You are the Founder or CEO and want to launch a new product to ensure the company hits its growth targets and continues to move forward. The Board is reticent to invest and approve spending without some assurances that this is going to be a success or have a market. There are many that would prefer to curb spending and continue to ‘do what we have always done’. There is also nervousness about losing existing customers, if the company launches something new or is seen to be moving in a different direction. It is clear that if there continues to be lack of alignment within the organization, then the company starts to get left behind.
Internal alignment is critical for an organization to stay focused and move forward with momentum. If senior management and/or the Board are at odds, then progress stalls and the company is left treading water or worse gets distracted by trying to mend the rifts and competitors step up and get ahead.
By embracing alignment and working hard to get everyone on the same page, the company can make faster decisions, launch products more efficiently and remain competitive. Internal alignment at the top also has the trickle down impact of driving inspiration, motivation and stronger culture to the wider team/organisation.
Many of our clients have been prompted to seek first-party data and customer insights to not only create internal alignment but to use independent data sources to reinforce their strategy to invest in a new product/service or potentially not invest.
“According to a survey of more than 1,000 senior executives conducted by PwC, highly data-driven organizations are three times more likely to report significant improvements in decision-making compared to those who rely less on data.” HBS Online
So here are 4 reasons why you need to use data and insights for internal alignment
1. Independent data removes the emotion and perceived bias. This ensures that there is a ‘neutral’ and validated reason why the company should or should not proceed that does not rely on gut feel or intuition.
2. First-party data and bespoke customer insights can generate additional ideas and inspiration beyond the original research objective.
3. Data-driven decision-making speeds up the process and ensures the company can expedite the go/no go decision with confidence.
4. It can save you money in the long run. When senior management are aligned and on ‘the same page’, then decisions are made more swiftly and costly mistakes to appease one of the more ‘vocal’ leaders are avoided.
