Dateline: November 11, 2016
Welcome to our Friday WRAP – one thought-provoking idea to think about over the weekend.
Recently I ran across a very insightful article about getting value from your analytics investments, written by Helen Mayhew, Tamim Saleh, and Simon Williams, a team of McKinsey consultants. The article, Making Data Analytics Work For you Instead of the Other Way Around, suggests that there is value to be found in analytics investments beyond hiring new and more experienced talent. One thought that was particularly provoking was,
Insights often live at the boundaries. Just as considering soft data can reveal new insights, combining one’s sources of information can make those insights sharper still. Too often, organizations drill down on a single data set in isolation but fail to consider what different data sets convey in conjunction. For example, HR may have thorough employee-performance data; operations, comprehensive information about specific assets; and finance, pages of backup behind a P&L. Examining each cache of information carefully is certainly useful. But additional untapped value may be nestled in the gullies among separate data sets.
Are your analytics activities making these connections or primarily just mining a single source of information? What data sets might you combine to find new insights?
That’s a WRAP! Have a great weekend!
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