“That was a fun exercise. But we never have data like that in the real world.”
So said a participant in one of one of my recent workshops on Problem Solving, referring to a data field that allowed him to sort Legal expenses by the type of work performed (e.g., Regulatory, Intellectual Property, etc.).
“Why not?” I asked.
“We just don’t capture it,” he said matter of factly.
Yes, but there’s no reason why we can’t fill in that missing information. Sometimes, it’s a matter of adding a column to our database and combing through, in the case of my Problem Solving exercise, invoices, to enter the data values case-by-case. In other instances we might use a logic function in Excel to designate each line as belonging to a particular subgroup when certain conditions exist. In others still, we might run a survey to obtain the missing information.
This takes time, of course, but going this extra mile is often worth it, allowing us to convert a single, large universe of mixed data into smaller subsets that enable more revealing, apples-to-apples comparisons. In my case exercise, comparing two law firms who do entirely different work will yield no insight at all, or worse: faulty conclusions. But when we can sort the legal work by type of case, now we can compare the efficiency and effectiveness of the law firms involved.
When you look at data, consider not only the fields available, but also those that aren’t – those that would truly empower your analysis. Think creatively how you’d capture that critical information. Then go do it.
This is what makes your analysis special. It’s what makes you an exceptional Problem Solver. It’s what’s sorely needed to “find the needle” in a world of proliferating hay.