Think Tank | The Analytics "last mile" - where insight becomes value


The Analytics "last mile" - where insight becomes value

Think Tank - 2:50 pm - 3:15 pm

Data and insight only create value if they result in better decisions. In this think tank, we'll discuss this ?last mile' of analytics - the point at which value is created - focussing on scenarios with a human in the loop. Human decision-makers will weigh up multiple factors when choosing a course of action, including input from data and analysis alongside other considerations - and will ultimately make a judgement call. 
This can create something of an attribution problem for analytics professionals. Decisions occur through an opaque, subjective interpretation step in a human's brain (very much a black box!), which combines data and analysis with many other factors. It can be tricky to disentangle the impact that data points or analyses have on decision-making processes.
This 'last mile' is often a weak link in the analytics value chain, however. During this session, we'll discuss three challenge areas which can contribute to this:

  • Feedback Loop: Analytics teams do not always have clear line of sight on what actions are actually taken (eg which recommendations are acted upon)
  • Cognitive biases: Human factors, such as confirmation bias, can derail the value of data and analysis - often in subtle ways which stakeholders may not be aware of
  • Cultural incentives: The broader cultural environment can implicitly discourage stakeholders from seeking - or believing - data and analysis that might change (rather than support) their ?default' decision

Presented by:

Lucy Butler, Chief Analytics Officer, Financial Times View details