Nothing wrong with the data..it is the people
In the recent times I have seen the hand wringing on big data, fidelity of data & the fields of data needed to do accurate analysis. I have come to the conclusion when we came up with the phrase "Data Analytics", we did disservice by putting them together. Data + Analytics are two mutually exclusive skill sets.
Having high fidelity of data will not lead to better analytics. I would submit analytic has become an essential skill set irrespective of your function & role in the company. While there are tools, technology, computational power, connectivity, algorithms and frameworks that enable data aggregation. We have fallen back in developing frameworks for actionable analytics. Nothing can replace a critical piece - curious & dedicated human brain. We need to provide equal weight to developing problem solving frame works for the human brain. Just as a machine can only process the past data with identified set patterns. An insight can only be derived and recognized by a primed and willing brain through the lens of a framework.
Personally would invest first in getting the analytic frameworks right versus building massive data repositories.
DATA + ANALYTICS = GOOD DECISION MAKING
IF ANALYTICS > DATA
Data-Driven Marketing Leader | Full-Funnel Growth Architect | AI-Powered Customer Journey Optimizer | Digital Marketing Builder
8 年I LOVE this. I do a lot of speaking engagements on how to interpret data. And over and over again people come up to me and say they never realized there's a difference between data and analysis. Experienced marketing directors fumble on this. And I explain it like this. Data = I tell you I'll make you bread but only give you the ingredients. Analysis = I give you a beautifully baked loaf of bread. And then you eat it and grow happy and stronger.
Ram - very nicely said. It reminded me of what I learned from my brother the archeologist, many years ago: The data is valuable to the extent that it reveals patterns not visible to the naked eye. A good scientist then forms an hypothesis about the possible meaning of those patterns--in my world, that's a story. We posted an essay some years back about what I learned from my brother: https://www.characterweb.com/characterweblog/2009/01/my-brother-the-archaeologist.html I'd love to know what you think. Best, David
CEO-Founder/New Heartland Group & One Bullet Entertainment; 10+year Forbes Contributor
8 年Really good point on the real meaning of a commonly used term. Also would suggest that the output of the analytic framework is only as good as the data it analyzes. Good analysis can't undo bad data. Totally agree that "nothing can replace a critical piece- a curious & dedicated human brain."
Former Nonprofit Changemaker | Current Brand Director | DE&I Strategist | Culture Catalyst | Future Chief Purpose Officer
8 年Great thoughts Ram. I highly valued the opportunity to come back as an analyst first. That foundation will serve me well in any role, any function. It amplified my curiosity in a disciplined way.