𝗧𝗵𝗲 𝗦𝘂𝗯𝗷𝗲𝗰𝘁𝗶𝘃𝗶𝘁𝘆 𝗼𝗳 𝗕𝗲𝗶𝗻𝗴 "𝗥𝗶𝗴𝗵𝘁" 𝗶𝗻 𝗔𝗻𝗮𝗹𝘆𝘁𝗶𝗰𝘀 In the realm of analytics, we're often on a quest for the "right" answer—the perfect metric, the definitive insight, the precise forecast. But here's the paradox: sometimes, being "right" is subjective because no one truly knows what "right" is. Data doesn't exist in a vacuum. It reflects complex systems influenced by countless variables, many of which are unseen or unpredictable. Two analysts can interpret the same dataset differently based on their perspectives, methodologies, or the specific questions they're trying to answer. 𝗧𝗵𝗶𝘀 𝘀𝘂𝗯𝗷𝗲𝗰𝘁𝗶𝘃𝗶𝘁𝘆 𝗮𝗿𝗶𝘀𝗲𝘀 𝗯𝗲𝗰𝗮𝘂𝘀𝗲: •𝗔𝘀𝘀𝘂𝗺𝗽𝘁𝗶𝗼𝗻𝘀 𝗠𝗮𝘁𝘁𝗲𝗿: Every model or analysis is built on assumptions. If you change the assumptions, you might change the outcome. •𝗖𝗼𝗻𝘁𝗲𝘅𝘁 𝗶𝘀 𝗞𝗲𝘆: What is "right" in one context may not hold true in another. Market conditions, consumer behaviors, and external factors can shift rapidly. •𝗜𝗻𝗰𝗼𝗺𝗽𝗹𝗲𝘁𝗲 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻: We rarely have access to all the data we'd like. Decisions are often made with partial information, leading to varying interpretations. 𝗦𝗼, 𝗵𝗼𝘄 𝗱𝗼 𝘄𝗲 𝗻𝗮𝘃𝗶𝗴𝗮𝘁𝗲 𝘁𝗵𝗶𝘀 𝗮𝗺𝗯𝗶𝗴𝘂𝗶𝘁𝘆? • 𝗘𝗺𝗯𝗿𝗮𝗰𝗲 𝗨𝗻𝗰𝗲𝗿𝘁𝗮𝗶𝗻𝘁𝘆: Acknowledge that uncertainty is inherent in analytics. Instead of seeking the elusive "right" answer, focus on understanding the range of possibilities. • 𝗖𝗼𝗻𝘁𝗶𝗻𝘂𝗼𝘂𝘀 𝗟𝗲𝗮𝗿𝗻𝗶𝗻𝗴: Stay curious and open-minded. New data or methods can shed fresh light on old problems. • 𝗖𝗼𝗹𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗶𝘃𝗲 𝗔𝗽𝗽𝗿𝗼𝗮𝗰𝗵: Engage with peers to gain different perspectives. Diverse viewpoints can lead to more robust conclusions. •𝗧𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝘁 𝗖𝗼𝗺𝗺𝘂𝗻𝗶𝗰𝗮𝘁𝗶𝗼𝗻: Communicate the limitations and assumptions behind your analyses. This builds trust and facilitates better decision-making. Ultimately, the goal isn't to be unequivocally "right" but to provide insights that drive informed decisions and create value. By accepting the subjective nature of analytics, we can better navigate complexities and contribute meaningfully to our organizations. #DataAnalytics #DataScience #AnalyticsInsights #DataDriven #UncertaintyInAnalytics #DecisionMaking #ContinuousLearning #DataAssumptions #CollaborativeApproach #BusinessIntelligence #DataInterpretation #ContextMatters #DataStrategy #DataInformed #AnalyticsLeadership #DataValue
Scott Sacha’s Post
More Relevant Posts
-
𝐇𝐚𝐫𝐧𝐞𝐬𝐬𝐢𝐧𝐠 𝐭𝐡𝐞 𝐏𝐨𝐰𝐞𝐫 𝐨𝐟 𝐃𝐚𝐭𝐚: 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐟𝐫𝐨𝐦 𝐒𝐭𝐞𝐯𝐞 𝐉𝐨𝐛𝐬" Steve Jobs once said,"𝐓𝐡𝐞 𝐩𝐞𝐨𝐩𝐥𝐞 𝐰𝐡𝐨 𝐚𝐫𝐞 𝐜𝐫𝐚𝐳𝐲 𝐞𝐧𝐨𝐮𝐠𝐡 𝐭𝐨 𝐭𝐡𝐢𝐧𝐤 𝐭𝐡𝐞𝐲 𝐜𝐚𝐧 𝐜𝐡𝐚𝐧𝐠𝐞 𝐭𝐡𝐞 𝐰𝐨𝐫𝐥𝐝 𝐚𝐫𝐞 𝐭𝐡𝐞 𝐨𝐧𝐞𝐬 𝐰𝐡𝐨 𝐝𝐨." This powerful #quote resonates deeply in the field of data and analytics. 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬: ✅ Bold Vision: ▪ 𝐈𝐧𝐬𝐢𝐠𝐡𝐭: Great #innovations often come from those who dare to think big and challenge the status quo. In data and analytics, having a bold vision can lead to #groundbreaking #insights and #transformative #solutions. ▪ 𝐄𝐱𝐚𝐦𝐩𝐥𝐞: Implementing a revolutionary data-driven approach can uncover hidden opportunities and drive significant business #growth. ✅ Embrace Creativity: ▪ 𝐈𝐧𝐬𝐢𝐠𝐡𝐭: Thinking outside the box and embracing #creativity in data analysis can lead to unique and #valuable #insights. Don't be afraid to explore unconventional methods and tools. ▪ 𝐄𝐱𝐚𝐦𝐩𝐥𝐞: Using advanced #MachineLearningAlgorithms to analyze complex datasets can reveal #patterns and #trends that traditional methods might miss. ✅ Perseverance: ▪ 𝐈𝐧𝐬𝐢𝐠𝐡𝐭: Changing the world with data doesn't happen overnight. It requires #persistence and #resilience. Keep pushing forward, even when faced with challenges and setbacks. ▪ 𝐄𝐱𝐚𝐦𝐩𝐥𝐞: Developing and refining a predictive #analytics #model may take time, but the long-term benefits of accurate #forecasts and informed #decisions are worth the effort. How are you planning to think big and harness the power of data in your work? Share your #bold #visions and let's inspire each other to drive change! Follow KOMAL CHHEDA for being a top 1% leader in Data & Analytics. Do remember to click the 🔔 icon to get notified about my upcoming posts. #DataAnalytics #TuesdayThoughts #KomalChheda
