Patterns Are Telling
I bet that high on your list of issues to think about for your organization is how to oversee its digital transformation. I hear that all the time from large companies in finanical services.
Portfolio companies are an answer for them. Partner with them to drive this change to digital. Find ways to experiment in the organization. Do not be afraid to fail.
Our fun way of expressing how data scientists want to find patterns in data we have at our fingertips is “Disneyland for Quaints”. As a result of having built such a resource, we spend time thinking about the governance of the use of the data for our purposes or in support of a portfolio company. This structure is the same for you in your firm too.
With so much new data being collected from devices like that iWatch to Alexa on call to make every wish her command, this is only going to get tougher over time and more insightful. Knowing what to do with the data collected is critical.
Key to governance is protection of consumer identity. The data has to be protected. You can create Disneyland for data but you have to be sure nobody gets hurt riding the “data” rides.
Second, you have to be clear about what patterns you are searching for in the data. I always love those Eschler drawings where you can see several different images from the same piece. Your perspective matters as you know what you see in it at first so clearly. But with a bit of time you can start to see something new.
Finally once you find the patterns, you have to act. Do you have an insight pulled from data? Get going on exploiting that advantage. These insights may not last so taking action is key.