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Gathering the Data 55

By devoting more thought and attention to data gathering, you
will be able to generate credible insights you might not otherwise
reach—and with the fact base, your insights will be credible. By
relying more on facts, you should be able to increase the impact
of your analyses and recommendations within your organization.
Use Dan’s example, and spread the word on the power of fact-
based insights.
Build the proper infrastructure. McKinsey has the luxury of
abundant resources for data gathering. In addition to the extensive
databases that codify all studies and expertise within the Firm,
McKinsey employs information specialists, who run office libraries
and assist consultants in their data gathering. Lists of studies,
names of experts, “sanitized”* reports, industry studies, and Wall
Street analyst reports reach a consultant’s desk on the first day of a
new study. The consultant receives not just lots of information, but
the right information.
A former McKinsey-ite who is now an executive at a major
financial institution recognizes that most companies’ data support
efforts don’t reach the bar set by McKinsey:

I find that most companies do very little in this regard, and
their efforts are very spread out. We have a corporate library,
but I miss the value of conversation with an expert who
understands business and knows exactly how to point me
in the right direction.

We won’t venture an estimate of the exact budget needed for
data collection activities. Suffice it to say that you should proba-
bly spend more than whatever you currently are spending. At
McKinsey, consultants rely on internal reports, industry reports,

*Sanitized reports are client documents that have been modified for sharing within the Firm.
To ensure confidentiality, client names are eliminated from sanitized reports, and financial
or other data are disguised.