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Join Prashanth Southekal, DBP-Institute
will present a talk entitled
"Transitioning from Data Management to Decision Science for Data Analytics Success"
Organizations all over the world are looking at leveraging Data and Analytics for improved business performance. A report from MIT says, digitally mature firms are 26% more profitable than their peers. McKinsey indicates that companies that are insight-driven report EBITDA increases of up to 25%. However, many data and analytics projects have failed to deliver business results. According to Gartner, over 80% of the Data & Analytics Projects Fail. A joint study by IBM and Carnegie Melon University found that over 90% of data in an organization is never used for any strategic purpose. Venture Beat study found that 87% of the Data & Analytics models do not get deployed in Production.
While there are many reasons for the failure of Data & Analytics projects, one of the reasons is not focusing on the last mile of analytics. The last mile of analytics is the process of converting insights from data into business results. This is mainly because, most data and analytics programs today are executed in the traditional “SDLC Waterfall” way i.e., requirements, solutions (i.e., data and models), and outputs (i.e., insights, and results) where requirements elicitation, data sourcing, and data engineering take a lot of time and effort with no or little business value. Instead, the focus should be on the “end in mind” i.e., starting from the end i.e., what insights are needed to achieve decisions and business results and how to get the right data to derive those insights. In other words, the thinking needs to change from understanding the decisions at stakes, the insights needed to make decisions, and the data needed to derive insights. We need to transition from Data Management to Decision Science for Analytics Success.
In this presentation, Mr. Southekal will talk about the practical techniques to move from the traditional data management strategy to decision science strategy so as to improve the odds of Data & Analytics project success. Specifically, he will give an overview of the problem, discuss as to why the traditional “SDLC” Waterfall” way is not a viable option to deliver Data & Analytics Projects, and then offer prescriptive recommendations on the required capabilities for organizations to build and deliver a strong insight strategy for successful business results.
About the Presenter
Dr. Prashanth Southekal is a Consultant, Author, and Professor. He has consulted for over 80 organizations including P&G, GE, Shell, Apple, FedEx, and SAP. Dr. Southekal is the author of two books — “Data for Business Performance” and "Analytics Best Practices” — and writes regularly on data, analytics, and machine learning in Forbes and CFO University. His second book, ANALYTICS BEST PRACTICES was ranked #1 analytics books of all time in May 2022 by BookAuthority. He serves on the Editorial Board of MIT CDOIQ Symposium, Advisory board member at BGV (Benhamou Global Ventures) a Silicon Valley-based (Menlo Park) venture capital firm, and a Data and Analytics Advisor at Evalueserve (CH), Grihasoft (IN), Illumex (IL), Astral Insights (US), and Miles Education (IN). Apart from his consulting and advisory pursuits, he has trained over 3,000 professionals worldwide in Data and Analytics. Dr. Southekal is also an Adjunct Professor of Data and Analytics at IE Business School (Madrid, Spain) and CDO Magazine included him in the top 75 global academic data leaders of 2022. He holds a Ph.D. from ESC Lille (FR) and an MBA from Kellogg School of Management (US). He lives between Calgary (CA), Madrid (ES), and San Francisco (US). Outside work, he loves juggling and cricket.
Location and Timing
This luncheon will take place in the main floor large Conference Room of 639 5th Avenue SW.
Registration will take place from 11:15 to 11:30 outside
the meeting room. Lunch will be served at 11:30. If you
have any food allergies please let us know during the
registration process. If you find you are no longer able to
attend, please advise us of your cancellation as soon as
possible to free up a space for another attendee.
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Professional Development Units
This event is eligible for one Professional Development Unit:
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