Lead Through Data

The world is filled with data that we all need to analyse, decipher, and use daily. From things we see while driving to stories we read in the news, they all contain data and we use that data to make decisions and form opinions.

However, the term “lead through data” is likely one you have not heard before. Leading through data though is one of the smartest ways to lead, especially in trying times as it protects you from emotional leading and helps you to make clear decisions based on the data you have.

If leading by data is new to you, here are some tips you should follow:

Identify And Use Trends

Identifying trends and using them for your gain is crucial for leading through data. There are two types of trends:

• Trends in your control – motivation, stable workforce, company direction
• Trends out of your control – Politics, technology, economic factors

Trends are a great source of information, you can use them to identify gaps in the market and areas to improve on. Trends are also a great way to spark action as they show you areas where growth is possible. These trends can change the way you work, the areas you focus on, and the way you structure your company. So watching and analysing them is a must!

Eliminate The Leaks

Leaks are often short-term and can cause wastage of time, money, and other resources. Finding and fixing these leaks can help you to save costs and increase productivity. Some places to look at to find leaks:

• Your Rates – Leaks can often occur when you charge too little.
• Look At Your People – Leaks can often occur with people who may lack motivation or drive and are working at a lower than optimal output.
• Look at Variable Expenses – Variable expenses can be a large source of wastage and leaks. Unused subscriptions and other expenses can waste money that could be better used elsewhere.

Start Collecting Data

The first step to using and leading through data is to collect the data. This data can be collected in many ways, including financial statements, performance reviews, and work reports. Collecting this data regularly is crucial to leading by data.

Emotions can easily have us running away, so avoid it all by leading through data. Collect data, identify the trends, and eliminate the leaks and you will be well on your way!