Converting data analytics into maximum business value — Wendy Lynch // Analytic-translator.com
- Part 1Why most data analytics projects fail — Wendy Lynch // Analytic-translator.com
- Part 2 Converting data analytics into maximum business value — Wendy Lynch // Analytic-translator.com
Show Notes
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01:39Striking a balance between complexity and clarity when communicating data insightsData scientists need to focus on delivering clear, actionable insights instead of presenting overly complex scenarios or technical details. They should prioritize addressing the core question or decision the business seeks to resolve, aiming for concise and relevant communication.
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04:44Best practices for communicating value for a business via data analyticsTo communicate effectively, data scientists must consider the audience's expertise level and align results with the action or decision to be made. Simplify results to concise, specific statements without complex qualifiers, ensuring clarity in the presentation.
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07:32Optimizing data communication with an analytic translatorAn analytic translator can help bridge the communication gap between data scientists and business stakeholders. They can convert complex data findings into understandable language for practical use without devaluing the discoveries of the data scientists.
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10:11Aligning business goals with analytics requestsMany companies arent aligning their goals with the analytics they request because leaders dont know the right questions to ask data analysts. Its crucial to have a go-between to translate what the data scientists can accomplish to executives in order to achieve alignment.
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12:34Fostering collaboration for successful analytics and business goal alignmentBoth data scientists and business leaders need to have an openness and willingness to learn when it comes to analytics and business value. Clear goal setting and a shared understanding of purpose at every level are crucial for successful outcomes.
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14:01Data literacy and its limitations in organizationsBeyond data literacy, people and business literacy must be taken into consideration. By taking an integrated approach, individuals can be trained based on their different literacies to bridge gaps rather than enforcing universal data literacy across the board.
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17:14Insight driven decisions vs. data literacy across an organizationFostering insight-driven decisions, not universal data literacy, is key across the organization. Leveraging data literacy, translation, business and people literacy skills within teams maximizes success more effectively than expecting data literacy.
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19:25Maximizing business value from analyticsBusiness leaders should be open to learning and asking bigger questions about the possibilities within their organization's data. Having a high-level analytic translator can help leaders grasp what's possible and bridge the gap between data scientists and business needs for better value from analytics.
Quotes
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"Business people want results that are so simple, they need no explanation. Data scientists want results that are so complex and interesting, that everybody wants an explanation." - Wendy Lynch
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"To avoid stifling all the great discoveries of data scientists, someone trained in analytic translation may be the best person to convert complex data insights into simple language that business stakeholders can understand." - Wendy Lynch
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"A lot of data-oriented people say everybody has to know data. But not everybody wants to do that. Why don't we train up people in each team to be the representative that helps understand the data?" - Wendy Lynch
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"Only a third of C-suite executives are data literate." - Wendy Lynch
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"I would argue that we don't want data literacy. What we want is insight driven decisions, and data-aware decisions at every level of the organization." - Wendy Lynch
- Part 1Why most data analytics projects fail — Wendy Lynch // Analytic-translator.com
- Part 2 Converting data analytics into maximum business value — Wendy Lynch // Analytic-translator.com
Up Next:
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Part 1Why most data analytics projects fail — Wendy Lynch // Analytic-translator.com
Wendy Lynch, Founder of Analytic-translator.com, discusses data analytics success factors. Data scientists and business teams frequently face communication challenges, causing friction and unsuccessful analytics projects. Incorporating an analytic translator helps bridge this gap, leading to better returns on analytics and less time spent redoing projects. Today, Wendy shares her insights on why most analytics projects fail.
Play Podcast -
Part 2Converting data analytics into maximum business value — Wendy Lynch // Analytic-translator.com
Wendy Lynch, Founder of Analytic-translator.com, discusses data analytics success factors. Business leaders desire results that require no explanation due to their simplicity, while data scientists prefer complex results that prompt everyone to seek an explanation. However, bridging this divide is crucial to ensure that data analytics provide business value for organizations. Today, Wendy shares her insights on how we can convert data analytics into maximum business value.