Most Common Questions on Data availability and accuracy

Q1 board meetings got the stress hives popping up already?

Well, I’m here to help (with the stress anyway, maybe see a doc about the hives part?)

Here is part 2 on building trust with external stakeholders.

And this one is around what they need to know about your revenue data, its availability, as well as accuracy checks.

Yup, we’re dealing with annoying potential discrepancies.

Against the wrong metric or at a sensitive time in the meeting, one unexplainable number can potentially torpedo the confidence building in the room.

So how do you save face and come back from potential variations in reports or processes that open you up for manual error?

First, don’t pretend your processes leave zero room for error (especially if they involve spreadsheets! ).

Instead 𝗕𝗘𝗙𝗢𝗥𝗘 presenting the numbers, understand and be prepared to answer the most common questions I hear in boardrooms about the data itself:

❓ How recent is this data?

❓ How soon can we get the data we requested? Do we have direct access to reports and dashboards or have to wait for it to be exported and then (hopefully quickly) manipulated by Finance?

❓ Is the data exported outside of its database and what is that process like?

❓ What guardrails are in place to ensure that all fields are being pulled properly?

And last, but certainly not least…

❓ Explain the variation in [X metric] between two monthly reports or exports

It’s not about being able to say your numbers are indisputable. In fact, doing so will likely make any small error, even just a typo on a slide, seem even more egregious.

Your external stakeholders, however, DO need to understand that you’ve done your due diligence in reducing data variability.

That means, top-down, there has been smart decisions made around data structures. And the processes in place to ensure data integrity are both 𝗰𝗼𝗻𝘀𝗶𝘀𝘁𝗲𝗻𝘁𝗹𝘆 and 𝗺𝗲𝘁𝗵𝗼𝗱𝗼𝗹𝗼𝗴𝗶𝗰𝗮𝗹𝗹𝘆 applied (and best-case scenario, 𝗮𝘂𝘁𝗼𝗺𝗮𝘁𝗲𝗱 wherever possible to reduce chances of human error).

So if there is a ~ questionable ~ part of your calculation process that you’re hoping you’ll be able to sweep under the rug, it’s time to bring it to the light and give it a good once over.

It’s always better to get ahead of it than have it called out unprompted.

Because it will be.

It’s not a question of if, but when.

I’ve seen it happen and it’s not pretty.

To continue with the preparatory work, I’ve got part three of this series coming up next week.

Time to gaze into your crystal ball, because it’s all about looking into the future 🔮 !