In a world awash with information, the ability to harness and interpret data has never been more crucial. Last week I was running a session on collecting and using data, where I was chatting to people about how they had made great data informed decisions and they were reflecting on the impact that they'd had. Really interestingly, one of the reflections that a participant made was that having really good data actually saves her a lot of time. I don't think we talk about that enough, she told me.
So it got me thinking. A common misconception I come across is the belief that data collection is a time drain. And yes, I will admit that setting up effective data systems can initially be labor-intensive. However, the long-term benefits far outweigh the upfront investment and when organisations prioritise data quality and accessibility, they unlock a host of efficiencies. Let's take a look at four of the best time saving benefits of having good data.
- Quick oversight of performance: Efficient data systems provide immediate visibility into current performance metrics. An example of this is from a real estate agency I recently worked with, where we consolidatde all the disparate data points they had collected into a centralised Google sheet, which I then used to Google Looker to build a dashboard of key metrics for. This integration allowed the team to use the dashboard to swiftly assess month-to-month trends, eliminating the previous chaos of scattered spreadsheets and inaccurate records.
- Identifying and responding to gaps: Good data practices facilitate the rapid identification of performance gaps. With clear, centralised and up to date metrics, organisations can detect declines or emerging issues early on, allowing for timely interventions. I once worked with an organisation that had really poor data management, such as collecting data in different ways, and often in PDF format, and not sharing or centralising it. Once we were able to gather all the data together in the same format, we noticed a metric that had actually been declining for eight years without anyone recognising it. These were well intentioned people doing good work, but because they didn't have access to all the right data, they were not able to identify that problem earlier and act proactively rather than reactively.
- Anticipating future needs: One of the most powerful and time saving advantages of data is its ability to predict future trends. By analysing existing metrics, organisations can forecast changes and prepare accordingly. Teams I work with are increasingly developing algorithms that combine various metrics to create comprehensive performance indicators. This foresight allows organisations to address potential issues before they escalate, be it through resource adjustments or strategic shifts, saving them time in the long run.
- Clear and consistent communication: Finally, robust data enables leaders to communicate better stories to stakeholders, which in turn can lead to meaningful change. Leading change and motivating people to pay attention to the data needs really solid data to base those conversations on. Data storytelling merges those quantitative insights with qualitative narratives, as we know that it is often the narrative that truly motivates people. To illustrate how an incomplete dataset can affect a narrative, in 2023 I was lucky enough to speak at Brown University at a conference about how to tell effective data stories about social justice issues. I worked with a team focussed on assessing a country's risk of genocide and using the example of Rwanda, what we noticed was that while post-genocide economic data from Rwanda in the 1990s is well-documented, comparable data from before the genocide was lacking. Without that data, the narrative surrounding the long-term effects of such atrocities was not as effective, as we couldn't clearly communicate a before and after comparison.
It's clear then that investing time in developing a robust data strategy pays dividends in efficiency and effectiveness. Organisations that leverage quality data not only save time but also enhance their decision-making capabilities and their ability to communicate with their stakeholders, ultimately driving better outcomes.
As we navigate an increasingly complex business landscape, it’s imperative to reflect on how we utilise data. How is your organisation harnessing the power of data to save time and improve performance? The journey to data proficiency may be challenging, but the rewards are well worth the effort.
This newsletter started as a podcast; if you'd like to listen to this episode and/or follow the podcast, check it out here
.
______________________________________________________________
I am a data storyteller and grounded researcher, and I help organisations use their data more effectively and help them tell great data stories. If you'd like a hand with data storytelling or strategy, I'd love to chat with you.
