Home – Unlocking the Power of Data for Your Organization: Leveraging Insights for Better Decision Making and Real Growth

Unlocking the Power of Data for Your Organization: Leveraging Insights for Better Decision Making and Real Growth

Posted on 05-18-2018 by Korinne Bressler

 Data scientists are playing an increasingly important role in organizations – from introducing new technologies like AI and machine learning to harnessing the power of the large amounts of information that often already exist inside company walls. And as the ability to generate and leverage data grows, leadership is turning to the data scientist to help them reduce costs, improve efficiency and transform how work is done.

As an organizational innovator – helping teams work better, faster and smarter, you need to ensure that the data you’re giving your people is good. According to simplilearn.com, last year, McKinsey estimated that big data initiatives in the US healthcare system “could account for $300 billion to $450 billion in reduced health-care spending, or 12 to 17 percent of the $2.6 trillion baseline in US healthcare costs. However, bad data is estimated to be costing the US roughly $3.1 trillion a year.” Now imagine those numbers applied across every country, globally.

How can you be sure you’re adding value as a data scientist and truly transforming how your teams work through the application of good data?

Drive Data-Based Decision Making

How often are business decisions made on a hunch or an assumption? More often than we’d like to think. By equipping teams with trusted data that informs better decision-making, you will help them appreciate the power of data and how it can drive the choices that translate into growth and success. If you’re seeking ways to make data more top of mind with your leadership, first consider if you’re using data sources that allow for sharing and customized viewing. By giving teams easy access to data and data findings, you’re removing roadblocks that exist in most business environments. Also look for ways to share only what is critical and relevant to that team or department. For people who don’t regularly work with data, making it as accessible and streamlined as possible is a big step in the right direction.

By getting people only the data they need and in a sharable way, you’ll put insights front and center in the decision-making process.

Remove the Fear of the Unknown to Build Trust and Engagement

When the average business person things of AI or machine learning, all sorts of ideas can come to mind – robots, computers that turn into hostile adversaries; the list goes on. As a data scientist, you know the very real and valuable impact of AI in an organization. Work with teams to help demystify these emerging technologies. By removing the fear around them, you can ensure that the output they generate will become everyday information used by teams across the organization. Consider sharing real world examples of AI in action: Watson, Google driverless cars and Tesla’s Autopilot are a few mainstream examples to point to.

Define Better Goals and Share Them

By working to integrate trends and insights into the everyday choices of your organization, you will ultimately help them to define better goals. By assessing performance over time, you can suggest alternate paths that better engage customers, improve performance and enhance success in the long run.

Ultimately, the role of data scientist is one of analyzing the data within a company and leveraging the insights and trends you uncover for better business. Be sure to consider how you share, position and educate teams in regard to data and the technology you use to extract it. By bringing everyone along on the data science journey, you’ll become a true agent of meaningful change for your organization now and into the future.

Ready to learn even more? Check out these solutions and resources developed specifically for data scientists:

  • Blog Post: 5 Reasons Data Scientists are a Hot Commodity 

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