Tuesday, April 13, 2021
View ShowroomI recently read a Harvard Business Review article by Graham Kenny titled: “Data is Great – But It’s Not a Replacement for Talking to Customers.” Graham espouses, “the ability to gather and process intimate, granular detail on a mass scale promises to uncover unimaginable relationships within a market.” But does the “detail” actually equate to “insight”? He then goes on to provide some interesting points on retail banking, grocery, and wealth management and how they hide behind data. He explains that listening to clients and customers is still key. Many of his examples are science projects.
In the article, Graham articulates examples to support his hypothesis and they all come down to one simple thing: the business use case and avoiding the science project. I agree if an organization does not consider the user that effort is a science project.
So how do you get the most from your data and avoid that tendency to do a science project? Here are five things you can use to make data science successful:
Data is not the way to communicate with your clients. Instead, it should help you have better conversations with your clients. Henry Ford put it perfectly: “If I had asked people what they wanted; they would have said faster horses.” The question Ford’s quote often generates is whether the innovation for a few, matters more than the scale of customer feedback. But is there really a debate? I would say no. Highly profitable innovation requires a market of people who are willing to spend assets to acquire. Data science and insights are no different. Innovation without a market is a science project!
John Thuma | Data Solutions Group FIS