This is Part 2 of a 3-part series, dubbed Talk is Cheap.
Head over to part 1 if you are just joining us.
Doesn’t that saying go something like, a picture is worth a thousand words? When you take a moment to truly understand the story all those numbers inside each data set and then visualize it, success will follow.
In this post, the second installment of the Talk is Cheap series, we are going to break down the areas that can benefit from increasing data literacy and using the patterns and trends found in a thorough analysis to drive decision making.
In case you missed it (ICYMI), a few weeks ago we published an ebook, The Data Age, that includes a tactical list of items that you can measure from an input and output perspective to help lead the business in the safest way possible: with compliance and ethics at the forefront. Get your copy.
Analysis versus Analytics
Under the latest role definition of the Justice Department’s Foreign Corrupt Practices Act (FCPA), companies should consider an analysis of compliance data, according to a recent DOJ Evaluation document.
Data analysis is an integral part of operationalizing a compliance program — a core transformation says the DOJ’s former Assistant Attorney General Leslie Caldwell, that needs to occur in a modern program.
In data, there is truth. In analytics, there are patterns and trends.
“Part of the problem is that much of what firms measure is backward-looking rather than forward-looking,” says the FCPA blog’s Sean Griffith.
Doing business ethically and in compliance is a given cornerstone to your role and responsibility to your organization. However, digging out of the many spreadsheets, reports and other disparate documents which surround you is a lot easier said than done. Often is the case of simply doing what works in the interest of time, no matter how laborious it may seem to others.
Learning something new would be a time sink that is just not currently affordable with a highly budgeted (and consequently, tight) schedule. Not to mention it will have a much bigger learning curve. However, you must see: the time put into learning a new way of doing things, is worth it. You will be many X times more productive than being succumbed to manual processes.
When you do find the space to surface from the doldrums of documentation, oxygen to feed your organization can be found in learning more about and how to apply an analytical approach to every piece of data or sets of data you have access to.
For the business: analytics can keep it out of harm’s way.
A common misconception is that if you pull data, it should tell you how things (for the good, the bad, and ugly) have performed, impacted and affected the business. However, this notion of using analytics to make those decisions is different from using data in the respect that analytics helps you see what’s ahead; data helps you see what has already happened. While data is immensely helpful to see what’s been a success or not, you really are seeking out how to apply analytics to your decision-making strategy. This is what is going to drive change in your organization.
In the compliance and ethics organization: data can position C&E has the business leader.
And when used appropriately, data and analytics can work together to steer the ship out of harm’s way and conquer what is ahead safely and intelligently – as the data echoes.
With data, C&E is a proven revenue builder for businesses across the world — an excerpt from a recent report published by LRN, Ethics and Compliance Program Effectiveness (2016):
“Checklists may not measure or capture critical metrics that drive ethical behavior, such as the level of trust in an organization or its acceptable of those who speak up. Nor do they capture the internal patterns, relationships and mindsets that shape its culture. In short, the checklist approach to program evaluation focuses on inputs rather than outcomes. Checklists likewise provide little to no insight into the kinds of corporate culture that drive good performance, not just in the E&C are but also throughout the organization.”