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In a burgeoning environment of data overload, many organizations have found themselves in a metrics crisis. Data has often been referred to as the new oil or electricity, but many underestimate how costly that data can be. As data science continues to transition from the world of academia to industries driven by financial outcomes and ROI, there is a growing need for data scientists to look to their decision science partners to guide and focus where they mine for and discover insights worth pursuing.
Accuracy in prediction is a common North Star for data science, but once attained, without identifying the best next action that goes along with insight, pursuing accuracy alone can be an expensive endeavor in intellectual navel gazing. Prediction is not enough.
This talk outlines practical and applicable strategic ways to apply key elements from decision analysis to identify the next steps companies can take once they’ve found the answers they’re looking for in the data. The goal is to help both decision scientists and their business partners start with the end in mind to obtain a better ROI from data science and ultimately deliver better outcomes to stakeholders.
Bickel, Flinn, Cornish – 2020 SDP Annual Virtual DAAG Conference
2020 SDP Annual Virtual DAAG Conference. Online registration by Cvent
