Mistakes in Working With Information and Analytics
We get 32 times more information per day than we did 65 years ago.
Are we able to fully perceive and perfectly analyze the entire volume of information? - Probably not. Often we spend time on distorted data, inaccurate or secondary information. As a result, it does not give an ability to make the right decisions.
Mistake #1. Over-trust or not to trust the data
It is important for a manager to maintain balance in relation to information. The facts themselves do not yet provide the correct answer to the question. They need structure and analysis. But it is dangerous to neglect information. If you do not pay attention to the facts in time, the company will sooner or later suffer losses. To make the right business decision, you should collect as much data as possible and perform analysis at the company level.
Mistake # 2. Information predicts the future
The accumulated data are the facts of the past and present activities of the enterprise. It is not yet possible to say about the future of the company. Sometimes you need to make a quick decision, and the analysis of the data will take time. Then an experienced manager should rely on intuition. To make the right decision, use the experience and necessary information.
Mistake # 3. All the information is accurate
Large amounts of data contain inaccuracies. They are also possible at the stage of information processing. To avoid errors, analyze the information according to several criteria. But constant analysis of data will take time, and the manager will make a decision too late. At this time, competitors can steal the client or occupy an empty niche in the market. Learn to intuitively filter out false information. The strength of a manager is experience and professional flair.
Mistake # 4. Treat all information equally
The Eisenhower matrix, popular in time management, is applied to work with information.
Using the box below, you will separate your actions based on four possibilities.
- Urgent and important (tasks you will do immediately)
- Important, but not urgent (tasks you will schedule to do later)
- Urgent, but not important (tasks you will delegate to someone else)
- Neither urgent nor important (tasks that you will eliminate)
A manager should distinguish essential information from useful and interesting. First of all, take time to urgent and important facts. They play a crucial role when a decision needs to be made.
And last but not least, give preference to useful and non-urgent information. By following this method, you will avoid the informational rush and not miss the essential data.
Only structured and analyzed information will become an effective tool for business development.
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