To view or add a comment, sign in
-
🚀 Are Your #Insights Truly #Insightful? 🤔 In a world where data is king, we often hear the term "insights" thrown around. But let’s face it – not all insights are created equal. Sometimes, what’s labeled as an “insight” is just glorified data with no real depth or utility. Here’s the distinction we need to make: "Insights" 🔴 Often just raw data or generic observations. 🔴 Lack actionable or meaningful interpretation. 🔴 Can leave decision-makers asking, “So what?” "Out-of-Sights" ✅ Represent N-A-C-R ( novel, actionable, credible, and relative information.) ✅ Novel: Bring something fresh to the table. ✅ Actionable: Provide clear steps to move forward. ✅ Credible: Built on evidence and trustworthiness. ✅ Relative: Tailored to the audience or context. Why It Matters The difference between glorified data and actionable insights can define whether your organization simply reports numbers or drives transformation. It's time to elevate analytics to deliver value that inspires action and fosters growth. Ask Yourself: Is the data you’re presenting making a difference, or is it just noise? Let’s stop settling for “insights” that don’t deliver. Let’s focus on creating “Out-of-Sights” that truly drive decisions and outcomes. 💡 What do you think? Are we overusing the term "insight"? Share your thoughts below! 👇 #DataDriven #Analytics #DecisionMaking #Insights #BetterData
To view or add a comment, sign in
-
One of my favourite things that has been said to me over the years has been 'Selena, you're a data person, but I like people... And that means we're different'. In my very first book, I talked about reframing this siloed view, to remembering that it is not one or the other - data storytelling and using data well is about the overlap of data and people. However, the amount of data we use and the amount we involve humans in our work with data, is completely up to us. I'm sure you can think of times where you have seen or experienced a presentation that was excruciatingly data-centric, with little human involvement. Chances are, the message didn't land, and/or the change the presenter hoped would come from the presentation, didn't. I'm sure you can also think of times where there has been little data or evidence used beyond anecdotes and personal reflections - whether that be in a presentation or to justify a decision. This is excruciatingly subjective, and closed off to the more tangible and objective data that is available. The goal is to sit somewhere in the middle third of this diagram - to have a healthy balance of both the data and human involvement... It's normal to oscillate within the middle third - very rarely do the numbers and humans balance perfectly, and we don't ever use or present on data the same way time and time again. Sometimes our audiences need slightly more data, and at other times they need to focus more on human impact. Either way, it’s important to think about where you sit, and how you can balance the pull between data and humans that little bit better. #data #datastorytelling #dataandhumans #artversusscience #leadingchange
To view or add a comment, sign in
-
