Catalyst S+F: Approach to Data Intelligence: Unearthing the 'Gem' of Insight - Nirali Bhagdev - MediaBizBloggers

It may sound bizarre but my latest aha moment about 39what is the data intelligence practice39 came when I recently met a diamond merchant at a barbeque During our introduction I didn39t think we had much in common but that changed quickly when I realized we both work towards a common goal of unearthing the best quality gem a diamond or an actionable insight Better the quality of the diamond the higher the price it will fetch Similarly the better the quality of insight ie actionable rare and timely the better will be the competitive advantage and monetary benefitsHe introduced his business by explaining that an average of 250 tons of ore must be mined to produce a onecarat diamond Phew But since the turn of the century there has been a data deluge especially in the digital space and insights are generated through analyses of a multitude of data But most importantly it39s a rewarding process that provides exponential benefitsHe shared that a diamond in its unpolished form looks like a regular stone and it takes a discerning eye to see its value Most insights tend to be confusing and unwieldy at the start but need to be identified earlyon to make them actionable in a timely manner And it takes certain qualities in an analyst to 39discern39 the value of insights while weeding out nonactionable data This person must have a combination of curiosity business acumen and perseverance to evaluate the potential and work diligently to uncover the insightHe also noted that approximately 80 of natural diamonds are not of gemquality This is shocking since it takes the same amount of work but the payoff is lesser But this aligns with data analysis function whereby most insights don39t have overarching strategic implication but influence the tactics and executions which creates benefit that quickly add up to a substantial valueAlso he said that polishing of diamonds begins one facet at a time with most diamonds having 58 facets This drives home the need for data visualization of the smallest data point to make the insight attractive and consumable because an insight is as actionable and relevant as the people who adopt itFinally according to him diamond cutting and polishing takes several hours to several months and during the process a diamond will lose half its original weight Similarly data analytics projects have a longer than usual timeline to allow for distilling the data to the purest insight that is pivotal actionable and robust And the 39insight39 is crisper than all the data that went into arriving at it but is most precious due to all the analysisIn a nutshell data intelligence is a time consuming and effortintensive practice with high payoff in this competitive and datadriven environment And organizations that want to succeed have to understand and internalize this approach for the data intelligence practice to thriveNirali Bhagdev recently joined Catalyst SF as Director of Intelligence to initiate the analytics and data intelligence practice She can be reached at niralicatalystcomRead all Nirali39s MediaBizBloggers commentaries at The Marketing Capital Report MediaBizBloggersCheck us out on Facebook at MediaBizBloggerscomFollow our Twitter updates MediaBizBlogger

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Catalyst S+F: Approach to Data Intelligence: Unearthing the 'Gem' of Insight - Nirali Bhagdev - MediaBizBloggers

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