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Data in action. The most accessible example is the pervasiveness of data in the mainstream media. The newspapers and telecasts seem to be absolutely gripped by the use of numbers. In the past, stories relied on data as a reinforcement to emphasize a point; today, the story is the numbers. Why? It really seems to be twofold: Numbers do have the ability to tell a story, as well as being able to reach the core of the story in a short amount of time. Efficiency is something we all strive to achieve. It doesn’t matter if we’re talking about our personal or our professional lives. Simply put, we don’t have the luxury of wasting time. However, we cannot forsake accuracy in order to save time. That’s the paradox that continually challenges the automotive claims and collision industry. Every segment and facet of our industry is measured through data. And it’s all interrelated. And having the ability to convert that integral data and develop a course of action is powerful. In a Harvard Business Review survey, 23 percent of the 157 major corporations they surveyed were using customer information to confirm their business model. By continually analyzing their processes through data, those companies averaged a 2.9 percent higher return on assets and a 5.1 percent equity gain. As you can see, there’s an inherent benefit to capturing data and taking action. What we’ve put together in this edition of CCC UpFront takes on this very subject: Data, our desire to get the right kind in the right place, and being able to take action. So please, read on and enjoy!! Githesh Ramamurthy |
Data is everywhere. Avoiding the crush of statistics and data analysis that we’re exposed to on a daily basis is virtually impossible. Interest rates, approval ratings, stock tickers, trade deficits, road travel times, reality-based television contests—the list goes on.