Hi ,
At the end of each episode of Value Driven Data Science, I ask my guest what advice they would give organisations looking
to maximise the value of their data.
In 2022, I interviewed seven inspirational leaders and professionals, in and around the data space.
Here's what they told me:
1. Just Get Started
"Just get started somewhere, so you know if you really want to start down the path of data science. Pick something small, pick staff who are
keen and just get started.
And encourage those staff to experiment. Just have a go and don't worry if you fail."
- Amanda Aitken, Data Science Educator, Actuaries
Institute
2. Find Good People
"As senior leaders in organisations, you're paid for your judgment and your wisdom. And understanding that
data science is growing and has got value to contribute to organisations is really important.
But knowing who to work with and partner with is also really critical. Understanding it and finding people that you can trust would be my rule of thumb. And don't discount it as being too hard."
- Tim Davey, Executive Coach and Organisational Development Expert
3. Keep it Legal
"Have a good understanding of your data and your model. Ask yourself 'what's the real impact of your model on your consumers and your organisation?'
Take all the regulations into consideration. And have a good understanding of the requirements of
anti-discrimination regulations and laws in your specific jurisdictions."
- Dr Fei Huang, Senior Lecturer, UNSW School of Risk and Actuarial Studies
4. Ask the Right Questions
"Don't ask 'are we maximizing our data?' Ask yourself 'where are we and where are we going,' and then 'to what extent can this data help us get there?'"
- Dr Stuart Black, Enterprise Fellow in Data, Analytics, Disruption and Innovation, University of Melbourne
5. Problem First, Data Second
"Focus on the problem first and then the data second. Be clear on the problem you're trying to solve, the objective you're trying to get out of that, then look at the data and work out how you can marry the two.
And to that end, start talking with a data scientist early."
- Rob Deutsch, Chief Operating Officer, AkuShaper
6. Don't Overlook the Intangible Benefits
"Don't discount the intangible benefits of uplifting the way you do work. Usually, if we uplift our ways of working, we get more structured. We get more rigour into what we do. It lowers the risk profile in terms of what we might expose the company to.
There's a lot that happens from the moment we touch the data until we produce the model, which we can build in to minimise risk. And that is a massive benefit that's overlooked a lot of times."
- Hendrik Dreyer, Analytics Capability Manager
7. Be Patient
"Don't sprint before you can walk. A lot of people go straight to the end and they hire data scientists. First things first. Just get your data sorted, figure out your architecture, figure out
your governance, figure out where it's going to sit and how you're going to access it and what levels of access everybody has.
Start there and then don't expect miracles day one. It's a journey. It doesn't happen in six months. Be patient."
- Joel Robinstein, Head of Clients Services and Operations, Precision Sourcing Australia
If you missed any of these interviews the first time around, you can find all of the episodes of Value Driven Data Science HERE or on Apple Podcasts, Amazon Music, Spotify or Google Podcasts.
What advice would YOU give organisations looking to maximise the value of their data? Hit reply to let me know.
Talk again soon,
Dr Genevieve Hayes.
p.s. Value Driven Data Science will be
returning for 2023 on Thursday 2nd February.
