Harnessing Big Data: Technology & Art

Data science isn’t just about number crunching. It’s a study built on data analytics and social sciences that factor in both the economic and human dimensions.

“Data is the new oil.” The massive spin towards digital transformation that is driving organizations to invest heavily on leveraging this “oil” through data science testifies the reality of this adage. Confirming this upslope, IDC - global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology -  says the revenue for big data and business analytics solutions will reach $189.1 Billion in 2019 with a double-digit annual growth rate through 2022.

But do these enormous investments on data alone guarantee success in digital transformations? Perhaps not. A Gartner estimate says about 85% of data projects fail, and one of the reasons is the ill-preparedness of the company ‘cultures’ to embrace big data.

People and culture are thus the most critical links in a data-driven digital transformation effort, yet they are often ignored. We treat obtaining data as the end in itself when it is only the beginning of a journey to understand, introspect, and transform data into actionable nuggets of information. Reading data is more than just crunching numbers – it is about viewing an evidence or a dossier in its totality covering the target audience, the context, and the problem. A tech lens alone can’t generate this comprehensive insight. It needs to be built on the confluence of data analytics and social sciences that factor in both the economic and human dimensions of a business.

Data to map the gap between intent and action

Daniel Kahneman, an Israeli-American psychologist, economist and a Nobel Laureate termed organizations as factories producing decisions. However due to the ambiguity of human behavior and responses, which are often unpredictable, data alone is not enough to make sound decisions. In behavioral economics, this unpredictability, is defined as the gap between intent and actions. Now, what if big data could aid businesses map the entire journey of people from intent to action? Imagine the precision with which we would be able to understand human behavior and orchestrate changes to maximize business outcomes.

The concept of “behavioral data products” could hold the key. Behavioural products are insights generated from data on people’s actions and responses. It uses a process called “behavioral nudge,” where findings from psychology and behavioral economics are applied to design choice environments that prompt people to make decisions. The Obama campaign of 2012 is a classic example of how behavioral data generated through these nudges incite real changes. Applying both behavioral insights and predictive analytics the campaign identified those voters who can be influenced and focused all its energy in shaping their behavior and choices. The massive mandate that the former US President received speaks volumes about the effectiveness of this approach. 

Liberal arts – a critical component at Intuit’s data science mix

In a digitally mediated world of today, where every activity is constantly tracked and captured, we at Intuit understand the business value of behavioral data products.

As we bet big on artificial intelligence and machine learning to amplify product experiences for our customers, we know, only a team of data science with the right mix of both tech and creative skills can deliver this.

According to Intuit’s chief data officer, Ashok Srivastava, to help our customers get the right information at the right time and context, we need to create an augmented intelligence. This requires "flexibility of thought," a capability that will come by including liberal arts majors in our data science team.

During a press interview he said, “Liberal arts has a critical role in AI. They are the storytellers. We have emphasized that we need a pipeline from liberal arts to technology. We have hired people in the past with degrees in Political Science, Art History, and English."

Big data beautifully blends science and arts like a game of chess where the player needs the right mix of both skills to make a move. At Intuit, we are upping the ante by continuously sharpening this mix. Stay tuned as we shed more lights on Intuit’s data game plan in the next blog.