Keep Up with Your Quants

Abstract

Analytics are a competitive necessity nowadays, but hiring who can manipulate big data successfully is not enough. Tom Davenport shows you how to become an intelligent consumer of analytics so that you can make effective data-driven decisions for your organization. Learning basic statistical principles and methods is essential, but you don't need a PhD in the stuff. The have the detailed know-how, and working closely with the right ones is key. You also should expect them to communicate their work effectively- and to truly comprehend it yourself before you relay it to others. It's also vital to recognize which parts of the decision-making process are your sweet spots-namely, identifying the central problem or question and presenting and acting on the results. The intermediate phases, where the quants excel, are when you should ask lots of questions to keep efforts focused and to deepen your understanding. As you lead, avoid creating a climate of advocacy in which hired hands merely hunt for evidence to fit your preconceived notions. Instead, establish a culture of inquiry that focuses on learning the real truth behind the numbers. That's how companies like Merck, TD Bank, and Caesars Entertainment make it all add up to something useful. INSET: Analytics-Based Decision Making--in Six Key Steps.

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