Moving beyond numbers
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Transcript of Moving beyond numbers
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Analytics, Moving beyond Numbers
Monetize Data – Real Insights in real-time
Sep 2015
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Disclaimer: Participation in this summit is purely on personal basis and not representing VISA in any form or matter. The talk is based on learnings from work across industries and firms. Care has been taken to ensure no proprietary or work related info of any firm is used in any material.
Director, Insights at Visa, Inc. Enable Decision Making at the Executives/ Product/Marketing level via actionable insights derived from Data.
RAMKUMAR RAVICHANDRAN
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Quick recap of what it is
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Analytics -> “Decision making business”
NEITHER ACTIONABLE, NOR INSIGHT!
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THE THREE BIG BUCKETS OF ANALYTICS…
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Prescriptive"what needs be done"
Predictive"what drives it"
Descriptive “What is going on"
EXPECTATIONS ON TYPE OF INSIGHTS ARE CHANGING FROM THESE…
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Overall NPS: 70% (Promoters: 80%; Detractors: 10%)
What are the Promoters happy about?
60% of the users love the simplicity of use of Mobile App 40% feel the recommendations are relevant 30% like the two level authentication feature
What are the Detractors unhappy about?
10% hate the password reset experience 8% feel that password reset link takes too long to reach their email
inbox 5% feel that the text updates don’t provide sufficient information
What new features did the users ask for?
Monthly reminders Functionality for the receivers to confirm the payment FX conversion change alerts
EXPECTATIONS ON TYPE OF INSIGHTS ARE CHANGING FROM THESE…
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Overall NPS: 70% (Promoters: 80%; Detractors: 10%)
What are the Promoters happy about?
60% of the users love the simplicity of use of Mobile App 40% feel the recommendations are relevant 30% like the two level authentication feature
What are the Detractors unhappy about?
10% hate the password reset experience 8% feel that password reset link takes too long to reach their email
inbox 5% feel that the text updates don’t provide sufficient information
What new features did the users ask for?
Monthly reminders Functionality for the receivers to confirm the payment FX conversion change alerts
Recommendation:• Run four App promotions to the Customer base via Ads on Site,
Search engine, Text options in the quarter preceding holiday season.
Business Case: • Significant share of Positive reviews for the App.• App Customers spend 3X time within the App and Annual $
Purchase is 4X vs. Website Customers.• Assuming historical CTR and Impressions purchased over the
four campaigns expected to yield 2M App Customers.• Expected CPA of will be recovered via the incremental spend by
the acquired Customers over the first year.
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MULTIPLE VALUE PROP OF ANALYTICS
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Size behaviors
with KPIs and high level drilldowns (Sizing)
Inform Investigate Predict Optimize Mine
Root cause analysis:
Hypotheses testing via
data drilldowns (Business Analytics)
Determine Causal
relationships (Advanced Analytics)
Experiments on options to verify which one works
(A/B Testing)
Automated relationship
discovery and Data Products
(Machine Learning)
What do I do?
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Quick recap of what it is
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What do we need for this?
WHAT DO WE NEED FOR THIS?