Don’t rush to ask critical data questions from the start With huge data, we rush to ask or think of critical questions to get the best insights. However, that usually limits us from asking broader questions and forces us to optimize for questions rather than actual insights. Do these instead: 1. Always see data with curiosity. Don’t rush for questions, rather look for or embrace patterns. 2. Ask broader, simpler questions (even if they sound stupid or a no-brainer to others). This builds the base for diving deeper into a particular angle/perspective. 3. Slowly dig deeper from basic questions toward a more specific angle. 4. Try finding interesting patterns/trends in that particular angle and further narrow the scope. 5. Now you have an idea of where you are headed and what kind of questions will be critical there. Frame them now. Asking critical or right questions is a very patient process and may not come at first. You must be willing to ask first and wait until the insights unfold. Rushing can lead to blind spots and over-optimization of questions, which hinders the search for valuable insights. #data #dataanalytics #problemsolving #productmanagement #productanalytics #criticalthinking
To view or add a comment, sign in
-
🔍 IMPORTANCE OF HYPOTHESIS TESTING IN DATA SCIENCE: Unlocking Insights for Informed Decision-Making 🔍 In the fast-paced world of data science, separating insights from noise is pivotal. HYPOTHESIS TESTING serves as the compass guiding our analytical journey, ensuring decisions are grounded in statistical rigor and clarity. Here's why it's indispensable: IDENTIFYING SIGNIFICANT TRENDS: Hypothesis testing enables us to discern meaningful patterns amidst the data deluge, empowering decision-makers with actionable insights. VALIDATING ASSUMPTIONS: By subjecting hypotheses to rigorous scrutiny, we validate assumptions underlying our analyses, ensuring robustness and reliability in our conclusions. MITIGATING RISK: Whether in business, healthcare, or finance, hypothesis testing provides a systematic approach to risk assessment, allowing organizations to make informed choices with confidence. DRIVING INNOVATION: By challenging existing paradigms and hypotheses, we foster a culture of innovation, driving progress and pushing the boundaries of what's possible. ENHANCING STRATEGIC PLANNING: Hypothesis testing serves as a linchpin in strategic planning, guiding resource allocation, and prioritization based on data-driven insights. In the dynamic landscape of data science, mastering hypothesis testing is not just advantageous—it's essential for staying ahead of the curve. Let's harness its power together and elevate our decision-making to new heights! 🚀 #DataScience #HypothesisTesting #DecisionMaking #StatisticalInsights
To view or add a comment, sign in
-
"We're lost, but we're making good time." 🕒 𝐀𝐫𝐞 𝐖𝐞 𝐁𝐮𝐬𝐲 𝐁𝐞𝐢𝐧𝐠 𝐁𝐮𝐬𝐲, 𝐨𝐫 𝐀𝐫𝐞 𝐖𝐞 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐯𝐞𝐥𝐲 𝐈𝐦𝐩𝐚𝐜𝐭𝐢𝐧𝐠 𝐎𝐮𝐫 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬? In the wise words of Yogi Berra might as well be a modern-day allegory for many of us in the analytics world. As data professionals, we often find ourselves building more dashboards, integrating terabytes of data, and celebrating the capability of querying this massive trove in sub-seconds. While these feats are technically impressive and speak volumes about our skill and capabilities, a critical question looms large: 𝐈𝐬 𝐚𝐧𝐲𝐨𝐧𝐞 𝐚𝐜𝐭𝐮𝐚𝐥𝐥𝐲 𝐮𝐬𝐢𝐧𝐠 𝐚𝐥𝐥 𝐭𝐡𝐢𝐬 𝐝𝐚𝐭𝐚? And if they are, 𝐢𝐬 𝐢𝐭 𝐡𝐞𝐥𝐩𝐢𝐧𝐠 𝐭𝐡𝐞𝐦 𝐦𝐚𝐤𝐞 𝐛𝐞𝐭𝐭𝐞𝐫 𝐝𝐞𝐜𝐢𝐬𝐢𝐨𝐧𝐬? The trap of equating busyness with productivity is all too common. It’s easy to feel productive when we're constantly creating something new. But the true measure of our work isn't in the volume of outputs but in the impact and value they generate. 🔍 𝐈𝐭’𝐬 𝐭𝐢𝐦𝐞 𝐟𝐨𝐫 𝐚 𝐩𝐢𝐯𝐨𝐭 𝐢𝐧 𝐨𝐮𝐫 𝐚𝐩𝐩𝐫𝐨𝐚𝐜𝐡: 𝐔𝐬𝐞𝐫-𝐂𝐞𝐧𝐭𝐫𝐢𝐜 𝐃𝐞𝐬𝐢𝐠𝐧: Start with the end-user in mind. What do they need to make better decisions? How can your analytics be intuitive and straightforward? 𝐀𝐜𝐭𝐢𝐨𝐧𝐚𝐛𝐥𝐞 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: Focus on dashboards that provide actionable insights, not just data dumps. Each element should have a clear purpose and drive decision-making. 𝐅𝐞𝐞𝐝𝐛𝐚𝐜𝐤 𝐋𝐨𝐨𝐩𝐬: Implement feedback mechanisms to learn how your data products are being used and how they can be improved. 𝐒𝐢𝐦𝐩𝐥𝐢𝐟𝐲: More data isn't always better. Sometimes, reducing complexity and focusing on key metrics can lead to better usage and understanding. In our quest to be productive, let’s ensure we are not just busy, but also impactful. Let's not just make good time; let’s also make sure we know where we're going and why. 🚀 #Analytics #DataScience #Productivity #BusinessIntelligence #DecisionMaking
