Leaders Can't Afford to Ignore Data Thinking

Data thinking projects, such as data platforms, data mining, data analytics, and data science, offer innovative ways to leverage the value of data, thereby enhancing business strategies and outcomes.

For business leaders, understanding data thinking is not just a necessity, it's an empowerment. Even if you never intended to delve into it yourself, the rise of data-driven solutions has made it a critical component of business strategy, giving you more control and confidence in your decisions.

Imagine you own a bakery and want to introduce a new type of cake to attract more customers. Data thinking allows you to analyze sales data to see which flavors and designs are most popular. With this information, you can confidently introduce the new cake that aligns with customer preferences, increasing your chances of success.

Today's elderly who have embraced smartphones are building precious memories by connecting with their grandchildren from a distance and exploring the world through the lens of a smartphone.

Now, it is time for you to embrace the data-thinking mindset. For example, suppose a consultant proposes to mine a data asset to improve your business. In that case, you should assess whether the proposal makes sense. Suppose a competitor announces a new data partnership. In that case, you should recognize value from a unique body of data they will collect and, on that basis, argue for a substantially higher valuation. With an understanding of the fundamentals of data thinking, you should be able to answer a few probing questions to determine whether their valuation arguments are reasonable.

A business leader named Sarah runs a retail company. She recently met with a consultant who proposed using data analysis to improve the company's sales strategies. Sarah recognized the potential value of leveraging data. She decided to ask the consultant more probing questions to gain a better understanding of the proposal's potential impact on the business. By embracing the data-thinking mindset, Sarah was able to make informed decisions that led to significant improvements in the company's sales performance.

Imagine a global technology company that wants to expand its presence in new emerging markets. By embracing data thinking, the company cannot only identify promising opportunities but also tailor its strategies to effectively meet the needs of diverse customer segments. This approach enables the company to make informed decisions that lead to successful expansion and sustained growth in global markets, instilling a sense of optimism and hope in business leaders.

Throughout this journey, the Business leaders and No AI technical experts must interact with the data science team. Suppose these employees do not have a fundamental understanding of the principles of data thinking. In that case, they will need help understanding what is happening in the business.

This lack of understanding is much more damaging in data thinking projects like data platforms, data mining, data analytics, data science, and more that are the source of an AI solution than in any other projects we have experienced so far because the data thinking is supporting improved decision making,

Business leaders must not just understand but have a functional grasp of data thinking. These projects demand a close interaction between data experts and business leaders responsible for decision-making. The urgency and importance of this understanding cannot be overstated.

Organizations where business leaders lack an understanding of data thinking are at a significant disadvantage. This can lead to wasted time and effort, or worse, to incorrect decisions that could have been avoided with a solid grasp of data thinking.

Critical challenge for firms is that business leaders lack data thinking.