Hartford Business Journal

www.HartfordBusiness.com • December 17, 2018 • Hartford Business Journal 25 EXPERTS CORNER 6 steps to data-driven transformation By Nir Kaldero W e're now well into the fourth industrial revolution. The first was about steam and railroads, the second about electricity, and the third brought about by the in- ternet. Artificial intelligence, the basis of the fourth industrial revolution, will completely change the way business is done and companies are run in the next five to 10 years, just as the internet has done. The transformation will be bigger than what any previous revolution has brought about. Even if you feel ready to turn your organization into a data- and model-driven enterprise, you may be unsure where to start. The following six steps are derived from my work with enterprises across various industries that have transformed successfully, and can guide you in your own transformation. 1. Set a data strategy According to Ginni Rometty, CEO and chairman of IBM, only "20 percent of data is searchable." The rest is behind the firewall. This is your proprietary data and your competitive advantage. You already sit on a lot of hidden information about your customers, clients and business that can help you transform your organization and take it to the next level if — and only if — you treat your data as a strategic asset informing all your business decisions. 2. Democratize your data The second step involves democratiz- ing your data throughout the organiza- tion. This is important because everyone, from the barista to the CEO, makes busi- ness decisions on a daily basis. We know that data-driven decisions are better decisions, so why wouldn't you choose to provide people with access to the data they need to make better decisions? Let's be practical, however. We live in a world of constraints and regula- tions. Not all organizations can com- pletely democratize their data, par- ticularly in industries such as banking, insurance and health care. For privacy reasons, data leakage in these cases would be catastrophic. So how can we democratize data intelligently? The answer is to figure out how to provide relevant data to relevant decision-makers so they can enhance their decision-making. 3. Build a data-driven culture Step three is about creating a data science and analytics culture within your organization. Leaders must incentivize employees to cultivate the habit of looking at data whenever they make decisions, which I call "the point of action." I often suggest that execu- tives get creative and set up competi- tions and rewards for employees who champion data. 4. Accelerate speed to insight The idea behind this principle is to democratize information and insight about your business throughout the organization. If you provide high- speed, dynamic insight to decision- makers, they will get into the habit of making data-driven decisions. The definition of a data-driven organization is an organization that cultivates a culture of looking at data to make all business decisions. To do that, it's important to use your data to generate as much insight as possible. 5. Measure the value of data science The fifth step of data-driven transfor- mation is about taking action. You must measure the value and impact of data science and machine learning on your business and make this metric one of your key performance indicators (KPIs). In doing this, prioritize data science investments with the highest poten- tial ROI. How should you prioritize? Look at an investment's feasibility and im- pact. Feasibility refers to whether you have the data or not. Is the data clean and labeled? Do you have the talent, resources and processes to get the project started? Impact refers to financial contribution. 6. Implement a data governance framework This final step is all about the envi- ronment in which your data sits. Your data assets must be secure and private. By my standards, however, many of the companies I work with are still quite far behind the curve. While the importance of safeguards should go without saying, it still needs to be said: Many organiza- tions haven't yet instituted them. Organizations must apply the nec- essary policies that ensure governance from the outset. Nir Kaldero is the head of data science at Galvanize Inc., which has technology and co-working campuses across the country. HARTFORDBUSINESS.COM POLL LAST WEEK'S POLL RESULT: Can Hartford become an East Coast tech hub? NEXT WEEK'S POLL: Did the Malloy administration hurt or help Connecticut's economic competitiveness? To vote, go online to hartfordbusiness.com BIZ BOOKS How to maximize productive meetings By Jim Pawlak "Dealing with Meet- ings You Can't Stand — Meet Less and Do More" by Rick Brinkman. Think of the meetings you at- tended last week. What percentage did you really need to attend? What percentage accomplished their goals? Based upon recent surveys, those percentages are all below 40 percent — which means that over 60 percent of meetings waste time. Brinkman's advice deals with ef- fectively managing the four facets of every meeting: preparation, people, process and time. But before even thinking about these four facets, he believes you must recognize the work- product reason for holding a meeting. Meetings need interaction, which will require action(s) by participants after the meeting. Note: Meetings that only present information should be avoided. Why? If there's no post-meeting action required, people filter information and easily forget what's been said. Given there's work that needs to be done, con- sider who really needs to attend. You want "doers and deciders" at the meeting. Next, comes the agenda. Depending on the topic, one or a few people should craft it. When se- lecting a topic, specific items and meet- ing length, keep in mind the need for adequate discussion time so all doers and deciders can offer input. Provide as much lead time as possible because participants will usually have to juggle their schedules and priorities. Because you need input from all, there must be a few minutes to "meet and greet," a speaking order and a pre-deter- mined speaker's time limit. Brinkman points out that meetings aren't free. Every minute in a meeting is a minute away from other work-related tasks. He also advocates virtual meetings using Skype or other means of visual communication to minimize the time disruption for those not on-site. 44.1% No 55.9% Yes READER COMMENTS: "Yes, but it will take a big broadband investment." "Why not? We have smart up-and- comers, and schools that teach all the tech subjects." "Too much competition! Every state/region/town thinks it will be the next tech hub." Nir Kaldero Jim Pawlak Book Review

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