Simply hiring expensive data scientists isn’t enough. To create real business value with data scientists, top management must learn how to manage them effectively.
In our own work with companies that employ data scientists, we’ve noticed that the organizations that create the most value from data science are those that seek game-changing insights into the open-ended questions that matter most to the business. For a retailer, it might be, how can we identify previously undiscovered products for cross-selling opportunities? For a mobile phone company, it might be, where can we find new revenue streams to offset the decline in revenues from calls and texts? For a hospital, it might be, how can we translate the written notes on patients’ charts to improve patient care and outcomes?