beyond dashboards
TRANSCRIPT
Beyond Dashboards 15 September, 2016
Silicon Valley@soody
http://www.slideshare.net/ssood/foresight-analytics
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Insights-driven businesses will generate $1.2 trillion in 2020
Forrester Research, 2016
3© 2016 Forrester Research, Inc. Reproduction Prohibited
Insights-driven businesses are faster than large companies
2015 2016 2017 2018 2019 2020$0
$250
$500
$750
$1,000
$1,250 Revenue (billions)
Public
Startup
Global GDP will grow only 3.5% annually.
27% CAGR
40% CAGR
Source: Forrester, Morningstar, PitchBook, and The Economist Intelligence Unit
Reports&
Analysis
Visualisation&
Interpretation
WriteData/Business
“Story” Insights
Led by Data Analyst or Scientist
SME owner, Machine Learning and Natural Language GenerationFusion of data science, business knowledge & creativity for maximium ROI
Data Aggregation Operationalise
Detect & ExtractPatterns andRelationships
Generate Insights &
Story
ProcessApplication
IoT
Data Aggregation or
Data Set
Traditional Analytics: Slow & Expensive80% of time sifting through data
System of Insight (SoI)
SoI: Fast & Cost Effective80% of time in decision making with client
New Sources of Information (Big data) : Social Media + Internet of Things Innovations
7,919 40,204
2,003,254,102 51 Gridded Data Sources
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CCTV
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https://nodexl.codeplex.com/
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Sherman and Young (2016), When Financial Reporting Still Falls Short,Harvard Business Review, July-August
Sood (2015), Truth, Lies and Brand Trust The Deceit Algorithm,http://datafication.com.au/
New Analytical Tools Can Help
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http://www.analyzewords.com
Actionable Insights
1. What now ?
2. So what ?
3. Now what ?
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Companies are reimagining Business Processes with Algorithms and there is “evidence of significant, even exponential, business gains in customer’s customer engagement, cost & revenue performance”
Wilson, H., Alter A. and Shukla, P. (2016), Companies Are Reimagining Business Processes with Algorithms, Harvard Business Review, February, https://hbr.org/2016/02/companies-are-reimagining-business-processes-with-algorithms
Better customer experiences . . .. . . and half the inventory-carrying costs of other online fashion retailers.
Forrester, 2016
Systems of Insight
Automated pattern extraction
Outlier detection
Correlation
Time series
Analytics integration with process, app or IoT
https://ubereats.com/melbourne/
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outlier-detection “allow detecting a significant fraction of fraudulent cases…different in nature from historical fraud…resulting in a novel fraud pattern”
Baesens, B., Vlasselaer, V., and Verbeke, W., 2015, Fraud Analytics Using Descriptive, Predictive, and Social Network Techniques: A Guide to Data Science for Fraud Detection, Wiley
The ANZ Heavy Traffic Index comprises flows of vehicles weighing more than 3.5 tonnes (primarily trucks) on 11 selected roads around NZ. It is contemporaneous with GDP growth.
The ANZ Light Traffic Index is made up of light or total traffic flows (primarily cars and vans) on 10 selected roads around the country. It gives a six month lead on GDP growth in normal circumstances (but cannot predict sudden adverse events such as the Global Financial Crisis).
http://www.anz.co.nz/about-us/economic-markets-research/truckometer/
Systems of Insight
• Helps move away from “crisis levels” in talent
• Traditional 5 step analytics process reduced to 2 step from data to action
• Reimagine business processes through “machine engineering”
• Minimise messy data issues and data preparation time
Next Step
Start using Systems of Insight and innovative data sourcesVs
Just dashboards