How to Speak Human:Turning Big Data Insights into Actionable Business Strategy

Intermountain Big Data Conference 2015

www.emperitas.com / 801.810.5869 / 4609 South 2300 East Suite 204, Holladay, UT 84117

Hi, I’m Luciano Wheatley Pesci…

Founder & Director, Utah Community Research Group (UTAHCRG), Univ. of Utah

• Teach microeconomics, statistics, applied research & data analytics, and American economic development & history

Co-Founder and CEO, EMPERITAS

• Economic artificial intelligence that helps tech companies beat their competitors through profit acceleration

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My Basic Argument Today

• Failure Everywhere: 50% of the ongoing Big Data projects are destined to fail

• Start With Strategy: Successful projects start with a clear strategy and the support of the entire organization

• Add Primary Research: Big Data insights are too cryptic for decision-makers, they need to understand the human behavior behind the data

• Have a Conversation: Effective data scientists turn complex results into bite-sized insights that inform the original strategy through conversations

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Failure Everywhere

Half of Big Data Projects Will Fail

• “I predict half of all big data projects will fail to deliver against their expectations.” –Bernard Marr, Forbes (May 2015)

• Organizations lack data culture: no overall data strategy, unclear goals

and expectations when hiring data talent

• Data and insights isolated by department (siloed)

• Results are too complicated for decision-makers

to understand (analysis paralysis)

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• Everything will be connected. Everything.

• It will allow you to quantifying the previously unquantifiable

• Requires “Big Theory” to turndata into organizational sucess

• 60% of organizations will NOT survive the Datapocalypse

It’s Gonna Get Worse: The Coming Datapocalypse

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Start With Strategy

Call a Kickoff Meeting

• You’re in a unique role to bridge departmental divides because of your connection to the data

• Talk with all stakeholders (middle managers, analysts, etc) not just DMs

• Vet problems by using the 80/20 rule

• Identify overlapping needs and opportunities (there will be many)

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Get Everyone On The Same Level

• Bring everyone together to set goals for the project

• Ask how stakeholders and DMs will use the information once they have it

• Agree on how project “success” will be measured

• Publically assign roles & responsibilities, timelines, and milestones

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Add Primary Research

Start Small with Secondary Research & Qualitative Insights

• You rarely have to start from scratch. Rely on secondary research to start your project

• Conduct expert interviews inside and outside your organization to piggyback on existing knowledge

• Use qualitative methods such as depth-interviews and focus groups with relevant customers/users

• Summarize findings and make recommendations to stakeholders and DMs before moving into quantitative phase of research

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Expand to Quantitative Primary Research

• Quantitative doesn’t have to mean big, expensive, or long

• Approach research in sprints (two weeks) and be ready to change direction as needed

• Don’t wait months and months for a big “reveal.” Keep organization regularly updated as findings are coming in

• Always focus on the human component of the research and use experimental designs

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Fuse What You Know With What You Have

• Combine secondary research, qualitative, and quantitative research findings with your

Big Data analysis to form a complete model using more (and better) data

• Run simulations based on the strategy goals you identified early on so

you’re prepared to guide conversations when you present findings

• Reduce complex relationships and differences into

their simplest form and use visuals heavily

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Have a Conversation

Communication Will Be The Key

• Surprise! People who are good with numbers/computers are rarely good at communicating in simple terms. It’s a skill that can, and must, be learned if the results are going to be used

• Gather everyone in person to deliver small insights and recommendations, guide the conversation with what you’ve prepared

• Don’t think of it as a single-shot presentation. Instead, schedule time for stakeholders and DMs to sit with the findings then meet again to discuss next steps

• Revise, Revisit, Repeat

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Let’s talk…

Thank you for having me!

luciano@emperitas.com / www.emperitas.com / 801.810.5869 / 4609 South 2300 East Suite 204, Holladay, UT 84117