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Unmasking Analytical Innovators

Unmasking Analytical Innovators. David Kiron Executive Editor, Big Ideas Initiative MIT Sloan Management Review. MIT SMR Big Ideas Initiative. 2014 D&A Research Report, out today. In partnership with SAS Institute Survey of 2,037 professionals

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Unmasking Analytical Innovators

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  1. Unmasking Analytical Innovators David Kiron Executive Editor, Big Ideas Initiative MIT Sloan Management Review

  2. MIT SMR Big Ideas Initiative

  3. 2014 D&A Research Report, out today • In partnership with SAS Institute • Survey of 2,037 professionals • Interviewed 30+ executives across many sectors sloanreview.mit.edu/analytics2014

  4. KEY FINDINGAnalytics has become a common path to value.

  5. Tyler Spalding CEO StyleSeek& MIT Alum Goal: Disrupt retail industry

  6. styleseek.com

  7. styleseek.com

  8. styleseek.com

  9. Who Succeeds?

  10. The Importance of Culture

  11. Components of an Analytics Culture

  12. Analytical Innovators

  13. 5 Hallmarks of Success

  14. 1. Be Open to New Ideas

  15. 2. Treat Data as a Core Asset

  16. 3. Senior Management Pressure

  17. 4. Use Analytics to Guide Strategy

  18. 5. Analytics Changes Operations

  19. 5 Hallmarks of Success • Be open to new ideas that challenge current practice. • View data as a core asset. • Senior management drives the organization to become more data-driven and analytical. • Use analytical insights to guide strategy. • Let analytics help change the way you do business.

  20. Entravision MIT SMR Case Study sloanreview.mit.edu/luminar-insights

  21. Entravision Communications • US-based Latino media conglomerate • Reach: 93% of US Latino population • Latino population buying power: trillions of dollars • Industry in transition • Ad Agencies more powerful/New media distribution channels/consumer viewing habits shifting

  22. Franklin Rios President of Luminar, a business unit w/in Entravision

  23. Invest in Big Data • 3000 data points • 200 sources • Consumption data, not survey • Data Scientists from Mexico • Real insights into Latino buying patterns sloanreview.mit.edu/ luminar-insights

  24. 1. Is my organization open to new ideas that challenge current practice?

  25. 2. Does my organization view data as a core asset?

  26. 3. Is senior management driving the organization to become more data-driven and analytical?

  27. 4. Is my organization using analytical insights for strategy?

  28. 5. Are we willing to let analytics help change the way we do business?

  29. FINAL THOUGHTData is evidence, not truth

  30. Thank you. sloanreview.mit.edu/data-analytics

  31. WellPoint MIT SMR Case Study sloanreview.mit.edu/wellpoint2014

  32. Jill Hummel Vice President of Payment Innovation, WellPoint

  33. WellPoint • 34 million members • 1 in 9 Americans • 1 billion transactions • 14 states • Strategic need to reduce costs, improve health outcomes sloanreview.mit.edu/ wellpoint2014

  34. WellPoint’s Five Reports • List of the physician’s total patient population • List of patients with gaps in care • List of patients visiting the emergency room • List of patients admitted to the hospital, highlighting those at high risk for readmission • List of high-risk patients to focus on with actionable information about their risk drivers

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