The Importance of a Social Approach to Data Analysis to Maximise Value
By Judy Bayer and Dr Marie Taillard
Dr. Marie Taillard, Director of the Creativity Marketing Centre at ESCP Business School, and Judy Bayer, Director Strategic Analytics for Teradata International, recently published a blog on the Harvard Business Review suggesting that bringing together team members from different functions into an analytics team can boost performance.
The corporate analytics culture and the experience of the analytics team will play a key role in the approach adopted to confront a challenge such as boosting customer retention. Bayer and Taillard suggest that most analysts would probably attempt to solve this problem by asking one of the following questions:
- How do we create the best model to predict which customers are most likely to churn?
- How can we help marketing retain more customers?
The approaches outlined above clearly bring value. However, the authors have found that companies that explore the social aspects of analytics are maximising on opportunities to use data to completely transform their businesses.