Unlocking the Power of Data: Integrating Analytics in Small Business Decision-Making
Dec 21, 2023Season 2Episode 43
Country Intelligence Group Ltd
Are you navigating the turbulent seas of data analytics in the realm of small businesses, particularly within the context of government contracting? Stay tuned as your faithful guides, Spencer Bentley, Tarrell Cummings, and Devin Florzak, unveil the mysteries of integrating data analytics into your everyday decision-making processes with a touch of finesse. We demystify how to effectively navigate the fine line between the cost and complexity of data initiatives against their potential value. Our conversation zeroes in on accurately understanding the client's goals and objectives and the vital role that crystal-clear communication plays in that process.
Buckle up as we switch gears to talk about the pivotal role of data handling in communication and compliance. We shed light on the imperatives of open and constant communication with clients, particularly when it comes to meeting compliance standards and driving operational efficiency. We take you through the labyrinth of various Department of Defense Instructions (DODIs) and Cybersecurity Maturity Models that are mission-critical for small businesses. We underscore the importance of keeping your finger on the pulse of the constantly evolving landscape of training and regulations. Brace yourself for a riveting journey that helps unlock the latent potential of data in your business.
Are you navigating the turbulent seas of data analytics in the realm of small businesses, particularly within the context of government contracting? Stay tuned as your faithful guides, Spencer Bentley, Tarrell Cummings, and Devin Florzak, unveil the mysteries of integrating data analytics into your everyday decision-making processes with a touch of finesse. We demystify how to effectively navigate the fine line between the cost and complexity of data initiatives against their potential value. Our conversation zeroes in on accurately understanding the client's goals and objectives and the vital role that crystal-clear communication plays in that process.
Buckle up as we switch gears to talk about the pivotal role of data handling in communication and compliance. We shed light on the imperatives of open and constant communication with clients, particularly when it comes to meeting compliance standards and driving operational efficiency. We take you through the labyrinth of various Department of Defense Instructions (DODIs) and Cybersecurity Maturity Models that are mission-critical for small businesses. We underscore the importance of keeping your finger on the pulse of the constantly evolving landscape of training and regulations. Brace yourself for a riveting journey that helps unlock the latent potential of data in your business.
Hello and welcome back to the Country Intelligence Report. We are your host, spencer Bentley, tarrell Cummings and Devin Florzak. Today we will be discussing data analytics, the new lifeblood of the business world. Data is obviously crucial to any business that's looking to really take advantage of the digital marketplace or optimize their internal operational structure or really just survive in the current landscape. This is especially true for the government contracting space, which we will be covering today, and we'll just jump right into it. So for small businesses that are just beginning to embrace data analysis and I want to pose this to the group here what are some practical steps to integrate data into everyday decision making processes, especially when dealing with complex clients like the Department of Defense? And this can be something as complex as running some regression analysis on consumer spending or as simple as optimizing a social media strategy. But I want to throw it to you guys and get some ideas of how these businesses can really seamlessly integrate data analysis to their advantage.
Speaker 2:
Yeah, I can start here. For dealing with your clients, especially in the DoD, I think you need to first establish a good line of communication with your client regarding what are they actually looking to do, and you need to sort of relate to them. How can you accomplish that on their behalf? A keyword that a lot of I feel like DoD folks kind of use today are key performance indicators, kpis, and they're typically things that when you have a contract, these things are well-defined and, for us at least, whenever we're doing any sort of data work, we try to relate the requirements that the client is giving us back to our contract. How is that, what they're looking to do, fit into our contract? And that sort of guides our level support on whatever that does happen.
Speaker 2:
So, obviously, first thing, making sure that there's a clear line of communication, setting boundaries, setting clear goals, what to work towards, and then probably the first step after that is actually getting going on the analysis. A lot of the analysis that we've done starts with the data collection process and, depending on what data is looking to be collected, you could go about doing a survey. You can also go about using your client as a good contact for other government organizations because you might need them to fill out some sort of memo or some sort of directive to get you access to the data that you need. So it really depends on a few things, but definitely a good starting point is first establishing a good live communication and being able to relate that back to your actual contract, and then the second part is the data collection part, which we can talk about later, of course.
Speaker 3:
Right and I agree with Devin Hunter. You know, if you're looking to work with clients, especially with DoD, make sure you have open-line communication with them. Understand what they're looking for. Like Devin said, understand their goals. Make sure you can set up a plan around what they are wanting and what they're looking for. That way it is beneficial to them.
Speaker 3:
You know you don't want to get data and do an analysis that's not going to be beneficial to them that they can use going forward.
Speaker 3:
So make sure you have a clear understanding of what their goals are, what their objectives are not necessarily what they're trying to do I guess ideally what they're trying to do but what you can do with the data that you're gathering and make sure that it is important and can serve them well in whatever decisions that they have to make, whether it's applying certain resources in a certain place or applying a certain number of resources, or before maybe they implemented more resources than what was needed and they could scale back on the resources that they put out there.
Speaker 3:
You know could save them money in the long run or something like that, you know. So just make sure you're on the same page than, like Devin said, figure out how you're going to collect that data, whether it's a survey, whether you're implementing some kind of software to collect the data and whatnot. Analyze that data, go forward, do the reporting on it, assess the situation and then provide the feedback to the customer. I don't know how to really shorten the cycle, but that's really what it is, and then they can go ahead and implement what your recommendations are and then see how it applies going forward and see how it benefits them or see how what they may understand that they have to make different decisions going forward and then, when they make those different decisions, recycle the cycle and then go back to it and see if it's the best case scenario or not, following those KPIs, like Devin was saying.
Speaker 1:
Yeah, and you know the beauty of once you understand the power of data is uncovering those insights that aren't readily sort of known for the client and making some connections that they may not have made otherwise. Around you know different points of interest within their organization, showing how you can become more efficient operationally by handling your manpower in a different way. Or you can shave some money off of the top of you know this project by allocating resources to here Insights that are really sort of not intuitive is where data really shines and it's where a lot of the value can be presented to the client. If you are a small business in this space, so definitely agree with those insights.
Speaker 1:
And you know I think one thing that sort of comes off as, or can come off as, intimidating, especially to small businesses, is balancing the cost and the value of data initiatives with your resources. And you know, considering that often small businesses are dealing with a very limited set of resources, you know I want to know how they can effectively balance the cost and complexity of data initiatives against their potential value. And this can really resonate, obviously, with small businesses, but I think that there's an argument to be made for large businesses as well. You know everyone only has so much bandwidth and data is it can become a black hole. You know, trying to figure out how to hyper-optimize things can become labor intensive quickly. Luckily we have some new tools on the market that may help with that. But I'm curious as to you know how you all think businesses can sort of balance out this cost benefit towards really putting an effort into data analysis for their clients.
Speaker 3:
I mean, I think that's really a hard question for the small businesses that are trying to get in, trying to utilize data more. You know as far as what are they going to or how they are going to track that data or having like sources, like a certain CRM. You know you want to invest in a certain CRM that can ultimately help make your business more efficient. If you have the resources or you have the bandwidth in place to put towards that CRM, to learn everything you learn about CRM, to be able to create not create the data, but to be able to collect the data and to be able to read the data and analyze data and then be able to implement what that data is saying, you know, to your business. You know so there is like there is going to be an investment.
Speaker 3:
You know on the end of the small business, you know whether it's monetarily or in the time that has to be given towards data. It's just what it is to get to learn, to learn exactly how you need to work with it and apply it to your business going forward. So that is a hard question and you know I'm sure there's a lot of research being done by those different small businesses to see, like, all right, what's going to be the best bang for my buck initially, and then, once you do that and you decide to pay the money for it, do I have the bandwidth to go and learn the system and be able to get the data that I need so I can analyze it properly? So there is definitely a learning curve that you have that small businesses need to be prepared for to go through when going through this process if they're doing it for their own business.
Speaker 2:
Yeah, it's definitely a tug and pull situation and regarding there's sort of two separate issues here, one, just on the company side, how are you managing your own small businesses data within the DOD as far as your marketing goes, and your budget goes for exploring new contract options versus for the client, more so If we're just talking about your DOD clients.
Speaker 2:
First you need to go back to that line of communication and figure out how in depth does the client actually want to go with certain analysis?
Speaker 2:
One thing that I've definitely learned is that the acronym KISS Keep it Simple, stupid Pretty Much with data analysis, where for the most part, at least from what I've seen DOD clients and representatives from different organizations in the DOD would rather have something simple at first and then always provide the option to sort of go in depth if needed. And I've definitely found that the best way to go forward about when we're asking, getting asked to do certain data analysis items is get what you can out there first. If you can get it out quickly, do that and then definitely do some legwork on what's some more advanced and in-depth research would look like and say, hey, here's this research as well we've done so far. If this works for you, great. If you want something more advanced and in-depth, we can also cover that and sort of provide that option as well. So I've found that that definitely works the best when trying to communicate with your clients in the DOD, and just a good way to remain efficient while being effective.
Speaker 1:
Yeah for sure. Communicating what the client or understanding what the client needs through communication, I think is the best way to mitigate this sort of issue, like you said, devin, because once you dig into a data set you realize that unless you have a very clear strategy and mandate, things can get unwieldy quite quickly and there can be a real breakdown in what you are able to accomplish and the expectations from the client. So that communication is definitely crucial and especially if you're dealing with a large organization like a government organization, the DOD, they they may not be able to articulate exactly what they want in the dataset, but if you have an open and frank line of communication with the client, you can anticipate those needs and help guide their hand in a lot of ways that I think will only first be able to further increase your value in the client's eyes. That line of communication serves a lot of purposes and it's really paramount to building a fruitful relationship with your clients.
