Don't miss the next meeting of PACE's Data Analytics interest group to be held December 7, 2022, at 12:00 pm Eastern (New York) time, on the topic of "Transitioning from Data to Decisions for Analytics Success".
Organizations all over the world are looking at leveraging Data and Analytics for improved business performance. However, many data and analytics projects have failed to deliver business results. According to Gartner, over 80% of the Data & Analytics Projects Fail. A joint study by IBM and Carnegie Melon University found that over 90% of data in an organization is never used for any strategic purpose.
While there are many reasons for the failure of Data & Analytics projects, one of the reasons is not focusing on the last mile of analytics. This is mainly because, most data and analytics programs today are executed in the traditional “Waterfall” way i.e., requirements, solutions (i.e., data and models), and outputs (i.e., insights, and results) where requirements elicitation, data sourcing, and data engineering take a lot of time and effort with no or little business value. Instead, the focus should be on the “end in mind” i.e., starting from the end i.e., what insights are needed to achieve decisions and business results and how to get the right data to derive those insights. In other words, the thinking needs to change from understanding the decisions at stakes, the insights needed to make decisions, and the data needed to derive insights. We need to transition from Data Management to Decision Science for Analytics Success.
In this presentation, we will talk about the practical techniques to move from the traditional data management strategy to decision science strategy so as to improve the odds of Data & Analytics project success and to deliver business results.