To view or add a comment, sign in
-
Delving into the Dynamic World of Data Analytics: Unveiling Insights and Driving Decisions! In the ever-evolving landscape of modern business, the role of data analytics has transcended from a mere tool to a transformative force. As a writer deeply immersed in the realm of data-driven narratives, I've witnessed firsthand the profound impact data analytics wields in shaping narratives, elucidating trends, and empowering decision-makers. Data analytics isn't just about crunching numbers; it's about deciphering stories hidden within vast datasets. Each data point unveils a narrative, each trend a chapter, and each insight a revelation waiting to be explored. As a writer, I find solace in the art of storytelling, and data analytics provides the narrative arc upon which these stories unfold. From unraveling consumer behaviors to forecasting market trends, data analytics serves as the compass guiding businesses through uncharted territories. It's the beacon illuminating pathways to success amidst uncertainty, enabling organizations to navigate with confidence and clarity. But beyond its strategic significance lies its inherent potential to foster innovation and drive change. By leveraging advanced analytics techniques, businesses can unearth novel solutions to age-old challenges, redefine processes, and revolutionize industries. As a fervent advocate for the fusion of storytelling and data analytics, I invite you to join me in exploring the boundless possibilities this synergy offers. Let's embark on a journey where data isn't just numbers on a spreadsheet but the very essence of narratives waiting to be told. Let's connect to delve deeper into the captivating world of data analytics, where insights converge with imagination to shape a future defined by informed decisions and transformative change. #dataanalytics #DataDrivenNarratives #itsight #newblogpost #businessinnovation
To view or add a comment, sign in
-
The Misuse of "Deep Dive" in Analytics Let's cut to the chase—when we get a request for a "deep dive" into analytics, it often means nothing more than a shallow review of available data. This is a critical misstep that undermines the potential for actual growth. A true deep dive is not about skimming through data; it’s about diving deep to uncover actionable insights that drive growth. Here’s how I'd approach it with a different mentality: 1) Form a Hypothesis: Start with a clear hypothesis about what you expect to find. This directs your focus and makes your analysis purpose-driven. 2) Gather Comprehensive Data: Integrate data from various sources to test your hypothesis. This ensures you have a full and accurate picture. 3) Apply Analytics: Leverage the tools and techniques you have at your disposal to dig deeper. It's about using what's available to uncover patterns and insights that are not immediately obvious. 4) Validate and Iterate: Test your hypothesis against the data. Validate your findings and be ready to iterate. This process should be continuous, adjusting as new data and insights emerge. 5) Implement and Optimize: Turn your validated insights into actionable strategies. Implement and monitor the outcomes, optimizing your approach based on what works. When leaders misuse the term "deep dive," they often settle for superficial reviews that barely scratch the surface. This approach is not only ineffective but also dangerous. It can lead to misguided decisions based on incomplete or misunderstood data. It's time to stop misusing the term "deep dive" and start demanding real, in-depth analysis. Be flexible, be adaptive. #ActionableInsights #Analytics #DataDriven #BusinessGrowth #DigitalTransformation #Innovation
