Jim asks, “My organization has years of data stored up. What can we do with it?”
Fundamentally, you can take two approaches to your data – making it work for your organization, and then making it work for other organizations. Learn these two approaches and the hierarchy of analytics in this video.
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Machine-Generated Transcript
What follows is an AI-generated transcript. The transcript may contain errors and is not a substitute for watching the video.
In today’s episode, Jim asks, my organization has years of data stored up? What can we do with it? Now, it depends on how clean the data is. But
in this case, Gemini we’re actually talking, invent recently, and
the date is clean, it’s tagged, which means that someone has gone through and applied a taxonomy to it. This is a piece of data about this, this is a piece of data about this, this is the age of the data. This is the author of the data. And Jim has the taxonomy, which is so important and so valuable. Now, there’s two things you can do with a big pile of data. Number one is, as long as the data is relevant to your business, you can use it to make your business better. And you do this through the hierarchy of analytics. The hierarchy of analytics is where you, you take the data, in fact, let’s bring it up here data, make sure that you have the data and it’s cleaned as compatible as well chosen, it is completely just comprehensive,
and that is step one. Step two is to run analysis on that data. And the analysis you’re going to run is to understand why certain things work. So you’ll need to spend some time doing what’s called feature engineering to extract more characteristics of this data. And Jim’s data is a lot of text. And so extracting features like calm the most common nouns and verbs, the average reading level, what is the the key topic this this data is about?
Who is the author was the personality author? What’s the sentiment and the emotion inside of the data
and building out that will help you move from descriptive analytics,
which is, so what is the stuff what happened to start to get to diagnostic analytics, which is why are Why are certain things working? Well,
one of the key things that this data archive is missing because the large body of text is any kind of outcome, like how many people have read the original text wasn’t shared on social media? How much organic search traffic does it get? And that’s valuable information. From there, you build a predictive model or many predictive models on the data to try and understand what does the data tell us what can help the data help us forecast Jim’s data is all data that is essentially documentation. So what does it tell us about
requests that people make for specific inquiries,
and then we can use those requests to forecast what’s likely to happen next.
And then the fourth hierarchy, the fourth step and hierarchy and one where, at least for what’s available on the market now is sort of the stopping point
is that prescriptive, which is we can use the data to help us
determine a course of action.
So if if a ton of people read and annotated and and commented on this page,
when we create future pages that are similar for similar products, or for similar events,
what things made those popular pages popular that we can apply as lessons to help us guide prescribe what’s going to happen next. So that’s the first use case for Jim’s data, which is to use the data and build as we mentioned, different models throughout it feature engineering model help make it more complete predictive model to help forecast vomit prescriptive model to understand what to do next.
And that’s a sort of applying machine learning at a utilitarian level to this data to make it more valuable. The second thing you can do with the data is really that transformative effect. How do we take this data now and turn into something that’s valuable not just for the organization, but for perhaps the organization’s customers, or for non competitive pure companies, every time you develop a process for managing a source of data, processing it, refining it, cleaning it building from it, you are creating models and techniques and code that our intellectual property assets, this is a fundamental part of what is called digital transformation, where you now have digital stuff that you can then resell or license or share with,
like companies in your space and make money from it. The most famous example of this is American Airlines back in the in the 80s, they created the Sabre booking system for reservations, it was so effective that they licensed it out a bunch of other airlines at you know, very high costs. But it was such a better experience for the customer, that it made them a whole bunch of money as a system and itself has nothing to do with the the actual airplane other than it was to put butts in seats. The same thing is true of anything that you build on top of your data. If you do if you create a system that is really good at this type of data. And, you know, other companies have very similar kinds of data stored up, you can create an unlicensed, this technology to those other companies at a fee to apply your models to their data. And that in some cases can be a very lucrative business because other companies that are not as far ahead or in many cases, other companies that don’t have as much data or haven’t don’t have it as clean or it’s not as robust are at a significant disadvantage when it comes to training their software on data sources. So if you’ve got the data, you can license the data that you’ve got the model that’s pre trained based on a bespoke data set yours, you can you can sell the model because in a lot of cases, you can pick up the model and move it around to another like industry. So Jim is in a very good place from a transformative perspective in terms of taking this data and moving around. So that’s those are really the two big things you can use data for. You can use it yourself as utility and build models and things on top fit. Or once you do that you can apply it to other companies if it’s appropriate to do so. So great question, a fun question because there’s a lot of opportunity, a lot of opportunity to do really cool stuff, really interesting things that can make your company and many other companies better. So thanks for the question. Please leave any follow up questions in the comments. And of course, subscribe to the YouTube channel on the newsletter and I’ll talk to you soon. Take care
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