How Data Can Supercharge Boardroom Decisions

Leon Gordon is a leader in data analytics, a current Microsoft MVP based in the U.K. and a partner at Pomerol Partners.

Whether you’re a CEO or an executive on the board of directors, using data to make sound business decisions is one of the most important skills in your arsenal. However, what if I told you that data can also help improve your boardroom experience? Data can supercharge your boardroom and make it more efficient, effective and productive. In this article, we’ll explore why data matters for boards—from how it can help you reach better decisions to how it allows everyone in the organization access to needed information.

Data can be used to make better decisions, and those decisions can have a real impact on the business. Data can help you focus your efforts on what matters most and communicate with precision so everyone’s on the same page. It’s powerful stuff—and it’s only getting more useful from here.

Everyone in the organization should have access to the data they need.

Data democratization is a good thing. It’s not just for the boardroom; it should be available to everyone in your organization. It doesn’t matter if you are a data analyst or a CMO—you need access to the data that matters to you and your job.

Everyone also needs access to the right data at the right time and place. Data-driven decisions aren’t made in silos; they’re made by cross-functional teams leveraging insights from across an organization. This means that marketing executives need access to customer profiles, product managers need real-time sales performance data, finance professionals need accurate financial reports based on up-to-date company numbers and so forth.

Data is worthless without context and interpretation.

Data is a powerful tool, but it doesn’t do much good on its own. If you don’t have the right questions to ask in the first place, you’re not going to get any insights out of your data.

Here’s what we mean: As humans, we are all biased by default. We come with our own sets of experiences and beliefs that impact how we interpret information—even when we think we’re objective and rational. If CEOs ask their staff members for recommendations based on “the numbers” alone (e.g., sales figures), they may well make decisions that don’t align with their companies’ broader goals because they haven’t asked themselves or anyone else critical questions about those numbers (e.g., what is driving them?).

In order to make sure everyone is involved in the process in a way that’s useful for them, you first need to be clear about who your stakeholders are. That might mean asking yourself the following questions: Who is impacted by this decision? Who are we trying to reach with the results? What kind of input do they need?

Next, you should make sure you have good communication between teams and departments. This can help ensure that everyone is on the same page as far as what kind of data analysis is being conducted and why.

Finally, be sure to involve all stakeholders in the actual process of data analysis itself—even if only through one-way communication (e.g., email) or by providing them with regular updates about what’s going on behind the scenes with your company’s analytics program.

All data isn’t created equal—not all data is good data.

Data quality matters because it can make or break your business.

Data quality refers to the accuracy and completeness of the information you have on hand. In other words, it’s a measure of how well-informed you are about whatever you’re looking at when using your dataset.

Organizations can take several steps to ensure they have good data quality. Here are some suggestions:

• Establish a clear understanding of what data quality means and how it can be achieved.

• Identify the types of data that are most important to your organization and set specific goals for each type.

• Develop a process for ensuring that all new data is entered into the system in a consistent way. This may include training or other measures.

• Implement a system that automatically checks for errors in your existing data and corrects them where possible.

Your boardroom should be a source of innovation for your business.

As a business leader, you want to be at the helm of an organization that innovates and adapts quickly. How can you make sure your team is always on top of its game?

When used effectively and creatively, data can help you see opportunities for growth in areas where the competition may not be looking. It can also identify problems and find solutions before they become too big to fix—or even before they start happening at all. You need this kind of insight if you want your business to stay competitive in today’s digital economy; as new technologies continue reshaping every aspect of our world, it’s more important than ever for companies (and boards) to have access to actionable intelligence about their customers’ needs and preferences—not just vague notions about what “the market” wants from them.

You can make better decisions by using data.

Here are some tips for using your data correctly and appropriately in making boardroom decisions:

1. Make sure you have the right data for each decision you’re making.

2. Make sure that the data is accurate.

3. If possible, make sure your data is based on actual observations rather than just estimates or guesses from people’s memories about what happened in the past.

Conclusion

Data can be a powerful tool in your boardroom, but it’s only as good as its interpretation. Context is key, as is a nuanced understanding of what data means for specific decisions and situations. In the end, though, no one knows your business better than you do—so don’t let anyone tell you that data doesn’t matter.

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