“Executives follow data, managers study data, Visionaries challenge data”
When it comes to decision-making in today’s data-driven business landscape, there are different approaches that different levels of leadership take when it comes to interpreting and utilizing data. As the saying goes, “Executives follow data, managers study data, and Visionaries lead data.”
At the executive level, data is often used to make short-term decisions based on historical trends. It’s a useful way to gauge the current state of things, but it has its limitations when it comes to forecasting future trends and identifying opportunities for innovation.
Managers, on the other hand, use extrapolated data to make longer-term strategic decisions. They analyze historical trends and forecast future patterns to identify areas for growth and expansion.
But the real game-changers, the visionaries, lead data. They use data as a starting point, but they don’t let it limit their thinking. They understand that data is inherently backward-looking and that truly transformative innovations require a whole new data paradigm.
To illustrate this point, let’s look at two examples from the phone industry: Apple and Samsung. Apple’s success in the smartphone market can largely be attributed to their visionary approach to data. They used data to inform their decisions, but they weren’t limited by it. Instead, they created a whole new data paradigm with the introduction of the first iPhone, which completely revolutionized the industry.
Similarly, Samsung’s success in the smartphone market can be attributed to their agility in response to changing market conditions. While they certainly used data to inform their decisions, they weren’t restricted by it. They recognized the potential for growth in the Android market and quickly shifted their focus to capitalize on this trend.
I recommend taking a balanced approach to data. While it’s important to use data to inform decisions at all levels of the organization, it’s equally important to recognize its limitations and not be held back by it. By taking a visionary approach to data, businesses can uncover opportunities for growth and innovation that they might not have otherwise seen.