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1 Strategic View
2 Outcome Focused Delivery Framework
3 Organizational Transformation
“Corporate” Strategic KPIs (Lean)
“Business” Strategy Monitoring “Functional” Initiative
Alignment
Strategy Driven Open Analytics Platform (Top-Down) that drives all initiatives
People-Process-Technology-Culture
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Quick recap of what it is
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The Strategic View
CORPORATE STRATEGY
LEAN ANALYTICS – ALIGNED TO STRATEGIC GOALS
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Understand Strategic Goals Aligned KPIs (Lean Analytics) Define “Success Criteria”
BUSINESS STRATEGY Benchmarking Understand progress – action
plan
FUNCTIONAL STRATEGY Continuous Monitoring of KPIs,
the initiatives driving the KPIs and the necessary rejigs
CORPORATE STRATEGY- AN ILLUSTRATIVE EXAMPLE
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Define Strategy for the Business and create metrics to monitor progress against Strategic Goals…
1.Expand the Patient user basea. Awareness and Considerationb. Sign-up Channel performancec. Geo Performance
2.Ensure Top Quality Care for Patients
a. #Patients visiting hospitalsb. Actual usage of Preventive initiativesc. #Return visits per Patientd. Feedback from Patients – Doctor, Care,
etc.e. Uptime of service availability
3.Return per Patienta. Cost of service per Patientb. In Hospital Stay vs. On-call treatment
optionsc. Risk adjusted Premiumd. Availability
4.Expand Offeringsa. Research & Developmentb. Strategic Tie-upsc. Preventive Healthcared. Re-insurance
Current Month MoM (%) YoY (%)
HELPS LEADERSHIP MONITOR BUSINESS &
TAKE PROACTIVE ACTION/RAPID
RESPONSE
CORRESPONDING BUSINESS STRATEGY- ILLUSTRATIVE EXAMPLE
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Monitor performance against Competitors & identify areas of Strengths & Weaknesses…
Firm Competitor 1
Competitor 2
Benchmarking against Competitors (and
drilldowns) gives sound baseline for
performance & helps identify areas of
Strengths/Weaknesses
1.Expand the Patient user basea. Awareness and Considerationb. Sign-up Channel performancec. Geo Performance
2.Ensure Top Quality Care for Patients
a. #Patients visiting hospitalsb. Actual usage of Preventive initiativesc. #Return visits per Patientd. Feedback from Patients – Doctor, Care,
etc.e. Uptime of service availability
3.Return per Patienta. Cost of service per Patientb. In Hospital Stay vs. On-call treatment
optionsc. Risk adjusted Premiumd. Availability
4.Expand Offeringsa. Research & Developmentb. Strategic Tie-upsc. Preventive Healthcared. Re-insurance
CORRESPONDING FUNCTIONAL STRATEGY- ILLUSTRATIVE EXAMPLE
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Monitor performance of Functions (Product Management, Marketing, Sales & Operations) via Balance Scorecard Approach…
Project Description Why? How did you arrive at Why?
Exp Impact on Strategic Metrics Level of Effort Status/
Actuals ActionETA
Product Management
Marketing
Sales
Operations
Finance
Risk
Expected & Actual impacts from all projects are then rolled up to get total impact and then compared against Annual Corporate Goals - Envision new projects/reprioritize
efforts on live ones to meet goals
…Balance Scorecard is regularly updated/monitored to check progress against Goals and requisite actions are taken
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Quick recap of what it is
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Outcome Focused Delivery Framework
TOP DOWN APPROACH
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- Freeze KPIs at the highest level- Assign ownership of KPIs to BUs- Identify Key Levers, Drivers & Segmentse.g., KPI #1: Revenue Levers: UU*(Visits/UU)*(Clicks/Visit)*CPCDrivers:UU= Marketing & PRVisits/UU = Product/UED, etc. Segments: Region, Eng Segments, Product Type
OUTCOMEFOCUSSED
VIEW
REQUIRED DATA INSTRUMENTATION
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- Prioritization/negotiation of metrics
- Incorporate data needs into
PRD/BRD
- Regular check-ins to ensure
progress or suggest workarounds
- QA Checklist & success criteria
- UAT
DATA INSTRUMENTATION
THE DATA MANAGEMENT
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- Efficient Data preparations
customized for different & evolving
needs
- Data Quality/Validation & Change
Management
- Data Governance (Legal/need
based)
- Master Data Management
- Data Lineage, etc.
