How to Speak Human - Turning Big Data Insights into Actionable Business Strategy
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Transcript of How to Speak Human - Turning Big Data Insights into Actionable Business Strategy
How to Speak Human:Turning Big Data Insights into Actionable Business Strategy
Intermountain Big Data Conference 2015
www.emperitas.com / 801.810.5869 / 4609 South 2300 East Suite 204, Holladay, UT 84117
Hi, I’m Luciano Wheatley Pesci…
Founder & Director, Utah Community Research Group (UTAHCRG), Univ. of Utah
• Teach microeconomics, statistics, applied research & data analytics, and American economic development & history
Co-Founder and CEO, EMPERITAS
• Economic artificial intelligence that helps tech companies beat their competitors through profit acceleration
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My Basic Argument Today
• Failure Everywhere: 50% of the ongoing Big Data projects are destined to fail
• Start With Strategy: Successful projects start with a clear strategy and the support of the entire organization
• Add Primary Research: Big Data insights are too cryptic for decision-makers, they need to understand the human behavior behind the data
• Have a Conversation: Effective data scientists turn complex results into bite-sized insights that inform the original strategy through conversations
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Failure Everywhere
Half of Big Data Projects Will Fail
• “I predict half of all big data projects will fail to deliver against their expectations.” –Bernard Marr, Forbes (May 2015)
• Organizations lack data culture: no overall data strategy, unclear goals
and expectations when hiring data talent
• Data and insights isolated by department (siloed)
• Results are too complicated for decision-makers
to understand (analysis paralysis)
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• Everything will be connected. Everything.
• It will allow you to quantifying the previously unquantifiable
• Requires “Big Theory” to turndata into organizational sucess
• 60% of organizations will NOT survive the Datapocalypse
It’s Gonna Get Worse: The Coming Datapocalypse
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Start With Strategy
Call a Kickoff Meeting
• You’re in a unique role to bridge departmental divides because of your connection to the data
• Talk with all stakeholders (middle managers, analysts, etc) not just DMs
• Vet problems by using the 80/20 rule
• Identify overlapping needs and opportunities (there will be many)
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Get Everyone On The Same Level
• Bring everyone together to set goals for the project
• Ask how stakeholders and DMs will use the information once they have it
• Agree on how project “success” will be measured
• Publically assign roles & responsibilities, timelines, and milestones
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Add Primary Research
Start Small with Secondary Research & Qualitative Insights
• You rarely have to start from scratch. Rely on secondary research to start your project
• Conduct expert interviews inside and outside your organization to piggyback on existing knowledge
• Use qualitative methods such as depth-interviews and focus groups with relevant customers/users
• Summarize findings and make recommendations to stakeholders and DMs before moving into quantitative phase of research
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Expand to Quantitative Primary Research
• Quantitative doesn’t have to mean big, expensive, or long
• Approach research in sprints (two weeks) and be ready to change direction as needed
• Don’t wait months and months for a big “reveal.” Keep organization regularly updated as findings are coming in
• Always focus on the human component of the research and use experimental designs
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Fuse What You Know With What You Have
• Combine secondary research, qualitative, and quantitative research findings with your
Big Data analysis to form a complete model using more (and better) data
• Run simulations based on the strategy goals you identified early on so
you’re prepared to guide conversations when you present findings
• Reduce complex relationships and differences into
their simplest form and use visuals heavily
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Have a Conversation
Communication Will Be The Key
• Surprise! People who are good with numbers/computers are rarely good at communicating in simple terms. It’s a skill that can, and must, be learned if the results are going to be used
• Gather everyone in person to deliver small insights and recommendations, guide the conversation with what you’ve prepared
• Don’t think of it as a single-shot presentation. Instead, schedule time for stakeholders and DMs to sit with the findings then meet again to discuss next steps
• Revise, Revisit, Repeat
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Let’s talk…
Thank you for having me!
[email protected] / www.emperitas.com / 801.810.5869 / 4609 South 2300 East Suite 204, Holladay, UT 84117