Prepared Minds

MIT Sloan Management Review ($) - Jul 29, 2021

Fast-Track Data Monetization With Strategic Data Assets

To monetize data, companies must first create strategic data assets that can be reused and recombined for new value creation.

Read Article By Barbara H. Wixom, Gabriele Piccoli, and Joaquin Rodriguez

George Veth

I like this article’s approach to knowledge management. The researcher/author is searching for a way to leverage or incorporate key attributes of creativity to instruct the evolution of traditional knowledge management – from what has traditionally focused on organized document management to that of continuous learning. The author cites various attributes that she also equates with artists, and she talks about how these attributes should be infused into the knowledge management function to bring the function to life. The article is a bit dense and meanders a bit, but it is worth skimming for the idea.

Frontiers - Jul 13, 2021

Radical Knowledge Management: Using Lessons Learned From Artists to Create Sustainable Workplaces

Read Article By Stephanie Barnes
Source Photo: Dobiéy and Koeplin, 2020

George Veth

Having been at the intersection of finance and IT for many years, I appreciate the charge for CFOs to fully leverage data to become the Chief Value Officers of the organization; that is the purveyors of “data-based business strategy and drivers of corporate added value”. This article outlines the opportunity as well as some factors of success.

E&Y - Jul 19, 2021

How finance can use data to create value across the enterprise

With public perception always in mind, CFOs must strike the right balance between managing the rewards and risks of corporate data usage.

Read Article By Marcus Gantzkow, Sebastian Schmidt, Christian Mertin, and Regine Bachinger

Paulo Soeiro de Carvalho ($) - Jul 19, 2021

Insights on Organizational Environment

Part 2: Scanning Systems, Actors and Stakeholders

Read Article By Paulo Soeiro de Carvalho

George Veth

This post is the third in a series on scanning the business environment for strategic maneuvering (understanding and planning for trends, competitive threats, etc…). The bottom line is that the complexity of the environment makes it very hard to scan/sense/internalize things on the frontline or “periphery” of our organizations or, even, beyond the boundaries of our ecosystems. I’ve added this post to Prepared Minds due to the fact that our organizations must work hard to get better and better at sensing and capturing these “weak signals” in order to “understand and manage the uncertainty”. Don’t let the slow start to the post deter you.

Paulo Soeiro de Carvalho ($) - Jul 19, 2021

Insights on Organizational Environment

Part 3: Organizational Environment and Uncertainty

Read Article By Paulo Soeiro de Carvalho

George Veth

This is a good old-fashioned accounting of how to create an analytic dashboard! With the advent of advanced analytics, I don’t see as many of these types of articles as I think are warranted. The author is focused on creating a dashboard to support agile project management, but it is really just a clean run at how to create a great dashboard!

HBR.org ($) - Jul 14, 2021

Build a Better Dashboard for Your Agile Project

Good, reliable data is often the key to making an agile project successful. But project managers often struggle to get the data they need — or to find it in a sea of data they don’t. A project to address this problem at Honeywell Inc. can be a model for companies struggling to build useful dashboards that can help project managers make decisions.

Read Article By Stephan Kudyba and Agnel D’Cruz
Source Photo: HBR Staff/CSA-Printstock/ andsem/Getty Images

McKinsey & Company - Jul 9, 2021

The power—and pitfalls—of dynamic pricing for omnichannel retailers

Former Overstock.com executive Seth Moore clears up some common misconceptions about how dynamic pricing works in e-commerce and omnichannel retail.

Read Article By Sara Bondi and Boudhayan Sen

George Veth

I appreciate the need to learn from the edges or boundaries of the organization. These are the places where the organization is sensing and interacting with the marketplace environment. So often, our leadership gets lost in our own construction of reality. This article explores just that. It mixes the idea of the types of data analytics with the sources of knowledge (top management versus front line team). Ultimately, it explores how top companies should leverage the realtime insights of the front line team into organizational decision making. It is worth the read.

MIT Sloan Management Review ($) - Jul 8, 2021

Gain Competitive Advantage by Transcending the Front-Line Paradox

Front-line employees are often the first to sense change yet the last to be heard. But it doesn’t have to be that way.

Read Article By Carsten Lund Pedersen

Bain & Company - Jul 1, 2021

How Analytics Can Deepen Banks’ Customer Relationships

Activating high-value customers beats pursuing raw retention goals.

Read Article By Philipp Baecker, Mário Conde, Darci Darnell, Sumit Narayanan, and Markus Bergmann

George Veth

There were some good business analytics articles this week from McKinsey and from Bain, but I totally identified with this simple post on “knowledge reuse”. It is such a great reminder of how we must begin to accumulate and provide simple access to collective know-how and institutional memory within our organizations. In this day and age, our businesses (if not ecosystems) should be one giant collective brain; with the ability for anyone to have access to the knowledge of the other(s)! This article shows how several companies are doing just that – leveraging technology to capture and to reuse knowledge. I’ll add that organizational culture is needed to do this well!

