Data is the New Oil essay

The process of gathering data plays a key role in strategic planning. Accordingly, data collection must be done before and while creating the strategic plan, and continue throughout the implementation process, as well as in the assessment stage of the strategic plan. Depending on the source, there are two forms of data—primary and secondary, and they can be collected internally and externally, respectively. Our company needs to be aware of the fact that data is important, but unless it is used correctly, its importance will not be realized. Our company needs to break down data and analyze it before using it to drive profitable activities. Just like the new oil, data has to be processed for its value and relevance to be realized. The task of company, therefore, will be to find the best ways of making use of data for our strategic planning.

According to Bryant, an effective strategic plan calls for, as an initial step, the fairly exhaustive gathering of data, with analytical examination and development of issues. This preliminary analysis will allow our company to understand its present position and its present capacity to meet its future mission and goals. Our company can use data to key out trends and needs of the community in which it operates, and become cognizant of changes in the social features of the population we serve. This can help us create product packages tailored to fit our immediate market. Besides, when armed with data, our company can build a proactive plan steered towards meeting the mission and objectives of our company.

Palmer (2006) advises that, “We must understand that for data to mean something [it] must be placed in context to the marketplace.” Data has to be collected with an identified objective that must be checked to ensure that it is accomplished. For instance, data can be used as an insight for the company employees to develop and share their ideas concerning a specific challenge. In relation to that, our company may collect data that, for instance, 57% of the clients we serve are not satisfied with our service. The company can share this information with its employees and ask for suggestions on how we can enhance customer satisfaction. Therefore, we can use data in our strategic planning to identify and find solutions to the problems the company is facing to enhance our productivity.

Wally and Baum (1994) and Nutt (1998) are among the many researchers acknowledging that intellectual data collection activity rests at the heart of strategic planning and decision-making. For our company to collect data rationally, it needs to scan its environment, which involves obtaining and processing copious amounts of data. This process is viewed as a linear process, and our company’s decision-makers will be analyzing relevant data, determining suitable courses of action and recognizing contingency plans. This will make the company personnel become adherents of analytical decision-making, hence rebuffing intuition as a significant means for solving intricate, unstructured problems (Nutt, 1998).

Once again, Palmer (2006) considers data as a commodity, and an insight as the currency that gives a company the means to drive organic development. Therefore, with that reasoning, while it is critically crucial for our company to continue drilling down for data, we must keep in our minds not to assume data as fact, or a fact as an insight. By considering facts in context to our company’s situation, we will be providing everybody on our cross-operational team with a practical insight, which is  a simple rationale by which decisions can be vetted and a means to help ascertain if the actions we are about to take as a company are on- or off-target.

Wally and Baum (1994) also believe that augmenting rational data collection with intuition or tacit knowledge has a potential of helping companies such as ours in managerial decision-making. While intuition involves coding, classifying, and accessing past occasions and their results, tacit knowledge is the antecedently acquired, hidden cognition that an individual has and draws on, every so often without recognizing it. If our company managers integrate intuition into the decision-making process, they will tap cognitive structures recognized as schemata or heuristics, which are obtained from individual experience that abridge, but may prejudice, decision making. Put differently, our company’s decision makers will have to rely on their judgment and their experience with data management exemplified in a set of tacit knowledge to help with strategic decision-making. This may be particularly helpful when environmental indecision requires that voluminous data be examined.

Delete the following two paragraphs to meet the required maximum of 750 words: Wally and Baum are among the many researchers acknowledging that intellectual data collection activity rests at the heart of strategic planning and decision-making. For our company to collect data rationally, it needs to scan its environment, which involves obtaining and processing copious amounts of data. This process is viewed as a linear process, and our company’s decision-makers will be analyzing relevant data, determining suitable courses of action and recognizing contingency plans. This will make the company personnel become adherents of analytical decision-making, hence rebuffing intuition as a significant means for solving intricate, unstructured problems.

Once again, Palmer considers data as a commodity, and an insight as the currency that gives a company the means to drive organic development. Therefore, with that reasoning, while it is critically crucial for our company to continue drilling down for data, we must keep in our minds not to assume data as fact, or a fact as an insight. By considering facts in context to our company’s situation, we will be providing everybody on our cross-operational team with a practical insight, which is  a simple rationale by which decisions can be vetted and a means to help ascertain if the actions we are about to take as a company are on- or off-target.

Data is the New Oil essay

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