Analysis of "A leader's guide to data analytics - Florian Zettelmeyer"
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Florian Zettelmeyer discusses the importance of analytical thinking skills over technical skills. He provides four guidelines for effective analytics: 1) Start with understanding the business problem; 2) Understand how the data was generated; 3) Leverage domain expertise to interpret results; and 4) Have a culture where established ideas can be questioned based on data, not just assumptions. The document also discusses the relevance of these concepts for Indian managers, noting analytics can help decision-making if managers have some data science knowledge to ensure quality and prevent faulty assumptions.
Analysis of "A leader's guide to data analytics - Florian Zettelmeyer"
- 2. Florian Zettelmeyer Professor of Marketing and Faculty Director of the program on Data Analytics at the Kellogg School
- 4. âThe most important skills in analytics are not technical skills,â âTheyâre thinking skillsâ
- 5. How to approach? Start with the Problem Understand the Data- Generation Process Use Domain Knowledge Know ItâDo Not Just Think It
- 6. 1. Start with the Problem ď§ Analytics is not a separate business practice; it has to be integrated into the business plan itself ď§ Whatever a company chooses to measure, the results will only be useful if the data collection is done with purpose
- 7. 2. Understand the Data-Generation Process ⢠Leaders need to learn to distinguish between good and bad analytics ⢠âIt all starts with understanding the data- generation process,â Zettelmeyer says. âYou cannot judge the quality of the analytics if you donât have a very clear idea of where the data came from.â
- 8. ⢠In addition to making sure that data are generated with analytics in mind, managers should use their knowledge of the business to account for strange results ⢠Data scientists do not have all the domain expertise managers have, and analytics is no substitute for understanding the business 3. Use Domain Knowledge
- 9. 4. Know It-Do Not Just Think It âIf we want big data and analytics to succeed, everyone needs to feel that they have a right to question established wisdom,â Zettelmeyer says. âThere has to be a culture where you canât get away with âthinkingâ as opposed to âknowing.ââ
- 11. As big data and analytics bring about the revolution of decision making in business, managers with a working knowledge of data science will have an edge Why is it needed for Managers?
- 12. ď§ A working knowledge of data science can help leaders turn analytics into genuine insight ď§ It can also save them from making decisions based on faulty assumptions How it helps Managers?
- 13. What Managers need to distinguish?
- 14. Managers, the leaders should ensure that this knowledge is shared across their organization - a disciplined, data-literate company is one that is likely to learn fast and add more value across the board What should Managers do?
- 15. Guide
- 16. Thank You By DheepikaC Connect with me @ LinkedIn