How do you make money?

If you want data to be a valuable part of your business (which is a good idea) then you need to define what’s valuable at your company.

In short, you need to know how your company makes money.

If that sounds like a simple question to answer, spend a few minutes with these questions:

• What are our sources of revenue?

• What is the profitability of different revenue sources?

• What are the factors that impact our profit positively or negatively?

• What are the main avenues available to grow revenue?

• What specific value do our customers ascribe to our product or service?

• How do our physical assets (real estate, vehicles, equipment) impact our revenue or profitability? Are they cost centers or profit centers?

• How do our revenue and profit align with the company’s mission and values?

• etc.

Adapt those questions to match the nature of your organization. Get curious. Come up with more questions. When you don’t know the answer find people in your company who do.

Data will never deliver value if you haven’t defined what’s valuable for your organization.

I’m here,

Sawyer