Organizations large and small are deluged with data and there is this search
for "Turning Data
into Dollars"as Peter Guber puts it. There is data from your existing
customer transactions and CRM, there is a lot of data from you manufacturing
and supply chain, your share price and financial data and you have not even
thought about all your website data from digital marketing and website
visitors.
Even with the most sophisticated data mining tools it's hard to get the data
to guess your questions and speak out answers to your organizations problems. Unless
you frame your problem as a question for your data. For data by
itself has no mind of its own.
What is exactly this "framing of your problem as a question?" A
nice example is from the Moneyball
problem where Billy Beane's at Oakland Athletics could not afford to pay
a great deal to recruit traditionally great players and an alternative method
beyond the traditional "gut" feel method of player selection was
needed. Enter Peter Brand and his Sabermetric method
largely relying on the on-base
percentage. And then: the success of Oakland Athletics.
For data (big or small) to work for you it must be able to predict better
than pure chance and if you are able to frame the right question (can’t afford
to pay expensive players, but want to win- so what next?).
Once the question is framed well your existing data can provide huge
insights and good predictions that are better than chance and sometimes far
better than chance. Contact StratoServe.