If a data scientist identifies a powerful new insight, but no one around her understands it, does it even matter? This question gets to the heart of why building a data-driven culture should be a core objective for your organization. While building a data science team is a strong start, it is only a piece of a puzzle.
Last week, we dove into the Victoria’s Secret dataset and discovered that they had a huge variety of not only bra types, but also colors, sizes, and materials. Whenever you start working with a new dataset, always remember to explore it first so you have a good idea of the distribution of the data and you may even have new questions. Now that we have a better understanding of Victoria’s Secret’s inventory, we can ask more questions about their pricing strategies, such as:
- What’s the price distribution for each product category?
- Which cup size is cheaper? And which cup size is the most expensive?
- If you want to save money, which color is cheaper?
Why host a data competition?
In order to stay competitive and identify star employees, deploying a data competition is a great way to showcase your staff's talents and emphasize the importance of being data-driven.
Instinct. Intuition. Experience. Business leaders rely on these undefined qualities every day to make the best decision for their companies. While this has led to some of the most successful business moves that transformed society, it has also led to some of the biggest business failures.
And how we can fix it.
A few weeks ago, we wrote about why we were building and distributing our Data Science Communicator Toolkit. Part of our initiative included collecting information from people who work with data so we could shape the toolkit to help bridge the communication gaps between them and their colleagues. We found some interesting results and are excited to share them with you here, as well as some recommendations for how you can alleviate the road blocks that your organization faces on its way to becoming more data driven.