"Using Data Discovery for Improving Decision Making"
"The value of an idea lies in the using of it." Crediting Thomas Edison with this quotation speakers Tori Liu of Association Analytics and Galina Kozachenko of the Association of Financial Professionals led October program attendees through a process of transforming data into actionable information.
Tori Liu opened with an outline of the Analytics Ascendency Model which, "when used correctly can make great companies better." The outline for the Model rests on four questions: What happened? Why did it happen? What will happen? Can I make it happen? She and Galina continued with definitions and examples of big data, the data warehouse and the priority matrix. Galina gave many examples of the effective use of data visualization, demonstrating how these "pictures" yield models that point clearly to constructive actions.
But not every organization is primed for collecting and using big data effectively. For some, a culture shift is needed - a shift that embraces the "data challenged" with the practitioners and the innovators. Shifting a culture requires a Plan, i.e. strategy and policy; a Process, i.e. how decisions are made; and People, i.e. those who can be the "tour guides in analytics." The role of the business leader in these organizations is to provide resources, demonstrate transparent decision making, allow for healthy conflict, welcome innovation and show a willingness to take action based on the results of the analysis. Are you looking for someone to serve as your "Chief Data Officer?" Galina suggested you'll find the right person when you look for someone with the ability to communicate and advise and who is "curious, analytical, able to recognize trends and problems, and willing to make data-driven decisions."
FAR October Luncheon...
Three FAR Board Members received thank you gifts from Mindy Saffer, FAR Chair, at the luncheon. Their service to the organization is much appreciated and each has left their imprint on FAR.
Mindy Saffer, left, give a heartfelt thank you to Loretta DeLuca (DelCor) for her leadership of the Marketing & Communications Committee as FAR navigated its way to a new brand and logo.
Mindy Saffer and FAR Executive Director Cris Collie (right) recognize Cito Vanegas (NOWCC) for his service to FAR as its Treasurer during his term on the FAR Board.
Mindy Saffer and Cris Collie thank Past Chair David Keen (American Psychiatric Association) for his leadership on the FAR Board 2014-2015.