#58: Does Your Data & Analytics Strategy Have These 10 Crucial Elements?🔥
#58: Does Your Data & Analytics Strategy Have These 10 Crucial Elements?🔥
Hello,
ChatGPT has become one of my most visited browser tabs. I’ve pinned it alongside email and a handful of other favorites. Over the past 6 months, this tool has become indispensable - for brainstorming (all the time), quick market research (some time), and content generation (occasional, so far).
I’ve been using it like Google Search, for rapid doses of inspiration and for a quick peek into the (internet) world.
While I exercise extra caution on how I use the tools’ output, its responses have surprised me (a lot more of late). It almost feels like it has a mind of its own and is getting more connected and up-to-date by the day (tried the latest Bing Search integration for ChatGPT Plus yet?) No wonder legends like Geoff Hinton are spooked.
This newsletter will take you about 4 minutes to read.
I. Spotlight: Does Your Data & Analytics Strategy Have These 10 Crucial Elements?
Imagine you’re the captain of a boat moving upstream. Your crew of five struggles to row against the current. You then add a new member to the team.
This person jumps into the boat, picks up an oar, and enthusiastically begins to row—but in the opposite direction.
Their efforts aren’t just in vain; they’re slowing the entire boat. By rowing backward, this new arrival cancels part of the effort spent by the rest of the crew.
This is exactly what happens when your data and analytics (D&A) efforts don’t align with your organization’s business goals. The big-ticket investments and actions don’t just go down the drain, but they kill your business momentum.
Many organizations venture into D&A without any data strategy. The results are equally disastrous.
I’ve often observed this unfold while working with chief data and analytics officers (CDAOs) in my data advisory engagements across industries. To pinpoint why this happens, we’ll look at the ten critical elements of a winning data & analytics strategy using examples from industry experts.
Why do organizations drive blind on the data highway?
McKinsey found that just 30% of organizations align their data strategy with their organizational strategy. By implication, 70% of leaders are burning money in the name of data.
Why do organizations make this fundamental mistake?
“Truly impactful data strategies are only just coming into their own due to the advancement of technology and maturing of things like enterprise artificial intelligence (AI),” says David Benigson, CEO of Signal AI.
II. Industry Roundup:
1. Article: Moving Beyond Islands of Experimentation to AI Everywhere
17 minutes | MIT Sloan Management Review | Amit Joshi, Ivy Buche & Miguel Sadler
Too many companies stall out on their AI journey and have difficulty getting past pilot projects. That’s not because the technology is so complex. Structural and process issues are the real root causes. The authors recommend that enterprises with AI ambitions make two potential leaps - moving towards a center of excellence (COE) or a federation of expertise (FOE). The article shares where they are relevant and why.
2. Article: How AI Speeds up Discovery of New Drugs
05 minutes | Neuro Science News | Leigh Hopper
Traditional drug discovery is mostly trial-and-error, costing an average of $2 Bn over 15 years. The author discusses the traditional drug discovery approach vs. the computational approach and how both could complement each other. Read on to find out what we can expect from AI-driven drug research in the years to come.
III. From my Desk:
1. Panel: Transforming Supply Chains with Analytics
60 mins | Reuters Supply Chain USA 2023 event
I moderated a panel last week at the Reuters Annual Supply Chain event in Chicago. In this discussion with Mike Said and Naveen Gattu, we explored how data can unlock growth and efficiency in logistics. There were insightful takeaways for leaders on tackling challenges while embracing analytics in supply chain planning.
2. Experiment: ChatGPT in the classroom
2 mins | LinkedIn
Should ChatGPT be banned in the classroom? No! I experimented with Generative AI in my business analytics course at NJIT. Why did I do it, and what did I discover from the experiment? Read on to find out more, including the students’ reactions.
This Coke Masterpiece video went viral last week. I loved the creative use of Generative AI with masterpiece artwork in this ad 🖼️
Thank you for subscribing and reading the newsletter. I appreciate your attention,
Ganes.
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I’m Ganes Kesari. I publish ‘Data-Driven Future’ to help understand how data shapes our world, explore key trends, and explain what they mean for you today. I speak and write to demystify data science for decision-makers and organizations.
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