In fact, according to a recent PwC study, 92% of executives describe their organization as at least somewhat data-driven. This growing reliance on analytics puts the chief data owner in a powerful position as someone you rely on heavily. To ensure you get the information you need when you need it, here are 3 characteristics every data champion should have.
1. Ensure they focus on the problem, not the data. As a CEO, you are under pressure to solve complex problems and exploit opportunities before your competitors do. So ensure that your data champion understands your business objective as well as the risks of going down a data rabbit hole. From the outset, data champions should be asking you or their team leader, “What do we want to achieve?” and “What data do we have to help us get there?”
Example: A commercial airline wanted to reduce non-weather-related downtime. To achieve this, they looked at data from sensors embedded into engines to help predict equipment failure. But the data from the sensors didn’t enable the predictive capability they expected. In light of their business objective, the airline augmented the sensor data with data from manual logs maintained by mechanics and pilots. The combination of structured data from the aircraft combined with the unstructured data from the logs enabled the airline to gain a better view into performance and reduce down-time.
2. Encourage an outside-in view. Gone are the days when you can rely solely on information within the walls of your enterprise. Data owners must also be directed to look outside your business, and even your sector, for new data sources and insights. Digital innovation emerges frequently from unconventional places like incubators, university labs, and open source projects. So don’t be afraid to forge new relationships with non-traditional players. This combination will give you the bigger picture, as well as a steady stream of innovative insights.
3. Tell them to ditch the spreadsheet. You don’t have the time for data owners who walk into your office with a 40-page spreadsheet. You need the highlights. New visualization tools, predictive analytics, and artificial intelligence can do more to bring data to life quickly and allow you to make fast, prioritized decisions. Fifty-two percent of CEOs surveyed by PwC say they have discounted data that they didn’t understand. Even when data is delivered effectively, you may still fall back on your gut, but you would be doing it from an informed position.
As data is now at the center of everything companies do today, you and your executive team must continue to place greater emphasis on analytics. To take full advantage of all that data and analytics can offer requires a mindset shift and a new breed of data champion. Take these important steps now to ensure your data champions are prepared for the journey ahead.
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
