How to make data actionable for business

470 views

Published on

This workshop was conducted at AdTech Bangalore where the speaker walked through how data can be made actionable for business.

Published in: Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
470
On SlideShare
0
From Embeds
0
Number of Embeds
8
Actions
Shares
0
Downloads
3
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

How to make data actionable for business

  1. 1. How to make data actionable for business? Workshop Sponsored by Speaker: Ravi Padaki
  2. 2. How to make data actionable for business? Torture the numbers until they confess!
  3. 3. 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
  4. 4. What do I mean by Data?Data {noun}: reporting and analytical products, services or solutions
  5. 5. Who is this for? Creators of Data Consumers of Data products/services products/servicesData {noun}: reporting and analytical products, services or solutions
  6. 6. What you will get out of this?Creators Consumers • Skilled in providing • Skilled in articulating better insights needs for analytics • Skilled in designing • Skilled in sponsoring data that is contextual analytical capabilities to the user in your organization
  7. 7. What is this about?Structure to develop Structure to consume • Data Strategy data • Alignment • For faster decision • Differentiation making • ROI • Data Planning • Data Design
  8. 8. What is this not about?• Data Mining and Warehousing Technology• Evaluation of Statistical and analytical models• Exploratory data analysis
  9. 9. When do you start planning for data? ProactiveStart early! Reactive Product Product Launch Support Strategy Roadmap
  10. 10. Why is this topic important? Analytics Research People What Storage & Compute percentage of revenue is driven from data and analytics? Value for Business?
  11. 11. The Data Pyramid Analytics (Intelligence) Value Reporting (Information) Raw Data
  12. 12. General Observations• Give me all the Raw Data metrics you have (because I don’t know what I am looking Reports for!) Analytics• So much data and yet no insights!• Great Insight, so what?
  13. 13. Path to Data Driven Business Decisions DECISION DECISION How quickly can you collapse the path to decision?
  14. 14. The Actionable Data for Business Framework Business Goal Decisions Task 1 Data Set 1 Task 2 Data Set 2 Task 3 Data Set 3 Task 4 Data Set 4What if we ask the Question:What data do you need…? … to complete your business task? … to achieve your business goal?
  15. 15. Map Data to Business DecisionsWhat data do youneed…? Data … to complete your Business business task? Task … to achieve your Business business goal? Goal
  16. 16. Example – Imagine you’re a BMW car dealer Increase sales Decisions Manage Pricing Data Set 1 Target buyer Data Set 2 Analyze demand by inventory Data Set 3 Manage inventory Data Set 4
  17. 17. Example – Imagine you’re a BMW car dealer Increase sales Analyze Manage Manage pricing Target buyer demand by Inventory inventory How are my Who has been What have How much is current offers buying from me customers been remaining/sold? doing? so far? buying? How much How is BMW Which series is How much do I discounts will faring in my poised to sell need? spur sales? demog? fast? Who are my most valued personas?
  18. 18. Creators of Data Increase sales Decisions •Design data for quick Manage Pricing Data Set 1 insights Target buyer Data Set 2 •Provide right data to the right user at the right time Analyze demand by inventory Data Set 3 •Study gaps in analytical capabilities to deliver superior insights Manage inventory Data Set 4
  19. 19. Consumers of Data Increase sales Decisions Manage Pricing Data Set 1 • Get to decisions faster • Articulate questions to Target buyer Data Set 2 empower decision making • Sponsor/champion for Analyze demand by inventory Data Set 3 closing gaps in analytical capabilities Manage inventory Data Set 4
  20. 20. Business Goals – TasksGoal 1 Goal 2 Goal 3 Task 1 Task 3 Task 5 Task 2 Task 4 Task 6
  21. 21. Business Goals can have Overlapping TasksGoal 1 Goal 2 Goal 3 Task 1 Task 1 Task 2 Task 2 Task 3 Task 4
  22. 22. Benefits of this framework• Data is Meaningful and Actionable• Data is Relevant and Contextual• Decision Making is Easier and Faster
  23. 23. Analytical Capabilities Past Present Future Information What happened? What is What is going to happening? happen? Analytics Features Reports Alerts Forecasts Insight How and why did Why is it What might it happen? happening? happen? Analytics Features Modeling Recommendations Prediction and OptimizationSource: Thomas Davenport, Jeanne Harris, Robert Morison from the book Analytics at Work
  24. 24. Analytical Capabilities Predictions Recommendations Forecasts Performance Reports Raw data
  25. 25. Hands on assignment
  26. 26. Your Key Takeaways!• Plan Data Early• Make data work for you!• Map data needs to business tasks and goals
  27. 27. Thank you!

×