Think About That - Data Driven Decisions

It’s hard to believe the first half of 2024 is a wrap. In a world where time seems to progress at an ever-increasing rate, maybe the only thing which provides a true, solid reference point is our data. With 13 more Think About That Articles written, we hit the halfway point, the half marathon. This week we reflect on the past quarter’s performance as well as some fundamentals of data drives decisions.

Think About That Quarter 2 Stats

By June 30, 2024 we hit 15,022 impressions across all 26 articles!

The following measures articles during the quarter in which they are released. It excludes cumulative data for previous quarter articles:

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So, how did articles released in Q1 perform in Q2?

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Fire More Slowly and Another Ice Cream Shop were featured on my profile. It’s possible to attribute some of the continued impression growth in Q2 to this. Featured placement on my profile did not boost quarter/quarter growth for the following articles:

Perseverance – 6.6%

Abundance – 2.4%

Teamwork – 1.0%

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5 Cs Performance

For reference on the 5 Cs objectives, check out the first Think About That.

Consistent – 9/10 as one week I am owning publishing late (on a Friday)

Clear – 9/10 as I am becoming more clear

Community – 2/10 for missing dialogue and exchange with our team (thank you to those who like and leave comments!)

Compelling – 7/10 for low impressions in late April/early May (this is possibly due to more of our team away from office during spring breaks or less time on social media.)

Consumable – 9/10 for one article requiring 8 minutes to read?

Total: 72% (down from 80% last quarter)?

It’s possible LinkedIn’s algorithm changes which impacts how content is featured. Anecdotally, there is an increase in more sponsored content in the “top” sorted feed on this quarter. Whether that has a material impact on the visibility of Think About That or not is really irrelevant.

For Q3 a few changes are coming:

Move publishing date to Wednesday to see if that will positively impact impressions (recall we publish on Thursday in Q1 and Tuesday in Q2).

Make an effort to share posts with relevant team members to raise awareness/promote.

Seek inputs from the team for topics proactively.

Data Drives Decisions

Quality data sets the stage for the best decision making. It’s a way we can ground ourselves in reality. On top of this, the art of decision making comes into play. Some decisions, the data speaks so clearly that we cannot do anything but the path which the data illuminates. On other occasions, the data provides such insight that we have a distinctly informed decision between multiple solid options – art and nuance is then where the magic happens. We take a look at how data helps us by first examining why data matters:

Informed Choices: The primary advantage of using good data is that it allows for informed decision-making. Whether it’s launching a new product, entering a new market, or optimizing internal processes, data provides a factual basis for decisions, reducing the reliance on gut feeling or assumptions.

Predictive Power: Good data, especially when combined with advanced analytics, can help predict future trends. For instance, in retail, data analysis can forecast customer preferences and buying behaviors, enabling businesses to stock the right products and plan effective marketing campaigns.

Efficiency and Optimization: In operational contexts, data helps identify inefficiencies and areas for improvement. Manufacturing companies use data to streamline production processes, while logistics firms rely on data to optimize routes and reduce delivery times.

Personalization: In the digital age, personalization is key to customer satisfaction. By analyzing data, companies can offer personalized experiences to their customers. Streaming services like Netflix and Spotify, for example, use data to recommend shows and music tailored to individual tastes.

It Can't Be Difficult

While the benefits of good data are clear, there are challenges that organizations must navigate:

Data Quality: Ensuring the accuracy, completeness, and consistency of data is paramount. Poor data quality can lead to erroneous conclusions and flawed decisions.

Data Integration: Organizations often collect data from multiple sources. Integrating these disparate datasets into a cohesive whole can be complex but is necessary for comprehensive analysis.

Privacy and Security: Handling data responsibly is crucial, particularly with the growing concerns around data privacy and cybersecurity. Organizations must ensure that data is protected and that they comply with relevant regulations.

Skill Gaps: Analyzing data requires specialized skills. Organizations need to invest in training their workforce or hiring skilled data analysts to extract meaningful insights from their data.

Do Good

With all that in mind, we can then tap into the power of our data. Here are some steps along this path:

Establish Clear Objectives: Define what you aim to achieve with your data. Clear goals help in identifying the relevant data needed and the best ways to analyze it.

Invest in Quality Data: Ensure that the data collected is accurate, complete, and timely. This might involve regular data cleaning and validation processes.

Leverage Technology: Utilize advanced analytics tools and technologies such as AI and machine learning to uncover patterns and insights that might not be immediately apparent.

Cultivate a Data-Driven Culture: Encourage decision-makers at all levels to rely on data. Provide training to improve data literacy within the organization.

Monitor and Adapt: The business environment is dynamic, and so are data needs. Continuously monitor the data landscape and adapt your strategies accordingly.

As technology evolves, the role of data in decision-making will only grow. The rise of big data, combined with advancements in AI and machine learning, will offer unprecedented opportunities for businesses to gain insights and drive innovation. Organizations that embrace these changes and prioritize good data practices will be well-positioned to thrive in the future.

So, Think About That – How can our organizations leverage data to drive decisions? Are you investing in the quality and integration of your data? How can you cultivate a data-driven culture to ensure your decisions are informed and impactful?