How to Develop a Data Strategy and Identify AI Leaders
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Chapter 1: Overview of Data, AI, and Analytics
Welcome to your weekly digest on Data, AI, and Analytics! This blog serves as your go-to source for the most discussed data stories each week, highlighting what’s trending and what’s not. If you’re short on time, you can WATCH our weekly vlog or LISTEN to the podcast for a quick update.
Additionally, there’s an exciting treat at the end of this post: a well-organized slide deck filled with resources and links from this blog. Feel free to scroll down and download it for free to share with your friends!
Now, let’s dive into this week’s top five stories in Data, AI, and Analytics!
Section 1.1: Highlights from the Data Science and Machine Learning Survey
A big thank you to everyone for the amazing engagement this week! My LinkedIn profile has reached the top 1% for engagement, and I’m thrilled to announce that I now have over 27,000 followers. Thank you, Analytics Community!
- The Data Science and Machine Learning Survey revealed surprising findings about global machine learning adoption: 1) Israel, 2) the Netherlands, and 3) the USA. For more details, check out Business Over Broadway, courtesy of Bob Hayes.
- If you’re keen to learn more about implementing AI, consider reaching out to Alex Singla, Alexander Sukharevsky, and the McKinsey & Company team. They have been recognized as leaders in the Forrester Wave™ AI Consultancies Q1 2021 report, which highlights their exceptional data science expertise, AI development model, and a comprehensive approach to guiding executives into the AI era.
Section 1.2: Insights from "The State of Data" Research
John Santaferraro has released the results of the 2021 State of Data Research. Notably, 52% of participants reported using five or more data storage platforms, and 53% of companies now view data access as increasingly vital.
Chapter 2: Crafting an Effective Data Strategy
A noteworthy piece by Myles Gilsenan outlines how to create a data strategy in seven steps, which include: aligning with business strategy, setting short-term adoption priorities, and identifying data requirements. This resource, shared by Bernard Marr, remains relevant and valuable.
Section 2.1: CDO Resources and Industry Trends
Gartner has released the CDO Agenda 2021, showing that 47% believe Chief Data Officers (CDOs) will evolve into Chief Information Officers (CIOs). Key statistics include: 1) 65% of organizations now have a CDO, 2) departments seem to perform better when analytics teams are centralized under CDOs, and 3) CDOs who play a role in goal-setting can enhance consistent business value production by up to 2.6 times.
Section 2.2: Customer Best Practices
Zulily exemplifies best practices with their approach of Documented, Defensible, and Democratized data. Discover how they empower data and analytics within a structured framework.
Additionally, Crate & Barrel successfully doubled their return on ad spend (ROAS) while increasing investment by 20%, leveraging ten times more data sources. Kudos to Nari Sitaraman, the Chief Technology Officer at Crate and Barrel Holdings, for sharing insights!
Another remarkable case is Delivery Hero's DataHub, managing 174 datasets and over 5,000 tables, enabling them to execute 7 million queries monthly. Special thanks to Mathias Nitzsche, VP of Engineering at Delivery Hero.
Finally, if you missed any of our top stories from the first quarter of the year, here’s a quick recap:
- January: Engaging customers through data and the latest in analytics.
- February: Innovations in open data and scaling data science.
- March: Celebrating data champions and key analyst reports.
EXTRAS: Understanding Correlation and Causation
Is correlation really different from causation? Check out this engaging cartoon by XKCD DCKX for a humorous perspective.
Don’t miss out on Dan Pink's excellent podcast, which is worth following for insightful discussions on intelligent data.