Interview with Kathy William Chiang: Things You Should Know and Do With Your Data

Kathy William Chiang VP, Business Insights, at Wunderman Data Management, is a co-author of the new book, Monetizing Your Data: A Guide to Turning Data into Profit-Driving Strategies and Solutions [Wiley]. With the explosion of information available from emails, online searches, text messages, blog posts, and postings on Facebook and YouTube, Chiang has seen a shift in how data is being used across all business sectors and have unique insight and knowledge into the analytics that business leaders should be using to increase their profit.

Read on for what Kathy has to say.

Faten Abdallah (FA): Why is it important for companies to collect data?
Kathy William Chiang (KWC): Data captures the life flow of the business. It is a record of each and every activity that the business conducts. Since practically every key system that a company uses is now computerized, such as CRM, Point of Sale, Production Management, Billing and so on, a digital record of every important activity the company undertakes is available to be collected, stored and studied.

Through collecting and analyzing their data, companies have a window into the health of their business. This is analogous to going to your doctor to have medical tests performed. You may be feeling just fine but when data on vital stats is collected, potential underlying issues are revealed that if addressed early can be prevented from impacting your health.

If companies don’t collect, monitor, and analyze their data, they will end up making decisions based on feelings or prior experience which may not be representative of the market forces they currently face. Without a good understanding of the trends and patterns of their business, managers can find themselves reacting to the noise of the day. Today’s sales are down, yesterday’s were up. How do you know which is more representative of the trend?

FA: What kind of data should companies collect?
KWC: The short answer is all the data they can at the most detail level possible.

This is because you cannot predict what business challenge you will face this week, next month, or next year. Is it a demand issue? Then comparing seasonal patterns of sales by product type is important. Is it a supply issue? Then looking at production output, completed orders, backlog will be key. Is it a product quality issues, then looking at customer complaints to the service center or online comments are critical. When an issue arises, if you don’t have historical context to examine, you will be flying blind when deciding how to react.

Additionally, you want to keep the data as granular as possible, that is data at the level of individual transactions. Summarizing and averaging data causes valuable information to be lost. If one particular plant or supplier is the source of a production issue, this information can be lost if production data from all sources are summed up to save space or reduce the quantity of records.

The dramatic reduction in data storage costs, the increased power of computer technology and the proliferation of cloud based systems are making storing and accessing core business data a financially feasible proposition for companies large and small. These new technologies are leveling the playing field with respect to business analytics for small and medium companies. Competing on Data is no longer just an option for large enterprises.


FA: Often times, it is common to find data stored with no action.  What should companies do with collected data?
KWC: Having just said you should keep any and all of your data, the flip side is that you should not simply start funneling all that data to your managers. Being overwhelmed by a flood of data, reports and analytics is a common problem today.

Once companies have made the effort to collect a treasure trove of data, the temptation is to try to use it in daily business but oftentimes astrategy to use it to drive actions and decisions is lacking.
A common mistake companies make is to think they can hire data scientists to mine their data for ‘nuggets’ that will then give them insights on how to improve the business. But as the old adage goes, if you don’t know where you are going, any road will take you there. Managers need to spend time thinking through the actions they need to take and architecting the decision process to make those actions productive and meaningful.

Data is the ‘hard’ quantitative side of the business, but the ‘soft’ qualitative side is equally vital to making smart decisions. Being aware of and actively managing biases and points of view that managers bring to the table when facing a business issue, helps companies to make more objective and thoughtful decisions. Furthermore, historical data of the business can reveal insights about the future only to a point, probability and uncertainty also need to be considered when developing strategies and plans.

FA: What are some tools useful for collecting and implementing data driven information?
KWC: Tools needed to collect, store and analyze data are becoming increasingly affordable and easy to use. A good database to store and structure your data is a must. Add to that a good data visualization tool and you have everything you need to get started. All of these assets are available as on-premise or cloud-based services eliminating the need for large up-front investments.