DATA MANAGEMENT
FIRST LEVEL INSIGHTS
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- BI Reports & Analytics to ensure
validity of insights (Single source of
Truth)
- Connecting the dots across the
spectrum
- Build->Test->Learn->Improve-
>Handover
FIRST LEVEL INSIGHTS
OPEN ANALYTICS PLATFORM
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OPEN ANALYTICS PLATFORM
• Datamarts/Dashboards/Insights• Documentation
• Standard logic, definitions, nuances
• Legal approvals & Access
management
• Map & flow of data & insights
• Communication• Key milestones achieved• Roadmap – short vs. long
term• Guidelines
• New BU initiatives • Change Management• Must avoids & best practices
• Training materials• Past learning
A CENTRAL OPEN ANALYTICS PLATFORM SHOULD DRIVE ALL INSIGHT GENERATION
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OPEN ANALYTICS PLATFORM
STRATEGY
BUSINESS INTELLIGENCE/ REPORTING
USER RESEARCH
FUNCTIONS
A/B TESTING
MACHINE LEARNING
VETTABLE,TRUSTWORTHY
INSIGHTS
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Quick recap of what it is
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Tactical Approach
FOUR DIMENSIONS OF SUCCESSFUL EXECUTION
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PEO
PLE
• Jack of all allied trades: Data->Analysis/Testing/Research->Insights->Recos
• Networking aka Catch the customers when they are comfortable
• Industry contribution/peer learning• Rotational SME Model: Hybrid of Embedded & Centralized Analytical
structure• Big Picture & Connect the dots Mindset: Outsider perspective • Non Analytics mentorship
PRO
CESS
• Iterative Learning & Co-development of Analytics• Customized Delivery• “Operationalize” the standard analytics: To focus on next big
thing• Innovation & Company Knowledge Sharing:• Encourage Shadow IT but come up guidelines for absorption• Not only Business Objectives but also Learning Objective
Focused• 90-10 formalized• Analyze the “Analytics” function and improve
TECH
• Extensible, Modular & Dynamic Technology Framework• Enable customers to engage with insights and get some
questions answered themselves• Available everywhere, every time in the form you need
CULT
URE
• Business Enablement• Customer Needs Focused• Entrepreneurial
SKEW TIME SPENT ON GENERATING RECOMMENDATIONS WITH STAKEHOLDERS
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Objective1 Analyst, Stakeholder
Translation to Analytical Framework2 Analyst, Researcher, Data Instrumentation, & Data Manager,
Developer, Data Scientist
Data Collection and Preparation3 Analyst, Data Manager, Data Scientist
Analysis, Validation & Verification4 Analyst, Data Scientist, Stakeholder and SME, Researcher
Actionable insights and impact sizing5 Analyst, Stakeholder, Leader
A/B Testing6 Analyst, A/B Testing, Stakeholder, Developer
Rollouts7 Stakeholder, Leadership & Executives
ResponsibleSteps
KEY CHARACTERISTICS OF AN ACTIONABLE INSIGHT
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Specific answer to the question
Easy to understand
Timely & available (whenever, wherever & however needed)
Trustworthy & reliable
Scalable & Repeatable
CUSTOMIZED DELIVERY FRAMEWORK
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“In mail”
Recommendations with supporting
graphs, tables, etc.
“Story Deck”
Full deck with the pitch and supporting arguments, numbers,
graphs, charts
“On-the-go”
-Mobile App, On the Cloud,
Subscriptions-Reports,
Dashboards, Infographics
Algorithm/Model
Ready to be deployed
How to decide? Customer needs; Turnaround Speed;
One time/reuse; Deployment on Front end; Strategic Doc;
Quick read/research doc27
BIG TRENDS TO TAKE NOTE OF
Nature of questions have drastically changed
Audience has broadened (A numbers middle man -> Front line Managers)Luxury of time has evaporated
Explosion of data sources and the corresponding technologies to handle themConsumption channels are evolving
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KPI of Analytics has changed from Turn-Around-Time (TAT) to Time-to-Action (TTA)
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Quick recap of what it is
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Putting it all together
SUMMARY
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• “Know” that Analytics can be the “Value Multiplier” instead of “Value Adder”.
• “Must have” Business enabler mindset.
• “Ensure” Deeper Stakeholder involvement in the development. Test & Learn approach must. And be ready to modify if needed.
• “Develop” User Experience Design mindset.
• “Prepare” for ever more increasing dependencies from Analytics and other stakeholders.
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Quick recap of what it is
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Appendix
THANK YOU!
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Would love to hear from you on any of the following forums…
https://twitter.com/decisions_2_0
http://www.slideshare.net/RamkumarRavichandran
https://www.youtube.com/channel/UCODSVC0WQws607clv0k8mQA/videos
http://www.odbms.org/2015/01/ramkumar-ravichandran-visa/
https://www.linkedin.com/pub/ramkumar-ravichandran/10/545/67a
RAMKUMAR RAVICHANDRAN
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