“Assumptions about environment, mission and core competencies must fit reality.” — Peter Drucker
In my consulting business, I see financial firms employing the standard solutions or what I call the “usual fixes” to improve results. These include new CRM systems, faster origination systems, one-day sales training workshops and increased advertising to name a few.
While these strategies can be beneficial, they would produce better results if a process approach were driving the initiatives. Informed decisions can only be made when the right information is in place. The right information is a function of having data that can form a statistical analysis. Too often, managers make decisions based on gut instincts without actually validating assumptions. Better results require decisions based on measurement, analysis and a rigorous assessment of assumptions and needs.