Boston, MA – My name is Brian O’Connor, and a year ago I made the decision to change my career and enter the innovative world of Data Analytics. Everyone wants to provide value and feel useful. Unfortunately, in your typical banking role that is not always the case. Seeing no growth path and lacking the feel of bringing actual value to my clients, I made the decision to enter the Level Education boot camp. Since then, I have been brought on the Pandera Systems team as a Business Intelligence Analyst and couldn’t be happier with where my career is heading (not to mention the value I am providing to my clients). I was honored to give a speech this past Friday at a Boston WeWork to a group of potential students interested in making the leap into the data analytics space.
Challenges of Creating an Effective Customer Journey
Providing marketing ROI through conversions and, ultimately, customizing each user journey at scale has been a constant challenge for years. Customers are utilizing multiple channels each day, adding extra touch points and therefore data that needs to be analyzed to architect an effective marketing strategy. Fortunately, planning and proving marketing results has never been easier than it is today. By analyzing and weaving together touch points in a deliberate manner, marketing ROI, and more importantly, conversions, are finally within reach. Through journey analytics, companies are capturing and acting on “Micro-Moments” that were previously unseen in a proactive and time-sensitive fashion – adding millions to their bottom lines. With all this value, why aren’t all companies doing it? Simple – it’s easier said than done. Here are the top challenges businesses are faced with when trying to architect effective, data-driven customer journeys at scale:
In the first article in the series, “Any Fool Can Know. The Point is to Understand” we discussed how utilizing an Information Centric Approach can improve decision making capabilities. Now we will discuss how information presentation design fosters insight.
Many companies’ BI solution design still feature a very hierarchical, structured information presentation, which can disrupt people’s natural analytical methodology and hinder their path to insight. Rethinking the display methodology, to both prioritize the information, and to emphasize issue identification, validation and investigation significantly improves overall usability, and retained knowledge. This need to focus is further magnified, as users increasingly access and consume this information on mobile devices.
A mature, fully functional BI system is able to apply analytics to transform large amounts of data into information, providing insight and spawning action. As a Retail Practice Advisor, I have had the opportunity to work with a number of companies at different points along their BI maturity lifecycle, and have seen many struggle with efficiently transforming information into knowledge.
“Before jumping right into solving a problem, we should step back and invest time and effort to improve our understanding of it.”
- Albert Einstein
Pandera Advisory Services is committed to providing industry expertise and a proven collaborative approach to successful execution of our client’s initiatives. Primed with years of industry acumen and successful technology implementations, the Pandera Advisory team enables the execution of strategic solutions focused on operational process improvement while managing cost, scalability and usability.
Pandera Practice Advisors enable the delivery of complex and multifaceted solutions in today’s intricate business environment requiring innovative integration strategies that understand the ongoing interplay between business and an ever evolving technical environment. Understanding your business while mitigating regulatory and compliance constraints, shifting business priorities and strong political cultures, our advisor team brings the right mix of industry insight, technical expertise and user adoption strategies to position organizations to remain agile in a world of ever changing needs.
Delivering actionable information to improve decision making capabilities, should be an implicit and fundamental goal of any Business Intelligence initiative. In my role as Retail Practice Advisor, I have seen many companies fall well short of this goal, largely due to their underlying approach.
Companies need to consider, and approach, BI as an enabling technology and seek to integrate all available data and develop the relevant analytics, unfettered by their existing reporting portfolio. Utilizing an information centric approach to guide the design, measurements and solution architecture enables quantum advances in business insight and analytic capabilities.
The healthcare system business and technology environment is pushing organizations to move beyond traditional, reactive and silo-based data management approaches to a managed – even predictive – approach that treats their clinical, operational and financial data as a strategic asset and uses it to create business value and advantage.
Traditionally, healthcare understood all too well what it took to manage assets such as treatment facilities, clinical staff, and patient relationships. However, when it comes to data, healthcare often fails to implement the responsibilities and accountabilities needed to manage it effectively. The result is deficiencies in data availability, accuracy, timeliness, protection and accessibility. Additionally, when employees aren’t certain who is responsible or where to go for data management, they begin to churn and become misdirected as to what is process related versus what is a technical deficit.
I recently read an article from Ancestry.com on the most popular surnames by state. My interest was piqued while perusing social media and clicking one of those running tags whose headline typically says one thing, then ultimate ends up being a sales pitch for weight loss supplements. In reading the article however, I was struck by how social media is changing our impression of and approach to data analytics and business intelligence.
Those of us who work in Healthcare are very versed in the ways of changing government regulation, undefined or under defined requirements to meet these regulations and timelines that are either tough to meet or totally unrealistic. The multiple components of the Accountable Care Act, signed into law in 2010 meet all the undefined, changing timelines and then some.
The goals of the Affordable Care Act (ACA) are pretty straightforward; to provide Americans with better health security by putting into place comprehensive health insurance reforms that will: