SMARTER framework to drive decisions using data

Data Transformers Podcast
SMARTER framework to drive decisions using data
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Episode Title : SMARTER framework to drive decisions using data

Episode Summary: Data is meant to drive decisions. So start replacing the word data with decisions. For example, Chief Decision Officer instead of Chief Data Officer. Lori Silverman has summarized her years of experience into a framework called SMARTER to enable executives to focus on decisions using data. The framework will add analytical thinking to strategic thinking. All of this is only possible by increasing data literacy and data culture in organizations.

Topics discussed in this episode:

What’s the one key takeaway (03:26): Data visualizations and dashboards are great but they don’t give context to what’s the business question it is trying to address. The executives who are not with the data 24x7want to know what’s that one key takeaway? As a storyteller or a data scientist, always think about that one key takeaway from your visualizations or dashboards.

SMARTER decision framework (05:00): Lori has been able to summarize her methodology into a SMARTER framework. S: Set context; M: Managed Data; A:  Assurance/Confidence; R: Reveal insights; T: Take a stand; E: Execute; R: Relay results;

Strategic thinking is integral to analytical thinking (13:16): Most of the strategic thinking taught to senior executives does not include analytical thinking. For example Paul Schumacher from MIT wrote in a paper that intelligent organizations can’t be created without human reasoning. Human reasoning is the combination of structured and unstructured thinking.

Replace the word data with decisions (16:11): The main purpose of data is to drive decisions. Given that, why shouldn’t we replace the word data with decisions? Chief Decision Officer. Decision governance etc.

Data literacy & Data culture (20:07): Lot of it comes down to increasing the level of data literacy and inculcating data culture in organizations to help make decisions. Data literacy is talked about in the context of individual competence but it should be enterprise core competence.

Resources mentioned in this episode:

Podcast website: https://DataTransformersPodcast.Com

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