In business, there is a common expression. If you don’t eat your lunch, someone else will. Competing on data is now a core business process. If you don’t start learning how to deepen your understanding of your customers, their needs and wants, then someone else will come along and serve them better.

Bringing data into your business management and decision processes is a journey. No one starts the process with a perfect understanding about how to go about it and everyone is learning more each day. The important point is to get started.

We talk about the ideas presented here in much more detail in our book, Monetizing Your Data: A Guide to Turning Data into Profit-Driving Strategies and Solutions, available on Amazon.com. You can also go to our website: monetizingyourdata.com for more information and tools to help you start your journey.

Interview with Leslie Gallin, the #GirlBoss Executive Paving the Way for Footwear

Leslie Gallin, President of Footwear at  UBM Fashion,  oversees all of UBM Fashion's footwear trade shows, including FN PLATFORM @ MAGIC, which she single handedly launched in 2010.

Leslie started her career at a time when #girlbosses were a rare breed and worked her way to become one of the industry’s most respected leaders. Through FN PLATFORM @ MAGIC, Leslie works with retailers and designers to accommodate the needs of consumers. She doesn’t follow the trends, rather she sets them. Leslie’s dedication and continuous work with brands also includes a nurturing component, in which she helps emerging designers find their place in the massive footwear industry, helping them establish a name for themselves. Some of today’s largest brands grew under Leslie’s guidance.

Faten Abdallah (FA): You’re the President of Footwear at UBM Fashion. What inspired you to get into the fashion/retail world? 

Leslie Gallin (LG):  I grew up in a time where people dressed.  The finer the clothes the impression / perception was the more successful.  It also posed the opportunity to travel.  I wanted to be around smart , stylish , creative well-traveled folks.

FA: How did you enter the fashion world?

LG:  I originally started in the fashion industry running apparel divisions for Geoffrey Beene, Louis Feraud, Escada and ABS.  After several years, a friend of mine introduced me to someone who was taking over a “Shoe Trade Show” called WSA and this is where it all began.  It was love at first try on and I quickly realized footwear was my passion. The footwear industry has changed tremendously and it’s been really amazing to see the growth of this industry through the years.

FA: What is a typical day in your life as the President of Footwear at UBM Fashion? 

LG: Networking, mentoring and strategizing for the next 18-months is my daily routine.  Every day is fun.  Both sides of the aisle ( as I like to say) which our business services are full of wonderful people who are passionate and they inspire me and the work that we do.

FA: Let's talk about footwear.  What are some things people should look for when deciding to purchase new styles?

LG:  I always suggest planning for the future, never wait until the last minute to find shoes or an outfit.  Have ready to go standards – women and men- Black – Brown – heels or dress shoes.  Always have special occasion and casual beach footwear just in case… and of course, have fun… go for something out of your comfort zone- bright color, fabric and or style.

FA: Another show is coming up.  Can you tell us about that?

LG:  FN PLATFORM  will be taking  place this coming August 14^th to 16^th in Las Vegas. The show is what I like to call, the “Davos” of the footwear industry. Global leaders in the footwear industry come together twice a year to shape the industry, network and shop for shoes. Our showcase is the pillar of branded footwear and offers men’s, women’s, junior’s and children’s brands from more than 20 countries. Every show is special but this show, we’re offering a truly innovative overall experience that will reach beyond transactional lines to integrate interactive activities that will touch all the senses for a modern and all-encompassing feel all under one roof. We have celebrities such as Blair Underwood coming on-site to launch their collections, several art installations that will offer an interactive, visual experience, educational seminars and networking opportunities and the launch of our Emerging Designer showcase, to nurture and guide six hand-selected promising young designers.

 Today’s world , it’s all about the experience. People are interested in the story behind a brand or a store. They want to touch and smell and be moved by the philanthropy of a brand/ retailer.

