Knowledge is Power – Data Knowledge Drives Success!

By Shelley Grant
LP Applications Manager
CVS Caremark

How confident are you presenting your company’s core metrics to Sr. Management? Do you know the applications and the data processes necessary to produce your most valued reports such as case productivity and store shrink? Or are you simply reporting counts, dollars and percentages with blind faith that they are accurate?

As technology continues to change and companies continue to evolve, many managers are realizing their reports and data collection methods have not evolved. Reports have been ‘band-aided’ and are not based off a single application, a single data feed or even a single process any longer. There are now several steps required to produce our critical reports and these steps include both manual and automated processes. Often the data is not analyzed until the final presentation with Sr. Management because the process to pull the data and create the report is so lengthy and convoluted. All too often we are creating reports because we’ve always created the report.

Take a moment to consider how many systems and applications your company uses. Now think about the vast amount of data these applications produce, all in different formats. Finally, picture your analyst obtaining hundreds of data feeds and manually manipulating the data to produce a high-level, visual representation of 1 data category or metric. Did your confidence in your Shrink Report just decline? Wondering if your Case Productivity is really doing that well? These are questions you should be asking yourself if you don’t know your data.

We know the more feeds, manipulations, and data formats the less accurate and consistent the data results. These processes should be consistently reviewed for accuracy, relevance and simplification. Without knowing and understanding your data sources, you don’t accurately know your results. Meaning - you do not have the ability to accurately answer questions or to provide valuable recommendations; you merely are stating numbers.

Take a moment to talk with your analyst and your IT manager about your data structure. Have them walk you through the data points needed to create the reports and get their opinion on the overall process. Finally, ensure there are periodic reviews of data flow process established throughout the year. My guess is one of the reviews will highlight an opportunity to streamline the process, improve a report and ultimately enhance your career path.

If you want to become a powerful, confident leader capable of making an impact, the key to success is data knowledge!