LEARN mode: The stock picker and the poker player
All stock pickers and all poker players essentially have access to the same information within their respective games. Stock pickers have an almost infinite amount of data available to analyze while poker players have a much more limited set.
On the surface, prolonged success in either profession seems to be a function of luck as much as it is skill. Gaining a significant and sustainable information advantage over fellow competitors isn’t possible (at least not legally or ethically), yet a few individuals periodically surface as masters of their practice.
These individuals are better at learning from the same data others can see. The stock picker knows what information is more relevant or may do unique analyses to reveal opportunities that aren’t obvious to others. Poker players take advantage of noticing the tiny tells of their fellow players to guide their game play.
While some businesses may have access to more proprietary data, the same reality plays out. Successful companies can take the same sets of raw data, yet develop vastly different conclusions. Relying on different approaches for analysis or different KPIs (Key Performance Indicators) can reveal different issues or opportunities. In fact, great analysts can often find big opportunities in what initially appear to be big issues. They find ways to outmaneuver competitors.
LEARNING TO LEARN
In business, the best learning is almost always the result of following a systematic and disciplined approach, making no assumptions and taking no shortcuts to fill in reports with easy answers. But, learning also comes from having a lot of experience and a little intuition.
Is this an area where your business is struggling? Do you seem to have all the data or information you need, yet those key game-changing insights are elusive? Consider the following:
Do you reward predictability? Is it better to be safe, conservative and consistent than to challenge the status quo with a different data-driven perspective?
Has your decision-making process evolved enough in the past few years…as the need to make subjective speculation has given way to the ability to find objective support for better strategic growth plans?
Do you often feel on your heels or outmaneuvered by your competitors, as if they’ve always got better insight?
Contact us if you’re tired of feeling at a disadvantage. See if we can make you feel like you’re trading on insider information…or at least give you a better hand when placing your bets.