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Data is worthless if you don;t communicate

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Data is worthless if you don;t communicate

  1. 1. Data is Worthless if You Don’t Communicate It Thomas H. Davenport
  2. 2. DATA is the need of the hour. With majority of the business doing online transections and communication, with each transection there is a large amount of data associated. It is data scientist’s job to analyse and visualise the data but a manager needs to communicate to major stakeholders in the organization for effective decision making.
  3. 3. Data and Manager. Manger now do not have to take decisions based on intuitions but based on data. Hence, a manager with strong quantitative skills has become increasingly valuable to the company. “McKinsey Global Institute report on big data, we’ll need over 1.5 million more data- savvy managers to take advantage of all the data we generate.”
  4. 4. “You don’t need to become a winemaker to become a wine connoisseur. Managers do not need to become quant jocks.” Xiao-Li Meng Dean of the Harvard Graduate School of Arts and Sciences
  5. 5. Today, you open one data file, analyse it and then store it just to never see it again. But a good manager realises importance of each data and will gather meaningful interpretation and communicate to higher levels of management.
  6. 6. What if you don’t communicate your work? “Gregor Mendel discovered the concept of genetic inheritance, his ideas were not adopted during his lifetime because he only published his findings in an obscure Moravian scientific journal, a few reprints of which he mailed to leading scientists.”
  7. 7. The lesson: If you’re going to spend the better part of a decade on a research project, also put some time and effort into disseminating your results. What if you don’t communicate your work?
  8. 8. What if you do communicate your work? “Dr. John conducted research a study on marriage equation to find out how likely a marriage is to last over the long term. His conclusion led him to establish a non-profit research organisation and for-profit organisation to improve life of married couples.” Dr. John Gottman Executive Director, Relationship Research Institute,
  9. 9. What if you do communicate your work? The lesson: If you present your findings and analyse them wisely, it can lead to expansion or creation of a new business idea.
  10. 10. Framework for communicating data Business problem Defining a problem is first step towards any project. There is a thin line between a Problem Definition and Problem Symptoms. Hence, analyse wisely.
  11. 11. Framework for communicating data Business problem Measure Measure the parameter on which you want to research. It is important that you properly define your variable and framework of study which will help you to look at data from a different angle.
  12. 12. Framework for communicating data Business problem Measure Data available Collect and analyse data for the variable you have selected. You can also add more variable after pre-study if it is necessary. Make a plan to gather data and analyse with proper tools.
  13. 13. Framework for communicating data Business problem Measure Data available Initial solution Find out initial solution. Here initial solution will guide you to how your final results will look like and is this study in parallel to your initial hypothesis or not.
  14. 14. Framework for communicating data Business problem Measure Data available Initial solution The solution Improve your previous solution and refine your data. Use tools for data visualisation such as charts and infographics. Present your finding and how this solution has been achieved.
  15. 15. Framework for communicating data Business problem Measure Data available Initial solution The solution Business impact A solution must be align with business. Solution which can affect business in either way has to analyse before implementing it. Here, we communicate impact of this solution on business.
  16. 16. Thank you! Prepared by: Abhishek Rana

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