The Sales Engagement Podcast
The Sales Engagement Podcast

Episode · 1 week ago

A Guide To Using Data in the Boardroom

ABOUT THIS EPISODE

If you’re looking for the latest trends in the market but don’t want to be late to the game, your best option? Look at the data outliers.

Data has become integral to the future success of a business. If your organization hasn’t made a place for it in the boardroom, today is a good day to start.

We speak with Sameer Rahman, Director of Insight at The Royal Mint. He’s here to talk us through data’s importance and where it’s headed next.

We talk all about:

- The modernization of data over time

- What data in the boardroom looks like & its impact on future success

- The best tools to leverage data

For more engaging sales conversations, subscribe to The Sales Engagement Podcast on Apple Podcasts, on Spotify, or on our website.

Listening on a desktop & can’t see the links? Just search for Sales Engagement

in your favorite podcast player.

Welcome to the sales engagement podcast.This podcast is brought to you by outreach, the leading sales engagement platform, andthey just launched outreach on outreach, the place to learn how outreach welldoes outreach? Learn how the team follows up with every lead in record timeafter virtual events and turns them into revenue. You can also see how outreach runsaccount based plays, manages reps and so much more using their own salesengagement platform. Everything is backed by data pulled from outreach processes and customer base. When you're done, you'll be able to do it as good as theydo. Head to outreach that Iola on outreach to see what they have goingon. Now let's get into today's episode. Good morning everyone, welcome to thesales engagement podcast. You have your host Citelin Kelly here, senior managerof sales development at outreach for the Amia region, as well as cofounder ofSTRs anonymous. For today's episode we have some Mere Ramin from Royal Mint,who is director of insights. Today we're going to be focusing on data inthe board room and the importance behind leveragine data. Today's environment. Sa Mere. I'm going to toss it over to you tell us a little bit aboutwhat you do over at Royal Mint. Good. First of all, thanksa lot, Caitlin. Quite looking forward to this podcast on. Very muchenthused about sharing mindsights. So yeah, the Royal Mint role is is quitea three part tight roll, because the Royal Mint has got three different businessmodels within it. One is a manufacturing part, which people know the RoyalMint for. My role within that is to look at efficiency gained, productivitygains through through the use of clever use of data and technology, things likepredictive maintenance so that a machine doesn't go down and we don't run out ofmoney in our pockets and and things like that. So it's and and forecastingis also a big part of that. The other part is the ECOMMERCE oror the retail model, which essentially is...

...selling historic coins and commemorative coins,coins that we design on the website. So the royal mint tax as atypical retailer and our job is really the usual marketing job, which is reallywho should we target, how should we target? What should be the messaging? What should be the pricing? Whole Suite of predictive models, right fromprospect modeling to retention modeling, to churn modeling, to reactivate modeling. Soit's a usually commerce retail kind of environment with lots of predictive models, segmentation, targeting and and possessioning in of the right product with the right audience.Then the third part, which is quite upcoming and quite quite a profitable one, driven by market dynamics, is really the precious metals division, which isgoal trading and selling a goal bars and coins which is very reflective of whatthe goal price is on that day. So I job is really dynamic forecasting, dynamic fixing of prices, looking at the market and basically responding to themarket within seconds, if not Milli seconds, to change the pricing and everything.So yeah, I might team plays a key role in driving all thosebusiness forward and at a strategic level we are also very much aligned with thebusiness strategy and drive the business strategy in so most of those strategies are reallyvery much driven by insight bottom up, and the recommendation, initial recommendation tothe business goes from our team. So it's quite a pivotal role it.It's a role it's from the team's perspective. It goes through the breadth and depthof the roilment. Oh, I fantastic. I love how that's kindof structurally at three different avenues. there. You guys are leveraging the data toreally drive those strategies forward, which is huge, especially in today's environment. You know, Simiar, you were voted one of the top one hundreddata leaders by data IQ in the past year. So how have you reallyseen the modernization of data evolve over time? Yeah, so it's a good question. I think the modernization, obviously...

...we all know about the technology thatis driving it. The technology has becoming has become faster, quicker more effective. Similarly, the amount of data that we are generating is bigger, better. They always talk about the veracity, velocity, volume and and the vs. from my perspective, my different spin on this is the mindset and theway that data should be treated, is treated is has changed, and thatis what I call data modernization, rather than the technology itself. I meanthe analogy is clearly during covid times, the whole country strategy is led bydata, is led by insights. I mean, when was the last timewhen a prime minister of a country and the chief chief medical officer comes andgives press conference, which is all about data and decisions are all about whatthe data is telling us, what the protecting modeling tells us when to lockdown a country. So that is typical modernization, saying, okay, youlooking, you're looking at the data and you're driving the whole country strategy basedon data. It doesn't obviously the people read data and make decisions which whichalways they don't get everything right, but that is what I call modernization.It's a modernization of mindset. It's the modernization of culture, it's the modernizationof how data is driving out, how data literacy is driving decision making isthe highest possible level, which really is impacting every individual within the country.That is a that's a really good point. They're saying that. You know,it did start with the prime minister and a leverage in the data thereto wead the country in the strategies. How have you seen a teams kindof adopt this methodology to use this at to use their data and you know, how the information they have their fingertips as their commercial driver? Have youseen this interning? Very much. So I'm so. I mean, forme, I think there's two arms. I mean, you can you cancut it in various ways. I call it offensive and defensive. The defensiveone really is how I got the data...

