By Craig X. Cecilio
“Without data you’re just another person with an opinion.”
“In God we trust; all others must bring data.”
These famous quotes are attributed to William Edwards Deming (October 14, 1900 – December 20, 1993). Deming understood the importance of data in making sound business decisions.
As an American engineer, statistician, professor, author, lecturer, and management consultant, Deming helped develop the sampling techniques still used by the U.S. Department of the Census and the Bureau of Labor Statistics today.
Deming is best known for his work in Japan. After WWII, he delivered speeches on what he called “Statistical Product Quality Administration” to key industry leaders with a goal of rebuilding the country. He is accepted as one of the inspirations for the Japanese post-war economic miracle of the 1950s, when Japan rose from the ashes of war. Japan eventually became the second-largest economy in the world through processes partially influenced by Deming’s teachings. He made a significant contribution to Japan’s reputation for innovative, high-quality products, and for its economic power.
Our company, DiversyFund, is a tech and data-driven company. From marketing and product research to daily operations, I require each department to collect, review, and report data in real-time. Why? Without it, we would not be able to deliver a quality product to our community of investors. Without data, my ability to lead as the CEO would be seriously impaired.
We use data to improve our customer’s journey, measure employee performance metrics, evaluate historical trends, and to better manage our assets for our investors. While most companies are data-driven today, the COVID-19 pandemic has forced us all to be more so than ever before.
Data-driven companies perform better in the marketplace and are more likely to survive and bring real value to their customers.
Craig X. Cecilio is the CEO and co-founder of DiversyFund