#Dependant on #dumb #data and is making #bad #choices? #Douglas #Adams

Data, Big Data, Artificial Intelligence

Clients don’t understand their customers, they just think they do!

It’s not for the lack of trying or spending millions on developing and building huge data systems, the problems are many but can be traced back to one simple thing;

“Data only describes part of the what is happening and almost nothing of the why, let alone what should be done to change the situation”

Clients have been sold that data gives them the answers and that big data will close the loop for them to understand the upstream and downstream thinking of their customers, WRONG.

Douglas Adams noticed the real problem

Douglas Adam’s said  “But even Amazon has only got part of the picture. Like real world shops, they can only record the sales they actually make. What about the sales they don’t make and don’t know that they haven’t made because they haven’t made them?” Douglas Adams “The Salmon of Doubt” by Permission of Pan Macmillan. That pretty much covers the problem if you extrapolate the thinking for Data Analytics, Big Data or even Artificial Intelligence based Data and Decision systems.

“Data is binary a yes or no (even complex views), it does not capture motivation, intention, desire, cognition, distraction or any other human reasoning or pattern”

child pretending to be robot data prentending to be truth
child pretending to be robot data prentending to be truth

A child pretending to be a robot just as data pretends to be the truth, he is a kind of robot and data is a kind of truth

A pure Data approach to understanding customers will provide the wrong data because data is an absolute and people are not. Even with Artificial Intelligence it only works from the starting point you give it, if any of the perimeters are wrong the whole data sample is wrong.

Guide to understanding Customers

  • Data, Big Data, Artificial Intelligence – Tells you what
  • People in target demographic – Tell you why

People in target demographic

User research answers the question Why have we not made the Sale? through the only people equipped to answer the question, consumers. This is not market research, its scientific without a predetermined agenda or outcome. User Research is a problem solving method that offers solutions by finding the right questions, finding the right people and asking the questions in a way that does not lead or direct the answers.

There are right questions and people to ask?

This may sound a little Adamsesque (if you ask the answer to Life, the Universe and Everything you get 42, because it the wrong question). Getting the questions or setup wrong is the real problem with an Analytics approach to a Diagnostic process. While it may be reasonably expected by a seller to directly ask, why didn’t a visitor become a buyer or register. Visitors may be asking themselves where am I? what does this do? this does not make sense, should that be happening? technology, why do I bother? Why has my screen gone pink? None of these “in mind” experiences are expressed in the data or even a consideration for the data schema design.

A visitors experience is not only defined by the online environment but they bring past experiences, desires and doubts about their current experience. Without these insights from research, it is difficult for clients to grasp potential problems, gain a good return upon their investment (ROI), innovate to fit the market and consumer needs or break into a new market sector.

Reasons that Data is Trusted and People are Not

It appears to come down to scale and a short sighted approach to costs. Buying an Analytics Solution appears to tick all the boxes, even if in reality it does not. While using Research Companies or in-house Research Teams seems expensive in comparison.

“The real trick is to understand you need both, you always did”

retro robot toys, not what you expect when you say robot today
retro robot toys, not what you expect when you say robot today

When I first started using Web Position Gold (the analytics tool), bought by Webtrends long before Google Analytics existed or the current proliferation of products promising the impossible, we used it to spot trouble only. We would then do some user testing in the area, working out possible failure scenarios, from there we would suggest two or three solutions and build them for A/B testing to see what worked and what did not. Everything was monitored and all the data from both analytics and user testing was collated into one final solution. Sometimes there was a single resolution, a re-architecting of a section, in one project I kept 16 pathways active because they all delivered transactions for different types of customers.

The thing is just as there is no absolute way to find out the problem, resolution or adaptive innovation except byDiagnostics a digital and human activity.

Diagnostics

[Data+Human+Solution+Testing=Resolution]

+

[Feedback+Data+Human=Adaptive Innovation]

Tagged : / / / / / / / / / / / / / /

#Strategic and #lean #thinking in private investment and asset portfolio management, part 1

This article is intended to review the current process problems that many investment and wealth management companies are attempting to solve. For many years these businesses have been wreathed in secrecy regarding how they do, what they do, often this has not been by choice but merely a by product of business processes that have not fundamentally changed in fifty years and in environments where technology is not considered as an enabler.

The creation and management of investments have evolved into a complex time consuming and inefficient practice due to many complexities not only within financial advisory companies and people but also management services, financial product offerings and regulatory structures and the various platforms they use. However by mapping the basic interactions between these groups and investors it is possible to not only determine quick wins but also radical time and cost saving leading to increased transactions with existing clients deeper market penetration and capture with new clients.

There are five basic interactions I will be mapping as part of this paper;

  • On boarding (including Fact Find, AML etc.)
  • Financial Review
  • Advised Financial Modelling / Portfolio Construction
  • Self Service Financial Modelling / Portfolio Construction (including Self Service Trading)
  • Regulatory Reporting

There is a lot to pull together to do this, it is very insightful if you have not been involved in financial services or you are involved but have not kicked off your financial services transformation project yet.

Author Links

Tagged : / / / / / / / / / / / / / / / / / / / / / / / /

#Blended #program #management #Prince and #Agile methods Part 1

Blended Program Management

I have been involved in project and program management since 1989 across various sectors and more recently have been focused in banking and finance.

I have experience in Prince and Agile methodologies and will expand on the blending of these two methods through the use of user stories (a user experience method) and the positive relationship between waterfall and iteration components in the following parts of this post.

Simply put (before getting into the detail) Prince and Agile = Delivery and in Banking and Finance they can give startling results.

This will not be a shock to many people but I’m not going to be describing the what, but the how.

I have managed some highly complex projects that would have failed if they had been run in Prince or Agile alone.

The clear advantage of blended management processes is that;

the project becomes team centric and affords an environment where success in common and that value is attributed to the correct people

Tagged : / / / / / / / / / / / / / /

#Digital #banking #structure

Digital banking structure

I have worked with a number of banks and financial services companies mainly in user experience and team management, I have also been involved in the development of new business models. I keep being asked to provide structure information for various clients so feel it simpler to make the enclosed structural diagram available here as it may also help digital agencies and new start-ups understand the relationship between various roles.

Author Links

Tagged : / / / / / / / / / / / /