Do you think negative outcomes can be used to show the business impact of data and analytics? For example, showing how a missed opportunity to use data/analytics hurt the business?
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Sr. Director, GenAI Program Management in Healthcare and Biotech2 months ago
Absolutely. Any use case that gets its day in court or opportunity to shine doesn't always hit. Sometimes they are misses, but at the end of the day, that's still learning. Negative outcomes are a data point that needs to be known and understood. Insights can be gleaned upon from the business or entity that is consuming it in ways that are useful and informative on how best to approach similar situations in the future. So even though these analytics initiatives don't always work out, it's always still a learning moment that can be used and leveraged in the future.SVP, Data & Insights2 months ago
Yes, I think in the financial services industry, which I'm part of, it's probably at the moment the largest driver of innovation in the data and analytics space. We are a very heavily regulated industry. Being able to showcase with these solutions how we can reduce the risk that we are subject to and eventually the fines that we might get from the regulators if we continue to run some processes in the legacy way that is prone to operational error is a key concern in the financial services industry. Those are usually the use cases that tend to get more traction because it's easier to showcase the ROI and the savings. You're going to be making a difference in the bottom line in terms of reducing expenses by implementing more robust, safe and sound solutions to reduce this risk we're subject to. It's kind of backwards, but being able to showcase what can go wrong if we don't adopt some of these solutions at the moment is easier than showcasing how we can unlock additional revenue by targeting some more clients with this new solution. Those are kind of more subjective and tend to be more difficult.