Chief Executive Chef: A Recipe to Be an Insightful Leader in an Era of Explosive Data
“There were five exabytes of information created between the dawn of civilization through 2003, but that much information is now created every two days.”
Eric Schmidt said this in 2010. Now 13 years later it’s estimated that 330 exabytes are created daily. When we think about this ever-increasing volume of data, can any leader really be able to absorb the vastness of data that exists in their organization or industry? Executive decision-makers today therefore need to shift from being data-driven to insight-inspired.
The importance of insights over data is explained well in The Insights Factory’s initial podcast (which I HIGHLY recommend listening to), moderated by data guru and fellow corporate punk, Ian Cook. The discussion positions data as the raw ingredients and insights as a memorable customer meal. Building on this metaphor, in an era where ingredients (data) are endless, there is both science and art to combine them into innovative tastes. An executive chef must understand and apply flavor combinations - or insights - simultaneously with a deep understanding of the talent, processes, supply chain, and market potential to build a Michelin starred restaurant.
Similarly, corporate executives need to embody their inner executive chef if they want to achieve multiple stars. In organizations where leaders rely on internally focused spreadsheet reviews over informed discussion on positioning vis-a-vis external trends and opportunities, this 'executive chef' mindset can be difficult. Knowing your market and clientele deeply is the first step to relying less on simply data and more on often complex and nuanced insights. It allows leaders to delegate routine decisions and focus on forward-looking growth. To start, leaders can follow this basic recipe:
🤝 Engage with customers - proactively seek opportunities to meet, discuss, and even brainstorm their challenges and opportunities
👂 Listen to staff - appreciate their perspectives and guide solutioning
🍴Sample work products - ‘taste test’ products and take a look at works in progress to see creativity in action
👋 Visit competitors - know how others approach similar problems and ensure your differentiation
⛓️ Know your supply chain - ensure you have not only line of sight but executive contacts throughout your ecosystem; reach out proactively, not just in crises
📓 Keep learning and evolve your palate - data exists faster than we can absorb, meaning that insights will evolve as well; what worked well yesterday may not tomorrow, so keep an open mind
Moving from being data-driven to insight-inspired means executives need to be perceptive and agile in connecting dots and creating frameworks that enable their managers to do the same. When successful, leaders will realize that they have not only created star-worthy meals in highly attractive culinary establishments, but delivered and elevated the experience for their customers, shareholders, and employees alike.
In the words of James Beard renown restaurateur, Thomas Keller, “A recipe has no soul. You, as the cook, must bring soul to the recipe.” So, too, do successful leaders need to increasingly bring insights to life.
Understanding Data’s Exponential Growth
If you’re like me and struggling to get your arms around just how data can so rapidly expand, just look at this cute 17 year old member of my family, Spanky. Imagine Spanky wants to share his cuteness so he suddenly starts taking selfies every second and sharing them with Baxter, Judge, and all his dog friends. Now imagine not just Spanky, but millions of dogs all around the world doing the same thing. That's how data explodes every day. It's like a never-ending stream of pup selfies, but with all kinds of information from everywhere, filling up our digital world faster than we can say 'wolf!'
