Executives need a wide range of what type of data in addition to internal data?

Executives require a wide range of external data in addition to internal data to make informed decisions and develop strategic plans. External data refers to information sourced from outside the organization, such as market trends, competitor analysis, customer preferences, and economic indicators. This data helps executives understand the broader environment in which their organization operates, enabling them to identify opportunities and threats that may not be visible from internal data alone.

By integrating external data with internal performance metrics, executives can gain comprehensive insights that drive better decision-making. For instance, when assessing market conditions or adjusting business strategies, knowing how external factors could influence internal operations is crucial for effective leadership.

This type of data provides context and a competitive edge, allowing executives to align their strategies with industry trends and consumer behavior while anticipating challenges in their operational landscape. Thus, the emphasis on external data is vital for a holistic view, ensuring that decisions are based on a wider range of information.