If data is in a pool that only keeps getting deeper as data inventory is accounted for, when is the exact moment for a business leader to jump in to do something with all the accumulated information? Leaders who care about data appreciate that it’s necessary to take stock before analyzing and strategizing. But taking inventory could be all one does because, whether it’s in a small or large business, the amount of data is only increasing. Mara Reiff, the Chief Data Officer of FreshBooks, suggests to account for enough data to begin the work and then to dive in.
Main Takeaways
- Taking Stock and Then Activating: A company must take inventory of its data, of course. But taking stock of data is a perpetual process. So, the trick becomes knowing when enough data has been collected so that you can move to applying that information to solve particular problems on behalf of customers.
- Being a Data Advocate: With so much data at any singular organization, there can be a natural tendency to want to put one person in charge of all data and for that individual to have total responsibility, Reiff made the point that it’s impossible to be responsible for all data if one is not in control of who is adding all the data. Over time, she has come to see her role as being a leader who advocates for all the company’s data to be used in a responsible and constructive manner.
- A Scientific Data Mentality: Accumulating data at a business is not done for its own sake. Whether one has a science background or not, using data to help customers is about hypothesizing, testing, making a case, and then acting on that basis. Sometimes it’s about finding a particular customer with an issue that needs addressing; other times it’s about anticipating customer needs and acting accordingly to address them.
- ML and NLP: Many leaders in the data field are excited about the prospects of machine learning and natural language processing. One area to zero in on as a benefit is how NLP can really help in the area of translation; particularly for companies that operate in many countries. The mission for FreshBooks is to make accounting easier for small businesses, which the company serves in 160 countries. Translating language accurately and efficiently would certainly smooth and simplify accounting practices, among many other applications for other industries.
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