Data Analytics, Impact Measurement & the Role of the CFO: Community Conversations Recap

Last week, in our monthly Community Conversation we discussed Data Analytics, Impact Measurement & the Role of the CFO with Business Intelligence Specialist Steve Wilkinghoff and Impact Measurement Specialist ‘Segun David Fatudimu. 

We dug deep into the world of data, how to make sense of its vastness, and methods for leveraging it to gain max. value while saving time and human capacity. A few takeaways:

1. As your data grows, so should your toolkit: Data analytics software options abound, but none that can wholly and comprehensively tackle highly complex, fast-growing data. Recognizing softwares’ limitations and complementing them with other tools is a proactive approach to data management.

“There seems to be no perfect tool, which is normal in life,” says ‘Segun, “but as our data grows, we need to look at a host of solutions rather than just one”.

2. Take a granular approach and go from there: “Data analysis should be viewed as a process and not an event,” says Steve. Building a solid data culture takes time and starts with small, manageable steps. By focusing on the key info needed for immediate decision-making, you create a manageable system without needing a hefty budget up front.

“Instead of panicking when faced with the overwhelming sea of data, start by taking a deep breath, calming the waters, and focusing on identifying the key questions you need to answer today, next week, next month, or next quarter – you don’t need to tackle all the data at once.”

3. Strategically use freed-up time: By saving time through outsourcing and automating data analysis, we can improve our ability to make an impact, within our businesses and in the wider world of social entrepreneurship. With this newfound space, we can get creative and strategic, making the most of our resources.

“It’s hard to find good people. Well, what if you’d actually find time? Now you don’t have to find as many people,” says Steve.

These bits are the most top-of-mind, there was so much depth to the discussion that a brief recap can’t do it justice. Watch the full event recording here.

In our next Community Conversation, Systems for Growth, on Wednesday, May 9, we’ll explore how growing impact businesses can better strategize and systemize for sustainable growth.