Data Transformers Podcast
Data to Insights & Decisions to Actions with Lori Silverman
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Episode Title : Data to Insights & Decisions to Actions with Lori Silverman
Episode Summary: The primary focus of a business driven organization should be to derive actionable insights based on data. So the focus should not be on data but on what insights help make decisions that they can implement. The episode discussion focuses on the challenges that CEOs are faced with respect to making decisions (right or wrong) and acting on the decisions made. Data should be secondary thought compared to the business decisions and the inputs to make those decisions.
Total Organizational Management Versus TQM (03:04): The reason many data-led initiatives fail, actually 85% failure rate, is because the focus of these initiatives is narrow. They don’t focus on organizational management but a narrow technology initiative. Instead of focusing on the quality of one narrow as pect, Total Organizational Management should be the approach from day one.
Art of Storytelling to influence actions (05:12): The purpose of stories in data science are meant to move data to insight and decisions to action. And once it is done, we need to process around it to make sure that the cycle gets followed over and over again.
Inputs to making decisions (09:42): CEOs need inputs to make decisions. And they are caught between 2 things about decisions: (1) Cost of making a wrong decision (2) Cost of making the right decision and not following through. Cost of making the wrong decision is that innovation will stall/prolong as the org has to make the right decision again later.
Data Literacy 2.0 (14:44): Wanting to make decisions based on data is nothing new. But not many organizations start with the business strategy end goals in mind which is wrong. The end goal will help decide the approach and also help how to frame collecting data which will result in actionable insights. To make this possible, organizations need to facilitate data literacy in their organizations. They need to be more data aware.
Asking the right questions (20:13): Many times executives start digging into data but the very first thing to understand is the context in which that data was collected. What were the questions that were asked. Was there enough prep in identifying the questions that were asked. A wrong set of questions without the end in mind will generate wrong sets of data for a different problem.
Resources mentioned in this episode:
Partners for Progresshttp://www.partnersforprogress.com/
Lori’s speaking engagements:
https://bit.ly/3jPuUJz
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