Can entrepreneurs use their creativity and intuition to craft innovative strategies and paradigm-changing products while still making data-driven decisions?
The answer is absolutely. Elizabeth Press from D3M Labs will share her experience on how to combine creativity, intuition, and data-driven insights into a powerful strategic and tactical tool. Let’s dive in:
Will data-driven management block creativity?
True value does not come from the data itself, but having the knowledge to turn that data into a sustainable and profitable business transformation.
The value of data-driven management is the ability to extract key insights from data and put it to good use. Data is most valuable when it can be used as a clear guide to profitable business transformation. According to a BARC study, lack of connection to the business strategy and weak business cases were two main reasons why big data initiatives fail.
A creative mind can discover the insight lurking behind data. When found, it is absolutely necessary in bringing your business forward. In my experience, too many people cut corners here and just use the data or information at hand and/or that which is familiar to them. Approaching it with the right question frames your entire analysis both in terms of strategic and tactical impact, as well as project budget. The right question will also create a clear scope for the data needed, requisite analytical processes and tools, as well as human capital.
Building a clear understanding of your results takes lateral thinking and an openness to abstract solutions to business problems. Storytelling, contextualizing insights, all of these are critical to the results.
Is there still room for intuition in a world driven by data?
I personally believe in trusting your gut. Somebody’s gut is usually the sum of years of experience and training. Gut feelings and data are not mutually exclusive, they actually complement one another.
Many individuals I have met have a tendency to only trust their gut with little concrete proof. In our management course you will learn key techniques to enable you to understand what is driving your gut and how much of this is true. If used properly intuition can be very useful, especially when combined with evaluation and the ability to discover the insights behind data.
Written by: Elizabeth Press, D3M Labs