Visit us at 

·         http://www.ubmfashion.com/shows/fn-platform

·         Follow along on Instagram @FNPLATFORM

Guest Post: Female Entrepreneurship Breeds Limitless Opportunity

 By Danielle Tate 

 Author of Elegant Entrepreneur: A Female Founder's Guide to Starting & Growing Your First Company

Three years ago Sheryl Sandberg challenged women to “lean in,” but we are leaning into the wrong career path if our goal is power and happiness. While the concepts from her book are valid, they should be applied beyond the realm of corporate America to female entrepreneurship.

Entrepreneurship is a better pathway to control and happiness for women. Applying many of Sandberg’s initiatives to the entrepreneurial world, instead of Corporate America, will yield faster and more rewarding results for women in every nation. I enjoyed my time working for a large corporate company for two years, but it wasn’t until I became an entrepreneur that I felt the power and freedom of controlling my company, my career, and most importantly, my life. With almost a decade as a female founder under my belt, I have watched my working peers make tough decisions as they juggle their family and careers. I have also watched my stay-at-home peers raise their children and wonder what they will do as their children grow older and need them less. Both examples support why entrepreneurship is an ideal vehicle to create and achieve success as a woman.

Women are needed in top positions in all companies, but there are far fewer obstacles and stigmas to overcome when you are the CEO of your own company. For example, if you founded your own company, there is no chance of your gender negatively influencing your authority to run the company and make tough decisions. Also, your business ideas will be taken seriously from the get-go, and you can comfortably state them in a direct fashion without fear of unwarranted criticism. Female entrepreneurs will still need to handle tremendous responsibility and pressure to succeed, and “lean in” as one should, but the work they do is for themselves and therefore the stress and hurdles are well worth ultimately controlling their paycheck, working hours, and definition of success.

Female entrepreneurs have more control over their job security and fulfillment than their corporate peers, which leads to higher levels of happiness. A study from the 2013 Global Entrepreneurship Monitor U.S. Report, found that not only are women business owners ranked twice as happy as their non-entrepreneur, non-business-owner counterparts, they also have a higher level of well-being over that of men entrepreneurs. Taking a hard look at my peers, as an entrepreneur and mother, I am grateful for the flexibility in my life. Entrepreneurship is the great equalizer that allows women to have control, determine how much they make, make decisions about their working hours, and have power. Taking control of your life and job through entrepreneurship is quite possibly the best way to foster happiness as a woman.

Sandberg makes an excellent point that women shouldn’t limit their professional aspirations in anticipation of balancing a family. I agree, but the way the world of business is structured oftentimes creates cognitive dissonance in working women. For example, even Sandberg revealed that she worried she would lose her job and credibility by taking maternity leave. In her book, Lean In, she shared “When my son arrived, I wanted to take the three months of maternity leave Google offered, but I worried that my job would not be there when I returned.” I do not believe Sandberg would have experienced the same anxiety if she had founded her own company. When I took two months maternity leave after the birth of my son I had concerns about my company, which is smaller than Google, but experienced zero worry about being replaced during my absence.

To be sure, there are plenty of challenges and stresses facing entrepreneurs. They are responsible for the success of their companies, their paychecks, and their employees in an ever-changing market. They face the task of balancing the needs of their companies and families. Entrepreneurs also face social and ethical responsibilities that come with engaging in the process of continuous innovation and adaptation, and will need examine various levels of accountability with every new product iteration created. 

Yet despite the challenges, being a female founder gives women the power to make their own rules and choices with less guilt or anxiety. The company they are pouring so many of their resources into is something they can pass on to their children. Women entrepreneurs are building a future of opportunities for themselves and their families, instead of just building a bank account. Women need to realize that they have the opportunity and ability to engineer their own future. They do not have to climb the corporate ladder or “jungle gym” to be successful. More and more women are shattering the glass ceilings of “big business,” but if women build their own businesses, they can omit a ceiling of any material and then hire more women to grow with them.

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