While there isn\u2019t anything wrong with this as such, the problems come when IT professionals<\/a> take every opinion of these thought leaders at face value, or as fact. The result can be misleading information that isn\u2019t relevant or appropriate for your needs and aims.<\/p>\n When you rely on the opinions of others to guide your business strategies, there\u2019s no guarantee of success. Every business is unique. They each have varied customer bases, individual personal and financial aims, and multiple other factors, which all require a unique approach.<\/p>\n In short, what works well in an \u201cexpert\u2019s\u201d opinion, may not be the right way forward for you as an IT professional.<\/p>\n And there\u2019s a further issue: there\u2019s no way of knowing how the thought leader came to reach their opinions<\/a> in the first place. It could be down to their own biases or flawed data. If this is the case, it could set you up for failure. At its worst, the undue influence of other people\u2019s opinions can come close to destroying your business.<\/p>\n When listening to some of today\u2019s thought leaders or influencers, it\u2019s important to know that the views they are expressing are just that: an opinion. The definition of an opinion is:<\/p>\n A view or judgment formed about something, not necessarily based on fact or knowledge.<\/p>\n Or:<\/p>\n A statement of advice by an expert on a professional matter.<\/p>\n When you depend on the advice of others, you\u2019ve no way of knowing if it\u2019s suitable for your situation. However, the same doesn\u2019t apply to data.<\/p>\n Data provides the exact opposite of pure opinion. It\u2019s based on hard facts. It tells you where your company is now. It also provides essential clues on the direction your business is going in and areas for improvement. With no access to data, business leaders often follow instinct or \u201cgut feelings\u201d, or the opinions of others.<\/p>\n Companies that outshine their rivals and always have a clear strategy, take the opposite approach; they follow the data and see what it tells them about the state of their business. Among other things, this data allows companies to identify trends, spot areas of low productivity, and improve profits.<\/p>\n However, the real beauty of data is that it\u2019s accessible to any company, regardless of its scale. You don\u2019t have to be an Amazon or Google-type goliath to benefit from it. Through data, IT professionals from all backgrounds can be certain they\u2019re making the best decisions for their company based on solid facts, not mere opinion.<\/p>\n Data-driven decision-making is a key strategy for some of the world\u2019s most successful businesses. Google, Amazon, and Southwest Airlines are just three companies that take this approach and utilize it very successfully.<\/p>\n For instance, Google\u2019s People Analytics department uses productivity data and employee feedback through its Project Oxygen team to get a clear picture of employees\u2019 behavior. Google then used the data it received to develop the Oxygen 10 behaviors<\/a> of skilled managers for training and leadership purposes and to evaluate what makes a good team.<\/p>\n Further reading<\/span> Understanding Business Processes for MSPs: Finance and Profitability<\/a><\/p>\n We\u2019ve discussed the value of data and how it\u2019s crucial to your business, but you should also know that there is such a thing as too much information.<\/p>\n And as any expert will tell you, data doesn\u2019t make you smarter; knowing which data to take notice of does. A good example of this is vanity metrics. These include web page views, social media likes, and video shares.<\/p>\n These metrics aren\u2019t likely to have any significant impact on your company\u2019s bottom line and won\u2019t help to guide your company\u2019s strategy.<\/p>\n The benefits of using data to shape your strategy are undeniable, but how do you know which data to focus on? You need to take some basic steps.<\/p>\n Define your objectives: First, you must be clear on your overall business objectives and utilize this for your decision-making, in addition to making use of the tools at your disposal. The cloud, for instance, has greatly changed the way that MSPs use IT resources. When it comes to data, the cloud offers encrypted and secure data<\/a> on-the-go to your company. There will be many variables in this part but, for many, it will be the financial side, customer data, marketing, growth, and key operational areas. With the objectives then clear, IT professionals can start looking at what areas of their business they need to focus on.<\/p>\n Ask the right questions: To get results for your business, the questions you ask must be specific and achievable. For instance, you might want to know which channels you should concentrate on to increase revenues or boost customer retention<\/a>, or how to enhance the customer experience<\/a>.<\/p>\n Measuring KPIs: Now you need to identify the KPIs needed to provide the answer to those questions. This will vary depending on the business type but common KPIs important to an IT professional include:<\/p>\n 1. Time to resolve\/escalate queries<\/p>\n 2. Network and email client availability<\/p>\n 3. Employee satisfaction<\/p>\n 4. Project profitability<\/p>\n 5. IT costs vs revenue<\/p>\n 6. Handling times<\/p>\n 7. IT return on investment (ROI)<\/p>\n Once you have the data, you can then make concrete decisions based on the hard facts available.<\/p>\nAn Opinion Is Not a Guarantee of Success<\/h2>\n
Without Data, You\u2019re Just Another Person with an Opinion<\/h2>\n
The Value of Data<\/h2>\n
Companies Using Data to Guide Their Decisions<\/h2>\n
Too Much Information<\/h2>\n
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<\/a><\/span><\/span><\/div>\nHow MSP Users Can Benefit from Data<\/h2>\n