The Future of Working with Data: Quantitative Analytics
Software Advice‘s Michael Koploy recently met with with thought-leader and co-author Thomas Davenport to chat about his book, Keeping Up with the Quants.
To clarify, a Quant is a person, usually in finance, who performs quantitative analysis. The process unfolds as follows: Framing the Problem (1. Problem Recognition, 2. Review of Previous Findings), Solving the Problem (3. Modeling, 4. Data Collection, 5. Data Analysis), then Communicating and Acting on Results (6. Result Presentation and Action).
What’s so engaging about this process is its application among advancements in Data Visualization and Big Data. The role of a quant is ever evolving and demanding greater creativity than ever before. Davenport shares how some companies have turned to graphical dashboards and scorecards, others to personal videos, like CFO Tom Singer of Intercontinental Hotels Group (IHG), and greater still these same companies are training every department to be results-driven.
Based on Davenports commentary, the call to action is to make your data meaningful. From encouraging everyone to code to training your marketing detail on data analysis, businesses today cannot afford to put data on the back burner. Plus, if Singer can stare at a camera for five straight minutes talking over the companies KPIs, I think you can find a way to create engagement around your company data.
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What are some ways you share data and analytics within your company? Please share your thoughts and ask any questions in the comments below.