Data trained, Guts decided
We live in the world of data, avalanches of it. Data trains, reminds and cautions us. But to use it to take outrageous business decisions that on the look of it are controversial, is where the true value of data lies. Most great orgs have demonstrated that.
- Ford doubled minimum wages in ‘14, to reduce overall labor costs by controlling attrition. Prices came down and consumer cars were born.
- Ambanis built the world’s largest crude oil refinery in the ‘90s when most thought it was over capacity.
- Uber launched surge pricing amidst significant backlash.
- Jack Welch exited “successful” (but not market leading) businesses in the ‘80s.
- Bill Allen bet half of Boeing’s “military driven” net worth to create 707 in the ‘50s. Consumer air travel was born.
- Amazon launched web services as a retailer making it more profit generating than its core.
They were all looking at data to spot opportunities and not validate decisions. While to some the data reinforced their belief, to others it made them even stronger to dismantle the current standard. Data trained them; their guts decided on the giant leap.
Using data to take bold decisions is at the core of OfBusiness. We have always sought and continue to seek partners and team members who align with it.