To view or add a comment, sign in
-
**Unleashing the Power of Data Storytelling: Transforming Numbers into Narratives** In the deluge of data that defines our era, the true differentiator is the ability to spin numbers into narratives. 🌟📈 Data storytelling transcends mere data presentation. It's an alchemy of analytics, narrative, and visuals, transforming complex data into accessible insights. Here's why mastering data storytelling is akin to wielding a superpower: 1. **Captivation**: Stories have the power to enchant. By embedding data within stories, we engage our audience on a deeper level, ensuring our message sticks. 2. **Influence**: A compelling data story has the clout to sway decisions and spur action. It morphs raw data into a persuasive narrative that can rally teams and influence stakeholders. 3. **Insight**: Data stories illuminate the path from numbers to significance. They offer context and weave meaning, shedding light on the 'why' behind the 'what'. 4. **Distinction**: In today's big data era, the prowess to decode and narrate data stories elevates your professional stature, marking you as an industry sage. 5. **Transformation**: Data stories are potent agents of change. They can shift viewpoints, uncover hidden trends, and articulate results with undeniable force. As we chart the data-dense landscape of the modern world, the art of data storytelling emerges not just as a skill but as an imperative. Let's embrace this superpower to turn insights into action! #DataStorytelling #PowerOfNarrative #DataInsights #ImpactfulCommunication #DataVisualization
To view or add a comment, sign in
-
Are you solving a problem from the past or building toward a better future? There's a difference. And perhaps "more data" and "better analytics" won't help you. "If your challenge is to achieve an incrementally better past, data and analytics are your friends. If your challenge is around achieving an unprecedented future, then you need something more. That “something more” is (i) imagination, (ii) grounded in data from the future, and (iii) expressed through inventive design." Our team of human-centered designers is obsessed with bringing "something more" to your business. Read more from Len Netti below.
Managing Director of X-Lab • Business Designer • Experience Designer • Innovation Leader • Culture Maker • Market Developer
More data. More analytics… that’ll solve your challenges. Nope. Well… maybe. It depends on the type of challenge. Data is not a crystal ball; it is a record of the past. If your challenge is from the past (i.e., a problem that occurred in the past that needs to be addressed), your solution will become more apparent with more data and better analytics. If your challenge is from the future (i.e., the need to do something you’ve never done before), more data and better analytics will merely create a distortion field on this side of the challenge. If your challenge is to achieve an incrementally better past, data and analytics are your friends. If your challenge is around achieving an unprecedented future, then you need something more. That “something more” is (i) imagination, (ii) grounded in data from the future, and (iii) expressed through inventive design. Unfortunately, your conventional analyst, datatician, and strategist can’t deliver on these, or at least can’t deliver on these alone. Success will require a blend of analytical mastery and inventive originality. It will demand leaps in imagination. Creativity. Vision. Boldness. Something beyond the imprisoning cells of spreadsheets and the folks sitting in seas of endless cubes crunching the numbers constrained within them. It will demand the dynamic interplay of rational and imaginative thinking. It will require the mashup of the logical and the unconventional. For more, check out: https://lnkd.in/ghNSNCpv #Imagination #DataFromTheFuture #Design #Strategy #Creativity #Bold
To view or add a comment, sign in