Data relevance: how to turn ‘straw into gold’

Data relevance: how to turn ‘straw into gold’

Data relevance: how to turn ‘straw into gold’

In the business of extracting value from data, parallels can be drawn to the book/movie entitled Moneyball.
Admittedly, because it’s such a great story, Moneyball is in danger of being over used as a case study for how to use data to create competitive edge.
The movie tells the story of how the Oakland A’s manager, Billy Beane, employs sophisticated analytical models of player stats to drive his player recruitment strategy.

In turn the A’s are then able to outperform their peer group and, in fact, be competitive with teams spending much more money on players. The received wisdom from this story? That clever data analysis, like Rumpelstiltskin turning straw into gold, can transform an organisation’s competitive abilities.

Well, yes and no. Because what people often forget is that automated data analysis alone didn’t turn the As into a success.
Instead, it took a human, in the form of Assistant GM, Peter Brand, to translate the data output into something meaningful that then allowed Billy Beane to identify and hire the right talent.

Read Also:
Build Insight-Driven Advantage With Analytics

In short, Brand made the data relevant to the use case that Beane put in front of him – help find players who will win, but at a fraction of the budget it normally takes to be successful.

We know today that we have no shortage of data. Quite the opposite in fact: the frequent complaint heard from people is that they are drowning in data.
But what people are actually struggling with is the question of data relevance. All too often, business decision makers have data pushed at them from their internal teams without context or a real understanding that data.



Chief Analytics Officer Spring 2017

2
May
2017
Chief Analytics Officer Spring 2017

15% off with code MP15

Read Also:
How CIOs can master key tech trends to drive change

Big Data and Analytics for Healthcare Philadelphia

17
May
2017
Big Data and Analytics for Healthcare Philadelphia

$200 off with code DATA200

Read Also:
Some Misconceptions about Data Journalism
Read Also:
Big data, one dog at a time

SMX London

23
May
2017
SMX London

10% off with code 7WDATASMX

Read Also:
Essays On Statistics Denial [Blog Series]

Data Science Congress 2017

5
Jun
2017
Data Science Congress 2017

20% off with code 7wdata_DSC2017

Read Also:
Some Misconceptions about Data Journalism

AI Paris

6
Jun
2017
AI Paris

20% off with code AIP17-7WDATA-20

Read Also:
Big Data In Investing: The Quants Have Taken Over

Leave a Reply

Your email address will not be published. Required fields are marked *