In January, I covered Part 2 of the problem-solving process — gathering the data — used by business-consulting firms. This column explores the third step — interpreting the data.
Here is a recap. In the first step, you framed the problem that is keeping your business from achieving your growth goals by creating an issue tree, designed to lay out the issue and sub-issues of the problem in a visual progression. Then, by gathering the data you asked the right people the right questions and documented your results.
This column is dedicated to the third step, interpreting the data, that you gathered in the second step, to identify the best solution to your business problem.
The process involves more than merely analyzing the data you gathered; rather, developing actionable insights that lead to a solution to your business problem. The purpose is to either prove or disprove the solution hypothesis you developed when framing the problem during the first step.
Your course of action in Part 3 includes two functions: 1) tabulating the data, and 2) developing a key findings report.
Tabulation involves sorting through the data to separate the irrelevant facts from those relevant to the problem. Using the same example I presented in Parts 1 and 2, “how do we increase gross margin on XYZ widget sales,” you would start by reviewing the results of interviews you conducted with your procurement staff and your suppliers. You’d then weed out any information that wasn’t directly relevant to your goal of increasing gross margin.
Once you have narrowed your data set down to only the relevant facts, you’ll organize those data (the responses from your interviews) and group them by similar responses.
One interview respondent’s answer to a question is not necessary meaningful, unless it matches up with several other respondent’s answers to the same question. You may recall from the gathering the data column, that my company documents all of the responses from interviews into an easy-to-sort spreadsheet.
After you have tabulated the data (grouped similar responses), enter the dominate themes into a key-findings report. Even if you are only reporting to yourself, it is important to document your key findings. It is difficult, if not impossible, to look at an entire spreadsheet of individual responses and perceive any meaningful correlations.
While evaluating a written report, that presents and prioritizes the dominate themes from each interview question, actionable insights will become evident.
In summary, after gathering your data organize the results to separate out irrelevant responses and tabulate the relevant information to surface dominant themes. Then format those data into a key findings report and look for actionable insights.
Be sure to check back next month for the fourth and final step — implementing the solution—in the business consulting problem solving process.
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