Competition should not be for a share of the market-but to expand the market.
W. Edwards DemingRead
He that would run his company on visible figures alone will in time have neither company nor figures.
Interpretation
What this quote means
Relying solely on quantitative data for decision-making can lead to failure in a company.
This quote by W. Edwards Deming emphasizes the importance of balancing quantitative data with qualitative insights in business management. It suggests that while numbers are essential for tracking performance, a narrow focus on metrics alone may overlook critical factors such as employee morale, customer satisfaction, and overall company culture, ultimately jeopardizing the organization's success.
Themes
BusinessManagementDataDecision-MakingNumbers
In practice
Example use cases
A business conference discussing the importance of qualitative insights in strategy formation.
More from W. Edwards Deming
All quotes βThe job can't be finished only improved to please the customer.
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Don't expect smart people to listen to you without proof.
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Quality begins with the intent, which is fixed by management.
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Learn the basics of analytics and people will love you. If you don't have time to learn, hire someone.
W. Edwards DemingRead
Just because you can measure everything doesn't mean that you should.
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