I’m a big fan of data. As an entrepreneur, one of the lessons I’ve learned is that what gets measured gets done, or at least gets analyzed. Whether you’re running a legal nurse consulting business or selling cupcakes, data helps you to run and manage your business and you can’t run a business without data. But a big mistake I see people making is not putting brain power into the data analysis once it’s collected. Data doesn’t mean anything if it’s not interpreted properly.
At Vickie Milazzo Institute we have all sorts of metrics and we spend a lot of time figuring out what they all mean. Sometimes we learn a lot and sometimes we learn we need more data. But we put in the time and we put the brain power behind it. You can have all the data in the world, but figuring out what to do with it is what makes data valuable.
Data is just data – nothing more, nothing less. Interpretation is everything. Next time you collect data, ask yourself, “Now that I’ve got the data, what am I going to do with it?”
I’m just sayin’,
P.S. Comment here and share your experiences with unanalyzed data.