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My Quotes in Instapaper: Monday, Apr. 22

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Instapaper: Monday, Apr. 22

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Is there anything else that needs to happen so that more data scientists can enter the public-sector arena? I think it will be important for the public sector to do partnerships with either academics or with folks in consulting to be able to meet the needs, because there are certainly a lot of data in the public sector that needs analysis. There?s a lot of opportunity there. And there just aren?t that many people to go around to work full time at all of the organizations that want to hire them. 
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 676-680 | Added on Saturday, 27 April 13 23:17:06
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What is the current status of data scientists in terms of how many are available? I would say that it?s certainly difficult to find data scientists when people are looking for the magic person who combines all of those skills I talked about. They are very, very difficult to find. And those kinds of people definitely, especially the ones if you talk about advanced degrees. There?s this conception that data scientists might have to be a Ph.D. And that?s a fairly small number. And Ph.D.s generally tend to go either to high technology companies who have them on critical mass, or to startups, or to consulting firms and so on. So they?re not available in all of the sectors who?d want to hire them.And that goes for public sector as well? Right. So when you say there?s a shortage, which generally means it?s very hard to find a person to work in the location that you want at the salary that you?re willing to pay. And they don?t tend to be evenly distributed throughout the country or throughout the world for that matter. And there is definitely a general raising of salaries for these kinds of positions.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 663-671 | Added on Saturday, 27 April 13 23:11:24
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Imagine a development team gearing up to launch a product. Management could monitor communication flows ? on the enterprise social platform, if the company has adopted one, but also from scraping anonymous social data from internal networks, email, phone and Web interactions ? across affiliated teams (product development, marketing, sales, manufacturing) to track the progress and coordination across teams.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 602-605 | Added on Saturday, 27 April 13 22:52:38
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The notion that certain patterns of interaction contribute to higher operating performance while other patterns tend to diminish it is not new. Witness the ongoing interest in workspace configurations and team structures. However, social analytics lets managers, for the first time, really test the validity of these conceptions and act on their insights.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 600-602 | Added on Saturday, 27 April 13 22:52:28
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most business leaders realize that financial metrics, though widely reported, tell us how we did in the past, not how to move forward. Operating metrics, such as customer churn rate or time to market, can be leading indicators of financial performance, but by the time companies accurately measure them it?s often too late to change the outcome. In contrast, creating flow metrics based on internal and external interaction patterns can help managers not only anticipate operating performance ? and in turn financial performance ? but also help them take corrective action.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 593-597 | Added on Saturday, 27 April 13 22:52:12
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The first step is to expand inward. So far, social analytics ? the integration of social software and big data analytics to create insight from unstructured information ? has been the purview of the marketing and sales departments, where the focus has been on monitoring sites such as Twitter and Facebook to gauge customer sentiment and engagement. But social analytics can do more. Broadly applied across all functions, social analytics can focus attention on a company?s most pressing internal performance issues.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 583-588 | Added on Saturday, 27 April 13 22:50:56
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Some businesses are already posting important issues on public forums to get answers to their problems.?
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 559-560 | Added on Saturday, 27 April 13 22:42:35
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see what an increase in accuracy will deliver,? said Jones. ?Before you worry about the technology, find the business case.?
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 554-555 | Added on Saturday, 27 April 13 22:42:17
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Get a Tiny Job, Earn a Tiny Payment. Repeat.)
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 550-550 | Added on Saturday, 27 April 13 22:40:21
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Revising an Outdated Business Model? Try Predictive Analytics
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 499-500 | Added on Saturday, 27 April 13 17:49:04
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technical perfection for analytic development is rarely necessary to achieve business objectives. Rather, the focus should remain on the end goal of strategic advantage, the affect of diminishing returns of technical development, and the inevitable pressures of time and speed to market. 