...structure right, how I got thedata management right. The defensive one is really the data being the enabler andthe utility for the organization. Okay, so that's that's what data engineers usedto do. The more exciting bit not saying the defensive one is not excitingbecause you have you have to lay the foundation. The more exciting bit andthe modernization and which which might team. I'm trying to instill. That isthe confidence of being proactive and of what I call offensive so go away andrecommend new products, go away and recommend new business ideas, go away andrecommend innovation, disruption. Look at the data and the out what I alwayscall the outliers, of today will form the norm of tomorrow. In thepast, the analytical team would read an outliers. Okay, this is anoutlier, remove it from the modelaying I will concentrate on the norm, butit's the outliers that dictate the as I said, the norm and the fashionand the regularity for tomorrow. So the offensive thing for me and the modernizationand the and the confidence that every leader needs to instill in the team isreally how to be confident in taking that outlier and studying the market around that, figuring out which one is a fake outline, which one is a realtrend going forwards, and then basically pushing the business forward saying look, thisis a trend. I really believe, through the evidence that I've got,that this will become a normal very soon, or either we follow others and watchwhat the norm is or we start to disrupt the market. And there'slots of examples within the Royal Mint and within other organizations I've worked whether wehave picked up one or two norms which has really opened up a new revenuestreams, which has developed new markets in different territories for for four companies.So the data analyst and the data scientists or today should be well, shouldget it to the defensive, but it should also be confident enough to drivethe business strategy through their offensive approach.

I really love the you just mentionedthere about talking about, you know, look at what the outlier data isshowing, see if that is a trend, seeve that there's like a it couldbe an untapped strategy and untapped market it could be something that you coulddouble down on if you drive the results. Just from like my experience, whenI'm thinking like from like a sales there's always going to be a youknow, the maverick in sales that and that's kind of that the outlier person. But there could be breakthroughs living there that then you could replicate across allteams or drive strategies for it as well. That's such a great call out.Yeah, the beauty of being a college data Maverag in your terms itin. The beauty of that is that this datum maverick is led by moreevidence. He is not taken the outlawyer just per se. He has investigatedthat outlawyer, looked at market data, competitor look at every bit of dataand then they will be probably one outlier out of ten or something like that, which will be a real trend changer. The beauty is identifying that, gettingmore data to support or negate that and then presenting that data as avery credible next generation disruption to the market. Yes, that brings me on tomy next question. Here. Some mireor so previously, we talked about, you know, the importance of using data to really drive the conversations,especially in you know, when you're looking like driver outcomes and you want tohave data in the boardroom. Can you kind of elaborate what that really lookslike when you're talking about having data in the boardroom? For me, thathaving data in the boardroom is again going back to its more mindset. Atother than lots of companies have gone down the route of having a cdeo ora CEO or a CDA or the chief information officer, which is good,which is which is good stepping stone. That means the company's thinking about theimportance of that, that function, functionality within the business. But really oneperson cannot like, I mean the whole concept of marketing. Who owns theconsumer? Everybody owns the consumer. Everybody...

...needs to impact and work towards improvingcustomer experience. Data is very much data in the boardroom is very much thesame. Every executive in the boardroom should understand the importance of data and shouldunderstand what it brings to the table in their own areas and across the organization. For example, for the HR person, for the C HR or HR director, in the boardroom, it's all about how many employees are churning.Do you know why they're channing? How do you stop them? The productivemodeling around HR analytics and the churn analysis. That's how the data can help themand their own work streams. Finance forecasting is always a big thing.That's how time we can the data signs, can apply time series and other sophisticatedmethods rather than spreadsheet forecasting. So it's a case of for me,the data in the boardroom is every skill that a data person and every bitof data that they have how they can impact their own teams at a botha and operation and at a strategic level, and it's understanding of that and theCDA or the cdeo makes them understand that. But then from then onit's a mindset change in the new ways of working that they have to adopt, and obviously the cheer leader within the boardroom has to be the CEO andthe CDO who's leading that mindset change. So data in the boardroom is equallyabout personalities and who is present in the boardroom. It's about what they doto change the mindset and make people realize how important data is to all oftheir teams and obviously to drive the business strategy forwards. That's all true itself. From the top down, it's going to be everyone's going to be onboard day it's how are you really implementing it? How are you talking aboutit and using it? On the outside of that, would you say thatif companies were not making this shift already, this could prevent them from scaling defficiently? I think yeah, I mean every company is different. It's quitecontextual, isn't it? But I think if they're not looking at their businessfrom what I call a data Lens,...

