Data science news

Data is Worthless if You Don’t Communicate it. 

There is a press­ing need for more busi­ness people who can think quant­it­at­ively and make de­cisions based on data and ana­lys­is, and busi­ness people who can do so will be­come in­creas­ingly valu­able. According to a 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.

But to bor­row a phrase from Professor Xiao-Li Meng — you don’t need to be­come a wine­maker to be­come a wine con­nois­seur. Managers do not need to be­come quant jocks. But to fill the alarm­ing need high­lighted in the McKinsey re­port, most do need to be­come bet­ter con­sumers of data, with a bet­ter ap­pre­ci­ation of quant­it­at­ive ana­lys­is and just as im­port­ant — an abil­ity to com­mu­nic­ate what the num­bers mean.

Too many man­agers are, with the help of their ana­lyst col­leagues, simply com­pil­ing vast data­bases of in­form­a­tion that nev­er see the light of day, or that only get dis­sem­in­ated in auto-generated busi­ness in­tel­li­gence re­ports. As a man­ager, it’s not your job to crunch the num­bers; it is your job to com­mu­nic­ate them. Never make the mis­take of as­sum­ing that the res­ults will “speak for them­selves.”

Data’s Beauty: In the Eye of the Beholder

Data visu­al­iz­a­tion is one of the in­nov­a­tions of our time. From the mo­ment most of us wake up in the morn­ing and fire up our tab­lets, smart­phones, and laptops, visu­al rep­res­ent­a­tions of data fill our lives. Developments in, for ex­ample, stock mar­kets, sports, and sci­ence, are in­creas­ingly told through data visu­al­iz­a­tion. We en­coun­ter beau­ti­fully rendered “in­fograph­ics” to ex­plain trends and pat­terns in data. News or­gan­iz­a­tions such as The New York Times com­pete on ana­lyt­ics by serving up in­fograph­ics to shed light on as­pects of news stor­ies that would oth­er­wise be bur­ied in text. Such in­fograph­ics are shared widely in blogs and so­cial me­dia, turn­ing what might oth­er­wise have been ob­scure data find­ings in­to the day’s biggest buzz.

Insight #1: Future plans are fo­cused on ana­lyt­ics.
Insight #2: Marketing func­tions are the biggest users of visu­al data dis­cov­ery and ana­lys­is.
Insight #3: Time series ana­lys­is is an im­port­ant fo­cus for visu­al­iz­a­tion

5 Cool Ways Big Data Is Changing Lives

A quick look across the busi­ness land­scape re­veals some power­ful use cases that may help get your cre­at­ive juices flow­ing on how Big Data can work for you.

Less Emergency Room Trips = $4.5 Million Savings
Big Brown Truck (UPS)Goes High-Tech
Big Data Is Fashion’s New Black
When Big Data Goes Bad
Life and Death Cases in the News

8 Ways Business Intelligence Software Improves the Bottom Line

Can busi­ness in­tel­li­gence (BI) solu­tions, soft­ware that helps or­gan­iz­a­tions mine and ana­lyze big data and small, help your com­pany im­prove its bot­tom line? To find out, asked dozens of BI ex­perts and IT ex­ec­ut­ives. Here are their eight top sug­ges­tions re­gard­ing how you can get a pos­it­ive re­turn on your BI soft­ware in­vest­ment.

1. Get fast an­swers to crit­ic­al busi­ness ques­tions.
2. Align busi­ness activ­it­ies with cor­por­ate strategy.
3. Empower em­ploy­ees
4. Reduce time spent on data entry and ma­nip­u­la­tion.
5. Gain in­sights in­to cus­tom­ers.
6. Benchmark sales chan­nel part­ners.
7. Identify areas for cost cut­ting.
8. Boost pro­ductiv­ity (by mon­it­or­ing em­ploy­ees’ use of the network/Internet)

Leave a Reply