Demystifying Advanced Analytics to Solve Wicked Problems
Samuel Taylor Coleridge, The Rime of Ancient Mariner, “Water, water everywhere, but no drop to drink.” This line is something I often recall when I hear companies discussing what to do about colossal data piles. Companies have a lot of data but little information.
Wicked problems are those that present a problem to solve. This is often because of incomplete, contradictory, or changing requirements. Wicked problems are interdependent and complex. Solving one problem can often highlight or create other problems.
Know exactly where you stand
Your data is unique. Your data can give you valuable and actionable insights. But, you need to know where you stand and where you want to go before you embark on any journey. A simple maturity assessment is an excellent place to start. This will give you a clear picture of your current situation relative to your competition, the direction you should go, and, most importantly, how you can get there.
It’s all about THE data.
Globally, the volume of data generated by industries is increasing rapidly. This allows for insights that were previously almost impossible to attain. Combining different data sources can give you more detailed and panoramic views. Shipping companies combine weather data with route maps to determine to stop durations. We can make the invisible visible to improve our business strategy and operational efficiency, as well as improve customer experience. It can be challenging for companies to understand where and how to use data beyond their four walls.
Concentrate on your business problems and be ready for disruption
Curiosity Analytics is analytics done for the sake of analytics. I believe this to be one of the biggest pitfalls you need to avoid when working on an analytics project. Instead, you should focus on the critical business issues and determine desired outcomes first. You will be able to undertake projects with a higher ROI. A well-designed and executed analytics project is free of cost. You must prepare for disruptions after the analytics project. You can have great insight, but you will not see the exact ROI if you don’t make changes.
There are no two analytics projects the same.
Each project in analytics is different. Even though the projects may be similar, one strategy or approach might not work for another. Data generation is dynamic. This is due to the constant change in data types, data sources, and technologies, as well as user behavior. My experience has shown that the path to insight is never the same.
Let’s work together to solve your wicked problem.
ISM Canada’s innovative Insight to Impact team uses a collaborative approach to help you solve your problem. Our experience spans many industries, including Human Services and Health Care, Agriculture, Financial, as well as Environmental. The group is based in Saskatchewan and brings the best of breed methods and tools to the prairies. Reach out to us for a free 1-hour exploratory discussion to determine where you are and where you want it to take you. Profit from the potential value and results! Your unique data can be a valuable asset to your company.
