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Conquering your data-driven management fears

March 14, 2017

Most managers agree that data should be the base for decision making. However this data-driven management philosophy has some uncomfortable with it — for a variety of reasons.

How big data can generate fear

Analytics, statistical regression, and clustering — these can be more than a little confusing and essentially overwhelming if you don’t have a data science background.

Anxiety, confusion, and mistrust of data leads to skepticism and fear. And fear can paralyze an organization, keeping it from achieving innovations and productivity. This affects the bottom line. Individuals may decide not to share potentially useful data with others, or ignore the data when making decisions because it’s too difficult to understand or process.

While data analytics used to be relegated to specialists isolated in their own departments, managers are now facing the intrusion of big data in all parts of their day-to-day operations. Big data is the newest management trend, for a reason. This cannot be ignored, lest you should lose your competitive edge.

How to identify fear in its various forms

There are three types of fear that need to be overcome to transform your organization into a data-driven management culture:

  • Fear of being proven wrong. People wonder what will happen if the data show their contributions aren’t all that great. Especially overachievers who are consistently ranked among the top producers in their companies worry that big data will show some of their decisions to be wrong.
  • Fear of making bad decisions based on analytics. Everyone knows a story about a manager who used analytics to make a decision that turned into a disaster. In addition, those managers who “shoot from the hip” and have excellent instincts fear that big data will lead them astray.
  • Fear of not understanding what the data is telling them. Let’s face it, for many managers, it’s hard to understand what the big data seems to be saying. If management isn’t completely clear on what they expect and data scientists don’t explain the results in ways management can understand, you’ve created a setting for failure.

How to conquer your data driven management fears

The best way to conquer your fears is to partner with a data-driven management platform that helps you resolve your uncertainties and lean into a culture of data to help you manage, predict, and evaluate. Here are a few things to look for:

  • Find a platform that’s easy to use and understand. Look for a big data partner who focuses their software and analytics on a management-centric view of results. You want to choose a program with algorithms that produce results easily consumed by all levels of management.
  • Look for proven results. While obvious, it’s good to point out that not all data-driven management platforms are created equal. Look for one with proven results they’re willing to share and one with leading data scientists on their team. Also look for a platform that’s endorsed by thought leaders and peer groups around the globe.
  • Choose one that uses human intuition. It’s been proven in academic and business settings around the world that big data combined with human intuition outperforms the use of big data solely. To this end, a platform that uses the intuition and wisdom of your staff, those on the front line who understand your product and customers, will achieve better outcomes than those that rely on data only.

The Evo Pricing difference

Evo Pricing is the only data driven management solution on the market today that satisfies all of the above conditions.

We created software that’s “actually built for the rest of us” in the words of one of our client CEOs. It’s simple to use, tried and tested, with cutting-edge technology to support it.

Evo Pricing is a proven leader in data driven management that delivers amazing results. This is supported by our $200m+ margin already created, and growing daily. We’re endorsed by the London School of Business, Harvard Business School, Microsoft, and many more leaders.

Finally, Evo Pricing is the only platform that uses human intuition to help boost the performance of algorithms. This is the secret sauce to our success:

Success = Data + Human intuition and a heavy dose of common sense

Our promise to your business: Live in 1 day. Impact in 1 month.

For more information, visit our websiteor contact us today to schedule a diagnostic project to get started on becoming the data driven management leader in your industry.

About the author

Kathy Edens is a digital content creator who enjoys writing about cutting edge technology and how it can disrupt and innovate the way a business operates.

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