We’re in the middle of an analytics revolution. The change is being driven by numerous factors, but two are more important than all of the rest. The first is an explosion in the amount of valuable digital data generated by workers and consumers as we go about our daily lives. The second is advances in technology, such as machine learning, artificial intelligence, and cloud-computing platforms that allow us to interpret and leverage these vast amounts of data.
Data-Driven Cultures Start at the Top
It’s only when deep expertise exists at the top of the org charts that a penchant for evidence-based decision-making will develop pervasively throughout the organization. It’s too common to devolve responsibility for analytics modeling to junior positions, which prevents analytical mindsets from really taking hold. Like any other discipline, becoming good at analytics requires seasoning and experience, which junior employees are unlikely to have. Essential areas of expertise include a deep understanding of the datasets being analyzed, and the ability to recognize their limitations and potential biases. An understanding of proper research design is a must, as are knowledge of basic measurement concepts such as reliability and validity. Without this in-depth knowledge of data and the appropriate application of analytical techniques, the wrong conclusions could be reached, and sub-optimal decisions and actions could be taken. Organizations that invest in senior-level expertise and reinforce daily analytical activities will be best positioned to take full advantage of the data and technology that abound today and will undoubtedly expand and evolve into the future.