Demystifying Advanced Analytics to Solve Wicked Problems
“Water, water, everywhere, nor any drop to drink” – Samuel Taylor Coleridge, The Rime of Ancient Mariner. I recollect this line a lot these days when I hear of companies contemplating what to do with huge piles of data. Companies are rich with data but poor on information.
A wicked problem is one that’s a challenge to solve, often due to incomplete, contradictory, or changing requirements. Wicked problems have complex interdependencies and solving one aspect of the problem often highlights or even creates other problems.
Know where you stand
Your data is unique. It has the potential to give you clear and actionable insights. However, before beginning any journey you must know where you are, and where you are trying to go. I suggest starting with a straightforward maturity assessment. Providing you with a clear understanding of where you are relative to your competitors, where you need to go and most importantly, how to get there.
Its all about THE data
The volume of data generated across industries worldwide is growing rapidly. This now paves the path to achieve insights which were nearly impossible in the past. More panoramic and granular views can be achieved by combining different data sources. For example, shipping companies are now combining the weather data with their route map to decide stop durations. By making the invisible visible, we can improve business strategy, operational efficiency, and ultimately improve the customer experience. It can be difficult for the average company to know where and how to leverage data that lives beyond their 4 walls.
Focus on business problems and prepare for disruption
I find that one of the most important pitfalls to avoid when undertaking an analytics project is “Curiosity Analytics” – analytics for analytics sake. Instead, focus on key business problems and identify desired outcomes first. In doing so, you will undertake projects that will provide a much higher ROI. I believe that a well designed and delivered analytics project doesn’t cost anything. Be aware though, for that statement to be true, you must be prepared for the disruption following the analytics project. Insight is great, but if you don’t change, you won’t realize the same level of ROI.
No two analytics projects are the same
Each analytics project is unique. One’s strategy and approach may not be applicable to another, even if the projects are similar. This is because data generation is incredibly dynamic, which results in constantly changing data types, data sources, technologies, and user behaviour. In my experience, the path to insight is always unique.
Let’s solve your wicked problem together
Using an entirely collaborative approach, ISM Canada’s nimble and innovative Insight to Impact team can help you tackle your wicked problem with ease and resolve. We have experience in many sectors, including Human Services, Health Care, Agriculture, Financial, and Environmental. This Saskatchewan based group brings world-class talent right to the prairies, leveraging best of breed tools and methodologies including those from IBM. To get started, simply reach out for a complimentary 1-hour exploratory conversation to assess where you are, and where you want to go. Leverage the value (and results!) that your unique data can bring to your organization.