conversation about maximising value from customer insight

A trio of Analytics applications Advice, Tools & Fun

Analytics applicationsA briefer, more lightweight, analytics applications post today as it’s been a busy week.

I’ve also realised it’s been a while since I last curated some content from the wider Customer Insight blogosphere, so here are some recent posts I thought you might find interesting.

In keeping with our monthly theme, focusing on application of analytics, I’ve pulled together a few posts that caught my eye.

I hope you find this short collection interesting & it helps to reveal how broad a field even just analytics is (let along broader customer insight). (more…)

Opportunities for insight from location as a dimension in your customer analytics

locationLocation has been a key dimension for analytics for many years.

Geographic Information Systems (GIS) and engaging data visualisations have all added to how engaging data with a location field can appear.

However, do you just use this data dimension to compare business performance or consumer behaviour at a macro level? Are you really generating customer insights, leading to innovative products or services as a result of thinking deeply about location?

To consider this oft neglected dimension of insight generation and CX innovation, I am pleased to welcome back guest blogger Tony Boobier. Tony has been off on his travels, but penned this for us as he reflected on what he has learnt along the way. (more…)

Applications of analytics for insurance pricing (using 3 types of data)

applicationsThis month we are focussing more on Analytics & Data Science, as well as applications of both in businesses.

To expand on that latter theme, we have another guest blog post courtesy of our friends at Insurance Thought Leadership blog.

In this guest blog post, Cathy Chang and Heather Nelson from Silicon Valley Data Science, share their experience of applications for US motor insurers. They explore the options of mining three types of data (usage data, external data & real-time data).

Whether your business is an insurer or not, I hope you find their reflections on the opportunities provided by such datasets to be insightful. Including more analytical intelligence into pricing optimisation, based on understanding the consumer/user better, should have relevance beyond insurance or even financial services. (more…)

Understanding Data Science & how to develop your Data Scientists

Understanding Data ScienceIn previous posts we have cautioned against assuming you need a Data Scientist.

With so much hype still surrounding the term, leaders confess to as much confusion as any clear strategy as to how to use such a capability.

However, creation of Data Science teams continues at a pace & plenty of graduate analysts are now starting their career saddled with the label of data scientist.

Given this obvious need for clarity & the fact that we never suggested no-one needs a Data Scientist, this post shares some resources that might help shed on more light on what is involved. Hopefully it builds on our past work to help educate Data Science students.

To kick off a month when we will be sharing content related to use for Analytics or Data Science, in this post I’m going to share 3 resources I hope help. These should be particularly relevant for those of you who feel you’re still a bit confused about the term or struggle to know how to develop your Data Scientists. (more…)

We shall miss Hans Rosling, but let’s learn from his genius

Hans RoslingGiven our focus as a blog, I didn’t want to let another week go by without acknowledging the passing of Hans Rosling.

When I first heard the news, via BBC’s More of Less podcast, I was so sad to think that we’ve lost such a great communicator of statistics. Listening to this memorial podcast, which is well worth a listen, my mind went back to memories of TED talks by Hans and the passion with which he educated on public health.

Beyond the legacy that Hans has left in the field of public health, however, he has also left a legacy for Customer Insight Leaders.

If you have not previously seen Hans present data visualisations, or bring his analysis to life with props as diverse as toilet rolls or sword swallowing, you really must. Do yourself a favour and check out some of his best TED talks. (more…)

6 reasons leaders fail to prepare for disaster

disasterPerhaps it’s a feature of working with so many Financial Services clients, but I’m surprised how often talk of investing in data turns to risk & preparing for disaster.

How important is it to prepare for high-likelihood/low-severity risks (the ‘day-to-day‘, if you like) verses low-likelihood/high-severity risks (potential disasters)? Is it worth only investing in the data needed to operate as you currently do, or should data plans be more ambitious?

So, a post that caught my eye this week was again published in a newsletter from Paul Carroll (Insurance Thought Leadership). Particularly because the topic has wider application than just insurance. It should be of concern for leaders everywhere.

We’ve shared in recent weeks on GDPR and the data implications of that regulation.

Even from that perspective, do you struggle to prepare for potential disasters?

In this short post, Professors Howard Kunreuther & Robert Meyer (from University of Pennsylvania) share 6 reasons why leaders fail to prepare for disasters… (more…)

Why applied analytics projects have more success

applied analyticsHaving benefitted from listening to a CX leaders’ perspective on vision for data & analytics, lets consider applied analytics projects.

In fact, this focus is an opportunity to hear the voice of another key stakeholder in major analytics implementations. That is, the perspective of the software provider or IT supplier.

Now, I know, these people can have a bad reputation. Too many ‘shiny suited’ salespeople and unfulfilled promises, post demo, can leave many leaders very sceptical.

But, there are also good people working in technology companies & the experience they gain from helping multiple companies implement analytics can be a godsend.

So, I’d like to welcome a new guest blogger for our blog. Dax Craig is co-founder and CEO of Valen Analytics. Our old friend Paul Carroll (of Insurance Thought Leadership blog) recommended Dax, to share these thoughts on why applied analytics projects are the way to go.

Let’s suspend that skepticism, long enough to hear Dax’s useful advice for your projects… (more…)