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AdTechBLR_HowToMakeDataActionable
This document discusses how to make data actionable for business. It presents a framework for mapping business goals and tasks to the necessary data sets to support faster decision making. The framework involves identifying business goals and their related tasks, and then determining what data is needed to complete each task and achieve each goal. This allows both creators and consumers of data to ensure the right data is available to empower decisions. The document provides an example applying this framework for a BMW car dealer seeking to increase sales. It also discusses developing analytical capabilities over time to move from basic reporting to more advanced insights, forecasts, and recommendations.
AdTechBLR_HowToMakeDataActionable
- 1. How to makedata actionable for business? Speaker: Ravi Padaki Workshop Sponsored by
- 2. How to makedata actionable for business? Torture the numbers until they confess!
- 3. Agenda • Who isthis for? • What is this about and not about? • Planning for Data • Actionable Data for Business Framework • Hands-on examples • Key Takeaways
- 4. What do Imean by Data? Data {noun}: reporting and analytical products, services or solutions
- 5. Who is thisfor? Creators of Data products/services Consumers of Data products/services Data {noun}: reporting and analytical products, services or solutions
- 6. Creators • Skilled inproviding better insights • Skilled in designing data that is contextual to the user Consumers • Skilled in articulating needs for analytics • Skilled in sponsoring analytical capabilities in your organization What you will get out of this?
- 7. Structure to develop •Data Strategy • Alignment • Differentiation • ROI • Data Planning • Data Design Structure to consume data • For faster decision making What is this about?
- 8. What is thisnot about? • Data Mining and Warehousing Technology • Evaluation of Statistical and analytical models • Exploratory data analysis
- 9. When do youstart planning for data? Proactive Reactive Product Strategy Product Roadmap Launch Support Start early!
- 10. Why is thistopic important? Value for Business? Storage & Compute People Analytics Research What percentage of revenue is driven from data and analytics? What percentage of revenue is driven from data and analytics?
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- 12. • Give meall the metrics you have (because I don’t know what I am looking for!) • So much data and yet no insights! • Great Insight, so what? General Observations Raw Data Reports Analytics
- 13. Path to DataDriven Business Decisions How quickly can you collapse the path to decision? DECISION DECISION
- 15. The Actionable Datafor 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?
- 16. Map Data toBusiness Decisions What data do you need…? … to complete your business task? … to achieve your business goal? Data Business Task Business Goal
- 17. Example – Imagineyou’re a BMW car dealer Increase salesIncrease sales Manage PricingManage Pricing Target buyerTarget buyer Analyze demand by inventory Analyze demand by inventory Manage inventoryManage inventory Data Set 1Data Set 1 Data Set 2Data Set 2 Data Set 3Data Set 3 Data Set 4Data Set 4 Decisions
- 18. Example – Imagineyou’re a BMW car dealer Increase sales Manage pricing How are my current offers doing? How much discounts will spur sales? Target buyer Who has been buying from me so far? How is BMW faring in my demog? Who are my most valued personas? Analyze demand by inventory What have customers been buying? Which series is poised to sell fast? Manage Inventory How much is remaining/sold? How much do I need?
- 19. Creators of Data IncreasesalesIncrease sales Manage PricingManage Pricing Target buyerTarget buyer Analyze demand by inventory Analyze demand by inventory 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 quick insights •Provide right data to the right user at the right time •Study gaps in analytical capabilities to deliver superior insights
- 20. Consumers of Data IncreasesalesIncrease sales Manage PricingManage Pricing Target buyerTarget buyer Analyze demand by inventory Analyze demand by inventory 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 to empower decision making • Sponsor/champion for closing gaps in analytical capabilities
- 21. Business Goals –Tasks Goal 1 Task 1 Task 2 Goal 2 Task 3 Task 4 Goal 3 Task 5 Task 6
- 22. Business Goals canhave Overlapping Tasks Goal 1 Task 1 Task 2 Goal 2 Task 1 Task 3 Goal 3 Task 2 Task 4
- 23. Benefits of thisframework • Data is Meaningful and Actionable • Data is Relevant and Contextual • Decision Making is Easier and Faster
- 24. Analytical Capabilities Past PresentFuture Information What happened? What is happening? What is going to happen? Analytics Features Reports Alerts Forecasts Insight How and why did it happen? Why is it happening? What might happen? Analytics Features Modeling Recommendations Prediction and Optimization Source: Thomas Davenport, Jeanne Harris, Robert Morison from the book Analytics at Work
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- 27. Your Key Takeaways! •Plan Data Early • Make data work for you! • Map data needs to business tasks and goals
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