E028 (excerpt): Deriving business insights and value from your data, with Thom Ives, PhD

This is a short excerpt from "Between Data and Risk" episode, in which Artur and Marian talk about how data available to a business organization needs to be turned into an actionable insight before it can be used to drive value. Their guest is Dr. Thom Ives, Sr. Data Scientist at Echo Global Logistics.

In this excerpt, the discussion revolves around how many businesses expect their data to drive Yes/No decisions, but most data analysis results in a solid "Maybe". All results should be understood with the risk attached, and it's ok to try something and learn from it.

Many organizations have the habit of hoarding data for data's sake. Data warehouses and data lakes are marketed as the ultimate solutions. Yet, the reality is that any data is only as valuable as the actions that it can drive. Does your organization utilize the available data fully? Is data being turned into insights, action, knowledge, and actual business value, or is it just languishing on a severs or dashboard somewhere, being totally ignored and just driving up IT storage costs?

Listen to this episode of the "Between Data & Risk" podcast from 24th February 2023!

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