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Perspectives on Data Science and Analytics from the Front Lines

Jason HoffmanArs Quanta Inc.

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Key Observations

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High-Level Observations

• Information is growing exponentially • Cost of disk and processors has gone

exponentially down while the power has going has gone exponentially up

• More touch points with collection of consumer information than ever before

• People are interacting with information and technology that were unimaginable 50 years ago

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Key Observations - Business

• Big Companies have a disproportionate advantage because of the scale of their data

• Established small and mid-Market businesses and entire market niches in the are being dis-intermediated by small and rapid emerging tech startups.

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Key Observations - Staffing

• A 2014 Study identified that 6000 companies were planning to hire “data Scientists” this year

• Less than 1% of the US population get PhDs

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Lessons For Analytics Leaders

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Lesson #1

Go slow at the very start in order to go fast later with Analytics

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Lesson #2

Start from where you are today

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Lesson #3

Once you have the foundation Analytics program in place, focus on speed of iteration vs. getting everything perfect

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Lesson #4

Measurement is destiny

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Lesson #5

Step function gains can come from non-low hanging fruit and sophisticated methods

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Lesson #6

If you are just beginning your Analytics program, hire generalists first, rather than specialists

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Lesson #7

Don’t hire data scientists

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Lesson #8

The consumption of analytics is more important than the creation of analytics

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Lesson #9

Software helps, but it’s not enough

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Lesson #10

Identify your Data ‘posse’; leverage them extensively to build and support your program