...then they are missing out on something. So I mean typical example is, for example, even big companies oftoday, let's say Google and facebook. Google had no credible commercial platform.It is big brand, we all know, we all use it day in aday in a day out, but up until ten, fifteen years agoit did not have a credible commercial model until it introduced the paper click atwords campaign. And what is that? People giving the data and Google buildingon data that we give them. If that data did not exist, nocommercial, credible model for Google would have existed. Same with facebook. FACEBOOKmakes more most of its money through through what data we give them, whatwe tell facebook about us, and then it bids on that shows us contextualtargeting and things like that. So again it's that data Lens. If youdon't use that Lens, you're missing out either on a big commercial driver forthe organization or you might be missing off completely to make your business commercial.And Curias, you know, semere. I'm what are some keyed tools thatyou're using to ensure that your team's over at where meant, are leveraging thedartity drive their desired outcomes. Yeah, I think the tools at every levelis we're not using any earth shattering tools, I think, Caitlin. I thinkthe tools are as said, the tools are tools of a reporting.For example, we are on the Microsoft suite. We use the whole ofthe Microsoft suite. We use as your as UML and all those platforms,obviously for reporting, an EMI and automation. We use power Bi and things likethat. For predictive modeling we use Python. So I don't think wedifferentiate ourselves in the tools that we use. I think again, the differentiation comeswith how good your data is, how how are you extracting it andhow much time you're spending in actually looking at the outcomes, because tip typicallyit's a case of analyst would be use a tool, do a job,move on to the next job. I think one of the things we havequite imboved within the team is once you finish a job, you give yourselfat least a day or two to think...

...about what you've done, to lookat the outputs, to give tangible recommendations to the business and also the nextsteps, saying, okay, this is something of a trend, we needto investigate further, for example. So it's the thinking time. I thinkthat's the main I would say that's the main differentiation. But, as Isaid, the tools are important to get the work done. It's just theexperience and the thinking time after you've used those tools trick to extract the rightinsights. Thank you so much, mere, for sharing your insights here on theimportance of data making sure that not only are you playing it back tothe data and insights that you you have, but how are you driving that cultureand conversation forward as well? Lastly, some mere I would love to knowif there's one book that you would recommend toory listeners that's had an impacton your career development. What would that book be? Yeah, it's typicalto choose one if I choose, if I can choose too, because bothof them have been a kind of career defining moment for me. So oneof them was when I was doing my masters in business and I was workingon a dissertation on Customer Loyalty and Club Guard and stuff like that, andand I read a book called scoring points by Clive Humbay and Terry Hunt.They were the ones who set up the whole concept of using customer data totarget back and the whole concept around the TESCO club guard and the loyalties game. The penny drop of this is back in two thousand and four when Iread that book and that was really their career defining moment for me, saying, okay, I've done my engineering and I'm now doing my business. Atthat point I wasn't right shore as. So what's the overlap between the two? When I read that book I said, okay, now data has become suchan important entity and the analysis and the outcomes of data that it canchange business operating models and if it can change it for behmoth like Testco,it can change it for anybody. So that really became my saying I wantto develop my career in this analytical field and my engineering degree and my businessdegree both can collide together and give me that give me that strong platform.So that was one thing. Then the...

...other bit. I've always been interestedin sports and use of data within sport. So again, they everybody might haveseen the movie or the Book Money Ball. I first read the book. It was more around how Oakland, Oakland Team, uses quite intelligently usesdata without having proper funding. They end up winning the tournament and beating thebig, big guys. So that really was my my initial sort of foray into. I want to become a non executive director or a director withinsporting organizations, I mean non executive rector to sporting organizations currently and using dataand guiding them to use data for player strategies, match strategies, play recruitmentand things like that. So those two books are really really key and definingmoments for my team. Everybody's got their different choices, but for me genuinelythose two have made me do something different in my career. Amazing. I'mthat I've seen the movie money ball. I've not read the books. AreTo add in there, but I'm curious to mere what is your goal tosports team. Well, I'm very much into cricket. So yeah, Imean it's yeah, I mean there's no up to us. I there's nogo to sports team. For me. It's it's my passion is I needto use data to raise awareness of the sports that I like and to getmore people, more people driving, and for teams to get more successful.So any team who really uses data in the most fascinating way will be willbe quite interesting for me to watch. Oh, I love that. That'sfantastic. So, sire, if any of our listeners wanted to reach outto you after today's episode, where would be the best area for them toconnect with you? You can always connect on Linkedin, some a raman andby email. I run my own side data consultantcy which is monetizing data.So you can always reach me on submit at Data Monet Code Ort UK,and I will be very happy to share insights and learn from each other.All right, fantastic. Will you heard...

...it here first had a leverage datain the boardroom. Samiar, thank you so much for joining us today andhave a fantastic after it. Thanks careclar this was another episode of the salesengagement podcast. To help this get in front of more eyes and ears,please leave us a shining five star review. Join US at sales engagementcom for newepisodes. Resources in the book on sales engagement to get the most outof your sales engagement strategy. Make sure to check out outreach that ioh,the leading sales engagement platform. See you on the next episode.

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