Fast Company ($) - Jun 30, 2021

What every business leader should know about “knowledge reuse”

When employees have ready access to a company’s collected trove of expertise, productivity and innovation rise

Read Article By FASTCO WORKS

McKinsey & Company - Jun 28, 2021

Pricing and promotions: The analytics opportunity

Many retailers underestimate the value of coordinating decisions on pricing and promotions. A new analytics approach can help.

Read Article By Claus Heintzeler, Mathias Kullmann, Karin Lauer, and Maximilian Totzauer

Gartner Blog Network - Jun 22, 2021

Build a Business Case for Data Literacy Training

There’s a famous quote by W. Edwards Deming, one of the most influential thought leaders in manufacturing quality and continuous improvement. It says: “In God we trust; all others must bring data.”

Read Article By Noha Tohamy

George Veth

I always pick up and read posts by Tom Davenport. He’s done a nice job becoming the sage expert behind data and data analytics. This post urges companies to be as intentional with data as they would be with any other raw material that goes into their products. Therefore, the post implies, why not manage the “data supply chain” as fastidiously and comprehensively as one would manage any other supply chain?!

HBR.org ($) - Jun 24, 2021

Your Data Supply Chains Are Probably a Mess. Here’s How to Fix Them.

Data is more important than ever, but most organizations still struggle with a few common issues: They focus more on data infrastructure than data products; data is often created with the needs of a particular department in mind, but little thought for the end use; they lack a common “data language” with each department coding and classifying with their own system; and they’re increasingly focused on outside data, but have few quality control systems in place.

Read Article By Tom Davenport, Theodoros Evgeniou, and Thomas C. Redman
Source Photo: Jorg Greuel/Getty Images

George Veth

This is a simple read on identifying and mapping the strategic skills needed in your business against the scarcity of supply of those same skills in the external market. By gaining this awareness, you can plan accordingly. It’s not brilliance, but it is a key to strategy execution!

IBM Data and AI ($) - Jun 17, 2021

Understanding Skills Scarcity in An External Market — Part 1

What is Skills Scarcity? How to measure it? Where to use it?

Read Article By Ying Li
Source Photo: Image credit: pixabay

George Veth

Appreciate the fact that, Dream, the developer behind a revitalization project (called Zibi) in downton Ottawa, has published a performance scorecard to track this development project. The scorecard freely shares progress against the promises that the company touted that the project would deliver (both financial and non-financial impacts). Exciting to see this level of transparency between a developer and the public. This should be an example to all of us who do project work.

Fast Company ($) - Jun 10, 2021

How the developer of a $1.4 billion real estate project plans to track its lofty goals

Countless developers make lofty claims about their projects. Dream, the developer of a mixed-used community in Ottawa, plans to back them up.

Read Article By Nate Berg
Source Photo: [Image: courtesy Dream]

HBR.org ($) - Jun 4, 2021

When an Educated Guess Beats Data Analysis

Research on data provided by 122 companies in the advertising, digital, publishing, and software sectors (industries characterized by uncertainty over outcomes) suggests that data driven decision-making could be counter-productive under conditions of uncertainty. Heuristics and gut feelings often offered a better tradeoff in terms of decision-making speed and accuracy; the inclusion of analysis in the decision-making process did not bring about any meaningful improvement in accuracy while significantly reducing speed.

Read Article By Oguz A. Acar and Douglas West
Source Photo: HBR Staff/Roc Canals/Getty Images/David Rumsey Map Collection

McKinsey & Company - Jun 3, 2021

Grocers can fuel growth with advanced analytics

Organizational maturity will be a critical element for grocery retailers seeking to unlock the full potential of analytics.

Read Article By Gemma D’Auria, Andreas Ess, Holger Hürtgen, Gereon Sommer, and Alex Sukharevsky

George Veth

The term “Futures Intelligence” is so apropos for the work of sensing the environment and the trends that lay ahead of an organization. The constant scanning of the environment for risks, opportunities, or pending discontinuities is increasingly important in our AVUCA world. In this article, we get a simple reminder with a catchy term!

Cathy Hackl ($) - Jun 1, 2021

The Business Case For Futures Intelligence

The pandemic has created a shift in the way executives think and what their priorities are. Suddenly, the future of their business and their employees isn’t what they thought. Remote work and technologies that enabled working virtually took center stage. Interacting with customers, from support to market outreach changed seemingly overnight. Technology adoption is accelerating across most industries.

Read Article By Cathy Hackl

Smith Institute ($) - May 28, 2021

Optimisation: is it for your business?

If your business, which may be large-scale and complex, relies upon data and you want to better meet key objectives, then there is a strong chance that mathematical models can help.

Read Article By Smith Institute

George Veth

This article explores how data becomes more valuable as it becomes more liquid – meaning that it is available to be used many times over in varied applications and for varied purposes. In this way, the value of the data “asset’ increases exponentially.

MIT Center for Information Systems Research - May 20, 2021

Build Data Liquidity To Accelerate Data Monetization

Future-ready companies draw on liquid strategic data assets to fuel data monetization.

Read Article By Barbara H. Wixom and Gabriele Piccoli
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Prepared Minds

Prepared Minds ensures that information and context are provided to employees, so they are equipped to take initiative in their roles

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