As appeared in Big Data Journal
By Amit Gupta
At Fractal Analytics, we believe in chasing three ‘I’s in what we do for our clients, or even for any internal development, to be able to deliver value. These ‘I’s are critical for our success (as we perceive it), and forms the core of our thinking.
These three ‘I’s are – (i) Insight (ii) Impact (iii) Innovation
- Insight refers to that one big learning or key takeaway from any piece of analysis that business can adopt for better decision making, removing inefficiencies from business processes, and to connect better with its customers.
- Impact is the change that the business will witness as the result of the analysis.
- Innovation is the new creative thinking that is introduced in conducting that piece of analysis or delivering the same to the business.
For these three ‘I’s to meet the intended objective, each need an additional ‘I’ in support for their meaningful existence – I for an I!
Need for the accurate Interpretation for the Insight
An insight can be as detrimental as beneficial, if not interpreted in the way it is supposed to be. Any insight delivered as an outcome of an analysis needs to be accompanied with relevant conceptual clarity and contextual familiarity (commonly referred to as CCCF) to be able to provide the right interpretation.
The person who is receiving the insight may not have the much needed CCCF to the extent that the person who is delivering the insight has, and may be a victim of wrong interpretation.
Analytics teams usually spend up to 40% of their time in presenting the insights to the consumer of analytics, in order to make it simple, straightforward and precise to help mitigate the risk of it being wrongly interpreted.
The key for presenting the insight for its right interpretation is:
- Keep it simple
- Be straightforward and direct
- Identify the precise implication and mention that
Need to drive Implementation to realize the Impact
Analysts must have an implementation plan in place for the business owner to realize the full impact, as discovered and predicted as the outcome of a study.
An implementation plan that:
- Identifies the time-frame during which actions are to be taken in the market, and when the impact is to be realized
- Accounts for the lead-time for planning and getting things in place for execution
- Considers all existing constraints and actionability, and is critical for the business to see the impact.
Need to recognize the Influence that the Innovation will have
Any innovation in a process is meaningful if it has the ability to influence the outcome – an influence that can be measured and quantified. While an innovation can be in terms of enhancement of the way a problem is defined or approached to be solved, or redefining the process or delivery, the influence can be in the form of:
- Reduction in effort or time
- Enhancement in the width or depth of the insights, or learning through the analysis on the same piece of information/data
- Easier consumption of analytics for the business through simpler representation of learnings
Overall, the purpose of any innovation can be realized as either a reduced effort for the same throughput or an enhanced throughput for the same effort.