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 489-491 | Added on Saturday, 27 April 13 17:48:47
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Data mining, predictive modeling, optimization and demand analysis, customer segmentation, and supply chain and materials movement analytics are a small subset of potential components.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 486-488 | Added on Saturday, 27 April 13 17:48:24
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Step 2: Perform focused analytics activities.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 485-485 | Added on Saturday, 27 April 13 17:47:59
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One specific technique is to design an end-to-end strategic road map composed of short-, medium- and long-term analytic achievement?each with a resulting ROI ? where the value generated by prior projects feeds the cost of downstream efforts. Employed effectively, this method can create a self-funding mechanism that allows a company to control its analytic investments with the potential to achieve a significant reward. This road map process is at the core of defining analytic strategy.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 482-485 | Added on Saturday, 27 April 13 17:47:49
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Business unit leaders should lead by example, demonstrating how analytics-derived facts are informing their decisions in new ways.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 480-481 | Added on Saturday, 27 April 13 17:47:34
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Step 1: Define an analytics strategy that builds in flexibility.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 475-476 | Added on Saturday, 27 April 13 17:47:11
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Many analytics projects fail because too much time is spent doing what can be done with analytics versus focusing on what, specifically, the business should do with analytics. By focusing on the analytics process?from strategy to results?organizations can replace activity with achievement.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 473-475 | Added on Saturday, 27 April 13 17:47:07
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Define the objectives for constructing an analytics road map. ·       Create the strategy for achieving the objectives and achieving a return on the investment. ·       Do the actual analytics work. ·       Embed analytics inside business operations and processes. ·       Integrate enabling technology. ·       Guide the organization through the inevitable change. ·        Monitor results against the anticipated ROI. ·          Create a continuous improvement process of tuning and enhancement.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 468-473 | Added on Saturday, 27 April 13 17:45:29
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Business Analytics: Six Steps to Getting Results
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 455-455 | Added on Saturday, 27 April 13 17:45:24
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These questions must also be debated with an eye on security. ?First and foremost, we have to remember that intellectual property and customer information are a company?s two most important assets,? Jerry Irvine, CIO of Prescient Solutions, told CRM Buyer.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 440-442 | Added on Saturday, 27 April 13 17:44:00
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Having this piece properly in place will also help companies get a grip on the additional data they will receive by launching a mobile CRM app. Companies in all industries and of all sizes are always on the prowl for ever more information about their customers? buying habits.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 437-439 | Added on Saturday, 27 April 13 17:43:48
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Companies have been drowning in business rules,? observed Lucker. ?Engines that can determine that a particular piece of data applies to business rule model A and then receives another data signal and knows to apply it to model B is an important architectural and functional component to the back end.?
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 435-437 | Added on Saturday, 27 April 13 17:43:28
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Also of key importance will be the predictive or advanced analytics that will require business rule engines, he said. ?Those are particularly important components,? Lucker emphasized, describing them as utilities that house repositories of predictive models and receive data input. In the market and in use for years, business rules engines have been evolving into highly sophisticated products in recent years, he said.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 432-435 | Added on Saturday, 27 April 13 17:43:17
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Other issues to consider for the back end include the extent to which external data sources are necessary to the end product ? data sources that the company might not own or control and that will introduce even more additional complexities into the presentation layer.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 428-430 | Added on Saturday, 27 April 13 17:42:40
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the skills and technologies needed to succeed with text analytics are still evolving, so talent may have to be recruited or retrained. However, by starting with a well-defined problem and demonstrating its value and impact to the business, opportunities will emerge and can be leveraged.  These new areas could include contract performance analysis, R&D support, workplace safety analytics and drug or medical care safety analysis. The potential is virtually endless.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 375-378 | Added on Saturday, 27 April 13 15:33:06
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Opportunities for capturing early signals of customer sentiment and financial outcomes can first emerge as textual data. Text analytics provides automated, repeatable solutions that identify useful information hidden in those unstructured documents.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 371-372 | Added on Saturday, 27 April 13 15:31:35
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Likely pilot areas would be those that have large volumes of readily accessible textual data, such as customer analytics.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 367-368 | Added on Saturday, 27 April 13 15:29:12
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The first challenge is actually working with the data. Access, storage and retrieval of textual data may require a different approach than structured data. The data is likely to be highly variable, noisy, uncontrolled and heterogeneous, and privacy issues may come into play, especially if email is involved. Finally, query languages focused on semi-structured and unstructured data require a new skill set for analysts to master.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 360-363 | Added on Saturday, 27 April 13 15:27:59
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Finding Value in Data-Driven Decisions Information as an asset is moving to the top of the business agenda, from basic analytics to sophisticated visualization. Thanks to the explosive combination of talented people, large volumes of data, and powerful computing tools, businesses are discovering answers to questions that previously may not have been asked.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 191-194 | Added on Saturday, 27 April 13 02:50:59
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So what?s the source of the disconnect? In ?A Delicate Balance,? a Deloitte Review article on big-data and business analytics, James Guszcza and John Lucker define it as a people problem.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 155-157 | Added on Saturday, 27 April 13 02:45:06
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The time may not be very remote when it will be understood that for complete initiation as an efficient citizen of one of the new great complex world wide states that are now developing, it is as necessary to be able to compute, to think in averages and maxima and minima, as it is now to be able to read and write.? H. G. Wells, Mankind in the Making (1904). Wells is commonly paraphrased as having written ?statistical thinking.?