Speaker 2:
Yeah, I think I feel like most clients would appreciate a more so quicker response than something that takes weeks and weeks on end to get back to. I feel like most clients don't want to feel the burden of having to keep checking back in and managing. They'd much rather you be self-sufficient and be able to get back to them quicker. Of course, some things might need more time to figure out when you're working with data, but at least provide continuous updates and at least examples of what you're looking forward to the client. That might help with that as well. I 100% agree.
Speaker 1:
That comes down to just understanding the tactics of delivering good customer service. It is true that people want to see results quickly, even if they're incomplete, showing your progress towards a certain goal. Really, it helps solidify your organization's brand in their mind, because you always want to stay top of mind with clients, because you never know when additional work may come up. You obviously want to prioritize quality, but that open and continuous communication really is invaluable, and being able to keep your progress in front of them so that they understand their return on investment, I think is really important. Every small business should really take that to heart, that it's really important that you stay in front of your client at all times. How can, then, small business owners navigate this huge landscape of data while ensuring compliance?
Speaker 1:
Compliance is a huge deal, particularly in the federal space. Obviously, we're not in the wild west of the private sector. We have laws and expectations that are pretty concrete in how we go about executing our job. Compliance really comes to the forefront of all considerations. With data and privacy concerns things like that the compliance around DOD regulations and standards can be pretty onerous. There's no other way to put it. You have to understand that, coming into the game that you're going to be held to a standard that is unusual if you're coming from the private sector. What role does data play in not only meeting these standards, but also driving operational efficiency and creating a competitive advantage for small businesses and their clients?
Speaker 2:
Yeah, regarding just different sorts of frameworks that you know pretty much everyone in the DODS to abide by, whether you're, you know, government or industry and contractor. I think it's a system of checks and balances needs to be established between you know both the government organization you're working with and your own contracting group as well, and it's sort of make sure that I've run up both ends. It's following. You know these numerous DODI Department of Defense Instruction documents or things, of course, things that we're definitely getting inspired on and we're trying to implement the cybersecurity maturity model certification framework. You know things like that.
Speaker 2:
You know I think both the client and your US company need to be knowledgeable about these things and you know make sure that if you know if one side is knowledgeable, that you know to go back to that line of communication and you know either educate, you know your government organization about that or you know vice versa. But you know pretty much everyone just needs to be on the same page regarding these. So you know everyone could better prevent, you know, data leaks and spills, as we've definitely seen over the last couple of years. So I think just you know in general, just you know getting up to speed on, you know these certain you know frameworks that are available for the DOD and have been written out is a good first step, and we could talk about those more specifically in a detailed course. But what do you guys think?
Speaker 3:
You know, definitely agree that. You know the small business definitely get read up on those different DODIs that are out there. Also, there's different trainings that are available that the DOD offers on cybersecurity awareness and you know, I guess, anything having to do with not leaking information, what's considered like PII. You know the different levels of cybersecurity. You know going across whenever you are handling data, how to best handle data. You know where the proper steps to handle data and where environments you have data in. You know there's just different things that business should be aware of. That's definitely training on that the government gives, on how the government wants you to handle specific types of data. You know data in general with specific types of data. That's sensitive data and no data that can be crucial to many situations. So there's definitely that information that's already out there as well.
Speaker 1:
Yeah, you really don't have a choice with the DOD. You know it's a non-starter if you have poor. Yeah, I agree.
Speaker 2:
Yeah, I agree, you know, when you're looking at some of these cybersecurity maturity models and different DODIs, I think a good basic place to start is which is something that we definitely do is take a look and track the specific individual applications that are required to make sure that everyone is up to date with their.
Speaker 2:
The first off, I know that everyone in our company we all have the cybersecurity awareness training up to date. That's all good and that's all that we keep track of and make sure that everyone's doing each year. In addition, whenever our client does push us new training to do, that's something that we track for sure and we make sure that everyone's doing. Especially this year, in addition to the cybersecurity awareness training, I think there's been at least two different training sessions that we've taken a part of and completed certifications for, and we have people in our company that track those on the company side and then send it off to our clients. So that's definitely a good basic starting place I'll advise everyone to do is make sure that you're keeping track of at least I don't know these basic certifications that are required to be working with the data and the DOD and track that on the company side and make sure your client is aware that everyone on the company side is completing those.
Speaker 1:
Yep, I completely agree that aspect of it. It can feel not ideal at times to have to constantly be up to date with different compliance trainings, things like that, but the truth is that when you're dealing with the DOD, you're dealing in a highly sensitive area that really needs to be monitored at all times, and these things help build a sense of not just trust in your company if you're able to be proactive about these things and be transparent about the completion of these certifications but it also helps build the reputation of your firm. It helps build the reputation of your individual executives in your firm that have these different compliance and things like that, so it really works to your advantage in a lot of ways to stay on top of this. But, yeah, it's definitely something that you really have to consider getting into this space that is drastically different from the private sector, if you're making that transition. But, yeah, great discussion on data.
Speaker 1:
Obviously, this is something that we deal with quite often at Country Intelligence Group. We will be touching on this many, many times to come. Thank you for listening. Until next time.