loan, who gets a job interview, who gets insurance and much more -- but they don't automatically make things fair, and they're often far from scientific. Mathematician and data scientist Cathy O'Neil coined a term for algorithms that are secret, important and harmful: "weapons of math destruction." Learn more about the hidden agendas behind these supposedly objective formulas and why we need to start building better ones.
Many companies focus on what they have to offer Customers now, and do not consider what it is that Customers will want in the future. With 9 billion potential new Customers by 2050, companies should be looking to innovate in order to stay relevant. Think back to the companies your parents dealt with.... I doubt many are still around today. Once beloved household names, such as Woolworths, Pan Am, Rumbelows, Tandy, Dixons, MFI, Blockbuster, and many more; are no-longer with us. Their failure to adapt, meant new cutting-edge Companies quickly pushed them out of business. In terms of Fortune 500 companies, only 60 of the original firms listed in 1955 remain today. No matter how much your Customers love you; they will leave your company if you do not stay relevant. Take a step back and think how you could innovate, and don’t worry of another company has already come along with something better than you are currently offering. Being first to the market does not always mean it is the best product or solution. In fact, almost 50% of first-movers fail. Take stock of what your new and current competitors are doing, what new technologies are challenging your revenue; and see how you can adapt your business model to keep up with the ever changing world.
On the way to work stopped to let a man cross the road, and as he did he danced along to the music drifting out of my open window! That simple interaction with a fellow human brought smiles to both our faces :) It's important to remember that it's sometimes the little things that can bring the most joy. So let’s try to make the world a happier place to live in. I challenge you to make at least one stranger smile today! Smile :))