Numbers tell stories, but are they telling you fact or fiction. One of the services we provide for our customers is Business Intelligence and scorecard creation. We spend most of our time defining a leading indicators that predict outcomes. We find that many business leaders are confused at the difference.
We can start with outcomes. Outcomes are just what they sound like, they are the results of performing a function. As a result, a manager can do little to change the result if they manage to via the past. Leading indicators are numbers that predict the outcomes. Sometimes they are short term milestones, but many times they are ancillary numbers that combines with history can predict performance. A simple example would be an outcome of sales paired with leading indicators of sales appointments, historic appointment close ration, and average sale.
A Data Scientist can work with your team to uncover many leading indicators for your most important outcomes. They can leverage tools to investigate patterns in "big data" and uncover patterns that may not be logical, but stand as true. With the correct interpretation of data, capital can be invested in the correct areas, human capital can be deployed, and businesses can grow like never before.
Call Stonehill to see how their Data Scientists can help your organization! Our number is 727-641-6145.