613: From Numbers to Insights: Turning data into wisdom - a chat with Kevin Hanegan
Sep 4, 2023
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Kevin Hanegan, author of 'Turning Data into Wisdom,' discusses the importance of data literacy, making teams more collaborative, the problem of being right or wrong in marketing, and the hierarchy of analytics.
Data literacy helps us avoid confirmation bias and make better choices based on accurate information.
Collaboration and a culture of curiosity are essential in effectively turning data into wisdom and driving meaningful outcomes.
Deep dives
The Importance of Data Literacy
Data literacy is crucial in today's fast-changing world. As technology evolves and transformations occur, it is essential to constantly relearn and reassess information. Data literacy helps us challenge our assumptions and ensure that the information we have aligns with our desired outcomes. It involves questioning and analyzing data, whether it is in the form of numbers, surveys, or reviews, to make informed decisions. By being data literate, we can avoid confirmation bias and make better choices based on accurate information.
Moving Towards Collaborative Decision Making
Collaboration plays a vital role in making effective data-driven decisions. It is important to have a clear understanding of the challenge or question you are trying to solve before delving into data analysis. Defining the success criteria and boundaries helps in quantifiably answering those questions. However, moving beyond just insights requires a collaborative effort. By actively listening to diverse perspectives and politely challenging assumptions, teams can reach better solutions. It is crucial to encourage a culture of curiosity, critical thinking, and creativity, where ideas are tested and refined based on the wisdom gained from insights.
The Journey from Data to Wisdom
Data alone is not enough to drive meaningful outcomes. It is the journey from data to wisdom that truly matters. This journey involves converting raw data into information, gaining knowledge of the business domain, and forming hypotheses. Wisdom is attained by testing these hypotheses and applying the insights gained from the results. It is important to have well-defined goals, key performance indicators (KPIs), and leading and lagging indicators to effectively measure progress. Wisdom is achieved when insights are scrutinized, challenged, and used to improve decision making and drive towards desired outcomes.
Kevin Hanegan, author of "Turning Data into Wisdom" joins me on this live recording of "The Business Storytelling Show" to discuss the topic, including: How do you turn data into wisdom? What steps need to be taken to make use of what was learned? How can this make our business perform better?
Key topics include:
On the podcast episode with Kevin Hanegan, we discuss: