How to make data actionable for business?

Speaker: Ravi Padaki

Workshop Sponsored by

How to make data actionable for business?

Torture the numbers until they confess!

Agenda

• Who is this for?• What is this about and not about?• Planning for Data• Actionable Data for Business Framework• Hands-on examples• Key Takeaways

What do I mean by Data?

Data {noun}: reporting and analytical products, servicesor solutions

Who is this for?

Creators of Dataproducts/services

Consumers of Dataproducts/services

Data {noun}: reporting and analytical products, services or solutions

Creators• Skilled in providing

better insights

• Skilled in designingdata that is contextualto the user

Consumers• Skilled in articulating

needs for analytics

• Skilled in sponsoringanalytical capabilitiesin your organization

What you will get out of this?

Structure to develop• Data Strategy

• Alignment

• Differentiation

• ROI

• Data Planning

• Data Design

Structure to consumedata• For faster decision

making

What is this about?

What is this not about?

• Data Mining and Warehousing Technology• Evaluation of Statistical and analytical models• Exploratory data analysis

When do you start planning for data?

ProactiveReactive

ProductStrategy

ProductRoadmap Launch Support

Start early!

Why is this topic important?

Value for Business?

Storage &Compute

People

AnalyticsResearch

Whatpercentage of

revenue isdriven fromdata and

analytics?

Whatpercentage of

revenue isdriven fromdata and

analytics?

The Data Pyramid

Analytics(Intelligence)

Reporting(Information)

Raw Data

Value

• Give me all themetrics you have(because I don’t knowwhat I am lookingfor!)

• So much data and yetno insights!

• Great Insight, sowhat?

General Observations

Raw Data

Reports

Analytics

Path to Data Driven Business Decisions

How quickly can you collapse the path to decision?

DECISION DECISION

The Actionable Data for Business Framework

Business GoalBusiness Goal

Task 1Task 1

Task 2Task 2

Task 3Task 3

Task 4Task 4

Data Set 1Data Set 1

Data Set 2Data Set 2

Data Set 3Data Set 3

Data Set 4Data Set 4

Decisions

What if we ask the Question:

What data do you need…?

… to complete your business task?

… to achieve your business goal?

Map Data to Business Decisions

What data do you

need…?

… to complete yourbusiness task?

… to achieve yourbusiness goal?

Data

BusinessTask

BusinessGoal

Example – Imagine you’re a BMW car dealer

Increase salesIncrease sales

Manage PricingManage Pricing

Target buyerTarget buyer

Analyze demand byinventory

Analyze demand byinventory

Manage inventoryManage inventory

Data Set 1Data Set 1

Data Set 2Data Set 2

Data Set 3Data Set 3

Data Set 4Data Set 4

Decisions

Example – Imagine you’re a BMW car dealer

Increase sales

Manage pricing

How are mycurrent offers

doing?

How muchdiscounts willspur sales?

Target buyer

Who has beenbuying from me

so far?

How is BMWfaring in my

demog?

Who are mymost valuedpersonas?

Analyzedemand byinventory

What havecustomers been

buying?

Which series ispoised to sell

fast?

ManageInventory

How much isremaining/sold?

How much do Ineed?

Creators of Data

Increase salesIncrease sales

Manage PricingManage Pricing

Target buyerTarget buyer

Analyze demand byinventory

Analyze demand byinventory

Manage inventoryManage inventory

Data Set 1Data Set 1

Data Set 2Data Set 2

Data Set 3Data Set 3

Data Set 4Data Set 4

Decisions

•Design data for quickinsights

•Provide right data to theright user at the right time

•Study gaps in analyticalcapabilities to deliversuperior insights

Consumers of Data

Increase salesIncrease sales

Manage PricingManage Pricing

Target buyerTarget buyer

Analyze demand byinventory

Analyze demand byinventory

Manage inventoryManage inventory

Data Set 1Data Set 1

Data Set 2Data Set 2

Data Set 3Data Set 3

Data Set 4Data Set 4

Decisions

• Get to decisions faster

• Articulate questions toempower decision making

• Sponsor/champion forclosing gaps in analyticalcapabilities

Business Goals – Tasks

Goal 1

Task 1

Task 2

Goal 2

Task 3

Task 4

Goal 3

Task 5

Task 6

Business Goals can have Overlapping Tasks

Goal 1

Task 1

Task 2

Goal 2

Task 1

Task 3

Goal 3

Task 2

Task 4

Benefits of this framework

• Data is Meaningful and Actionable• Data is Relevant and Contextual• Decision Making is Easier and Faster

Analytical Capabilities

Past Present FutureInformation What happened? What is

happening?What is going tohappen?

Analytics Features Reports Alerts Forecasts

Insight How and why didit happen?

Why is ithappening?

What mighthappen?

Analytics Features Modeling Recommendations Prediction andOptimization

Source: Thomas Davenport, Jeanne Harris, Robert Morison from the book Analytics at Work

Analytical Capabilities

Raw data

PerformanceReports

Forecasts

Recommendations

Predictions

Hands on assignment

Your Key Takeaways!

• Plan Data Early• Make data work for you!• Map data needs to business tasks and goals

Thank you!