The Thing I Wish I Knew about High Data Value
How to give the best answer with the best data?
I’m working as an advisor in an IT company. My colleague asked me to analyze the client’s financial performance one day. I was thinking of giving him the answer:
- “The company performance is good based on their statement in the annual report. They also have some initiatives and strategic roadmap to run the business.”
- “The company revenue is $4bn and increased by 4% from last year, then we can conclude the company performance is good!”
Well, don’t do the basic thing anymore. Those two answers are not classified as a high data value. Instead, it’s a good approach if you provide the answer by combining the quantitative and qualitative data with several key metrics. This approach is called “Quantify the Answer.”
Instead of saying the revenue is $4bn, you can find other data and combine those data into some calculations (i.e., profit, margin, ratio). Then, after calculating the key metrics, you can combine those findings with qualitative data (i.e., initiatives and strategy) to strengthen your answer.
Quantify the Answer approach is very beneficial for your daily life, not only in a business area. You can start to think about how to make a profitable investment, control expenses, budget allocation, and many other cases!
Now, it’s your turn to give the high data value by applying Quantify the Answer approach! Your answer represents your quality; If you define yourself as a high-quality person, you should provide a high data value!
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