Many analytics groups/organisations and professionals tend to correlate advanced analytics with better analytics, whereas what stakeholders are primarily looking at is actionable outcomes that generate sustainable value.
Even though this can be achieved through multiple approaches using various Analytical methods and techniques, choosing the appropriate approach based on the analytical maturity of the organisation is critical so that the organisation can absorb and ‘operationalise’ the insights.
The panel discussion, chaired by Paavan Choudary, CEO of Merilytics, with the panellists – Subramanian MS, Head of Analytics at BigBasket.com; Iqbal Kaur, Co-Founder at Zylotech; Arindam Datta, Sr Vice President at WNS Global Services; and Nidhi Pratapneni, Senior Vice President at Wells Fargo India, discussed the common dilemma of balancing advanced analytics with actionable insights that is faced while conducting analytical interventions to solve problems.
Arindam Datta’s viewpoint: Speaking from a service providers point, Datta said that more than often the people spoken to and the users of a particular developed product within the organisation are not on the same page. What he intends to put across that while the expectation is very high outcome using AI, ML etc., in reality, it is more than often not feasible.
Iqbal Kaur’s viewpoint: She added that often companies fail to identify an actionable solution and end up blaming the data or the analytics team behind the project. The challenge, she says, is rarely in the models and insights provided to companies but instead, it is how they are implemented to convert them into actions. Interestingly, she adds that the problem has been lingering for more than a decade and must be dealt with going forward.
Subramanian MS’s viewpoint: Giving insights on Big basket, Subramanian gives a sneak-peak into the company’s Definitive Actionable Insights (DAI), which is built around keeping in mind customer value. He asserted that stakeholders or clients are less likely to complain about not using the latest or coolest tools when the solutions are actionable and can be implemented. While it might seem a little tempting to reach out and try the next big thing, it is always important to deliver something that can be put into action, he added.
Nidhi Pratapneni’s viewpoint: She highlighted how ‘actionable’ solution answers the ‘what’ for organisations, the ‘advanced’ answers the ‘how’. While there may be changes in the procedure to solve a problem, the solution will always have to be actionable. The other noteworthy point she raises is where the conflict arises between choosing from the available techniques. It would not be wrong to choose a simple solution to deliver a more impactful solution over a complicated technique with an un-actionable solution.
A lot of more interesting insights in the panel discussion, watch the whole video to get a deeper and better understanding on how to strike the best balance between actionable and advanced.
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