When we think of strategy, we often think of some masterful thinker using their experience and insights to keep one step ahead of the competition.
Although stories of visionary thinking and listening to your gut instincts makes for good entertainment, there is another essential part of strategy that doesn’t always get the credit it deserves: data.
InvestorCOM CEO Dave Reeve made one of the toughest calls of his career when he took the company through a major pivot, shifting from a service business to a technology platform. It wound up being a shining example of how data can help your team move forward in the face of immense challenges.
Here are three ways that data can make or break your strategic plan:
When you’re standing on a six-inch ledge with a 2,000-meter drop straight down, it’s not exactly the ideal time to make critical decisions. But that’s what John Bourke, President of the Business Excellence Institute, had to face as he stood just shy of the peak of one of North America’s tallest mountains.
Between him and the peak was an overhang that required near spider-like abilities to climb. It was an obstacle he just wasn’t prepared for – mentally or physically. After some heart-wrenching deliberation and one final look at the impossible overhang, John decided the only course was to abandon the climb, something he’d prepped for more than a year.
What John didn’t realize at the time was that the biggest obstacle wasn’t, in fact, the overhang. It was his and his teammate’s lack of clear communication during this state of crisis.
Here are a few key lessons we can take from John’s...
Just over a year ago, Nova Scotia’s Chief Medical Officer of Health, Dr. Robert Strang, made one of the toughest calls of his life: he recommended the entire province shut down to stop the spread of a then-new virus called COVID-19.
It was a colossal decision that posed serious political, economic, and health implications. But it was a masterclass in how to act swiftly in the face of uncertainty.
Here are the four things we learned from Dr. Strang about how to make colossal decisions:
1. Review data but trust your gut. In the early days of COVID, getting sound data was extremely difficult. In the face of this, Dr. Strang poured over any data he could get his hands on and then relied on his expertise and that of his team to weigh in on what it all meant for Nova Scotians.
2. Align yourself with key leadership. Dr. Strang didn’t and couldn’t do it alone. He worked closely with the Premier and provincial leadership to bring them all on the same page. That paved the...