Archive for August, 2012

Turn Data Into Wisdom

Tuesday, August 28th, 2012

The following communication and knowledge management model called DIKW expresses how we process information—starting with raw data and mastering it as wisdom. The acronym represents data, information, knowledge and wisdom. Ideally, each member of your team uses all four components—whether analyzing and solving a unique customer-service issue or making a subtle change to better serve a customer’s needs. Here’s how it might look in practice:

Data: These are the raw facts. An employee might notice, for instance, a puddle on the floor. Unless she looks for some context, however, awareness of this fact won’t lead to a solution.

Information: This involves understanding how different pieces of data connect to each other. An employee sees water (what) on the floor (where), drips (what) currently (when) falling from (where) the overhead pipe (what). Conclusion: There’s a leaky pipe.

Knowledge: Now it’s time to do something about the leak. Data and information are combined, understood and proper action is taken. The ‘how’ is figured out and applied. The employee knows it won’t go away on its own and that someone might slip on the puddle; she, therefore, alerts the maintenance staff.

Wisdom: As the employee becomes more seasoned in her role—and empowered to act—she will easily identify the ‘why’ of a problem and know instinctively how to pursue a resolution.

 

The Point: With the help of a DIKW model, you can teach your employees to analyze the data they encounter and bring you solutions—not problems.

 

Source: MarketingProfs Daily Fix

Originally posted by 1851 Franchise Project

If prospective franchisees are looking for signs of economic hope before venturing into franchise ownership, they don’t need to look far. “Simply look at the most recent franchisees in the brand you are exploring,” said Tony Padulo, Vice President of Franchise Development at Goddard Systems, Inc., franchisor of The Goddard School.

“The mood is very positive, especially compared to the mood over the last few years,” he explained. “The economy is still challenging, but our leads are less hesitant in the process and more optimistic. They are much more forward moving this year over last.”

The Goddard School has experienced an uptick in franchise opportunity interest this year, including 14 signed deals. Additionally, on the real estate side, 10 new sites were signed for Goddard School locations, up from 5 at the same point last year.

“We have been pleasantly pleased with our development so far,” Padulo noted. “Our goal is to sign 36 new agreements this year, and we are on track.”

In agreement with this positive outlook is Eric Little, Senior Vice President of Franchise Development for Right at Home.

“We are experiencing a very positive shift in the mood of our prospective, brand new and existing franchise owners,” Little concurred. “Just last week we awarded six locations to three franchisees. New franchisees are coming to the table thinking about their own growth much quicker than before.”

Little said that in the past, franchisees would wait several years before purchasing additional territory. This year, franchisees who are just finishing up their first year are looking at multi-unit ownership as a possibility, and new franchise owners are doing the same.

“There is new optimism for franchise owners,” he said. “The mood shifts are definitely signs of improvement.”

Cautiously optimistic is Matt Haller, Vice President, Public Affairs and Chief of Staff to the President & CEO for the International Franchise Association. He said that, while the sentiment is improving, there is still an asterisk to note.

“The mood has improved slightly as franchisors are generally more optimistic about growth in 2012 versus 2011. However, credit access and uncertainty regarding tax rates beyond 2012 continue to hold the industry back from its full potential for growth,” Haller said. “With additional access to capital and more certainty on tax rates, the industry would be well-positioned to reach its forecast for modest 1.6 percent growth in new establishments this year.”