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 129-132 | Added on Saturday, 27 April 13 02:42:23
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One of my personal heros on this topic has been Tom Davenport, who?s written several excellent books on what it means to be an analytically enabled organization ? and how they tend to perform better than those that don?t. 
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 125-127 | Added on Saturday, 27 April 13 02:41:57
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This individual has to steer the organization towards the new model, the new process and leveraging the new insights ? and do so without blowing things up along the way.  Most insightfully, the Deloiite team offers practical advice on this key aspect of organizational change management in a data driven world.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 111-113 | Added on Saturday, 27 April 13 02:40:55
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I came across this excellent and thoughtful article by James Guszcza and John Lucker in the Deloitte Review which is definitely worth reading in its entirety.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 95-97 | Added on Saturday, 27 April 13 02:39:08
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a more sophisticated, real-life example, one insurance company applied text analytics combined with traditional structured data analytics to construct a predictive model for claims costs. The company wanted to improve its estimation of claim costs at first notice of loss in order to focus on reducing high-cost claims expenses. The company worked with consulting and vendor partners to build a predictive claims-cost model. Initially, the model used only structured data, but when key words from the unstructured textual claims description were added as model features the predictive performance jumped by 14 percent. This performance gain helped the company assign its most experienced agents to its most complicated claims, which resulted in significant reductions in claims expense.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 352-357 | Added on Saturday, 27 April 13 14:24:11
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a software manufacturer could mine textual data, such as product documentation, plus structured data, such as project metrics or call volume, to spot emerging issues associated with a new software release.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 348-350 | Added on Saturday, 27 April 13 14:23:35
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many companies choose more mature application areas of text analytics for their first project. These areas include customer relationship analytics and some targeted applications that combine the output of text analytics with existing structured data to perform advanced analytics.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 346-348 | Added on Saturday, 27 April 13 14:19:06
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However, the newest use of text analytics is content analysis to feed enterprise applications, such as BI and customer relationship management. Also powerful, but less frequently discussed in the marketplace, is the idea of combining the output of text analytics with structured data for more effective analytics solutions.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 340-342 | Added on Saturday, 27 April 13 14:16:33
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A pragmatic approach would be to implement a text analytics solution with a vendor alliance model, in a more mature area, as discussed below, or as a strategic or business goal assessment. Another alternative would be for a data readiness/document management assessment/initiative. In short, start small, learn from successes (and mistakes) and implement text analytics in critical-need areas to establish value throughout the enterprise.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 335-338 | Added on Saturday, 27 April 13 14:15:58
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The market potential of text analytics is explosive. According to a study by InformationWeek magazine, the software and service text-analytics revenues now total $835 million globally, with growth rates anticipated to be between 25 percent and 40 percent annually for the next few years.
Instapaper: Monday, Apr. 22 - Instapaper - Your Highlight Location 326-329 | Added on Saturday, 27 April 13 14:15:13
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