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50 The McKinsey Mind

McKinsey alumni suggest that this area is also one of the most sig-
nificant opportunities for improvement in other organizations. As
described in our model in the introduction of this book, we suggest
a balance between fact-based analysis and intuition. The key, how-
ever, is balance. Our hypothesis is that much of the daily decision
making in business lacks rigorous, fact-based support, a McKinsey
imperative and obsession since the Firm’s founding in 1923.
In this chapter, we dive deep into the exciting world of data
gathering. We begin, in the first section, with an overview of
research strategies. We also share some successful techniques for
conducting meaningful research—“gathering data smart” as one of
our alumni put it. We get to the nitty-gritty with specific research
tools widely recognized as best practices in and beyond McKin-
sey. Although some of these tools may sound familiar, their suc-
cessful implementation with limited resources presents a constant
challenge. The first section also identifies some of the best sources
for data gathering, many of which are available free.
The second section takes you through one of McKinsey’s most
important data collection tools, the interview. A few incisive inter-
view secrets can greatly improve the quality of your decision mak-
ing. Follow our tried and tested techniques, and you’ll boost your
chances of uncovering those choice nuggets of information.
Finally, we’ve included a section on knowledge management
(KM), one of the hottest current topics in business. In addition to
describing effective KM strategies and tools, we share stories of
how McKinsey alumni have successfully transformed KM efforts
in their post-McKinsey organizations.
We considered writing a section on how to make research fun
but lacked sufficient fact-based support. So we just focused on how
to conduct it as painlessly as possible.