Lately I’ve been thinking more about about going beyond merely looking at backward-looking data and metrics (e.g. The Definitive List of Weekly Operational Metrics for SaaS Startups) and learning how historical data can be used to inform what will happen (predictive analytics). Derek Kane has a Slideshare titled Building and Sustaining Predictive Analytics Capabilities. On slide 26 he defines hindsight, insight, and foresight.
- Hindsight – What is happening?
- Insight – Why is it happening?
- Foresight – What will happen? What should happen?
As startups mature and improve their operational excellence, insight and foresight become logical additions to the weekly business review. Entrepreneurs would do well so start asking the questions “Why is it happening?” and “What will happen?”
What else? What are some more thoughts on hindsight, insight, and foresight?
David Cummings on Startups 