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107 - Tom Davenport on Data Product Management and the Impact of a Product Orientation on Enterprise Data Science and ML Initiatives
2022-12-27 · 05:30
Brian T. O’Neill
– host
,
Tom Davenport
– Distinguished Professor, Visiting Professor, Research Fellow, Senior Advisor
@ Babson College; Oxford University; MIT; Deloitte AI practice
Today I’m chatting with returning guest Tom Davenport, who is a Distinguished Professor at Babson College, a Visiting Professor at Oxford, a Research Fellow at MIT, and a Senior Advisor to Deloitte’s AI practice. He is also the author of three new books (!) on AI and in this episode, we’re discussing the role of product orientation in enterprise data science teams, the skills required, what he’s seeing in the wild in terms of teams adopting this approach, and the value it can create. Back in episode 26, Tom was a guest on my show and he gave the data science/analytics industry an approximate “2 out of 10” rating in terms of its ability to generate value with data. So, naturally, I asked him for an update on that rating, and he kindly obliged. How are you all doing? Listen in to find out! Highlights / Skip to: Tom provides an updated rating (between 1-10) as to how well he thinks data science and analytics teams are doing these days at creating economic value (00:44) Why Tom believes that “motivation is not enough for data science work” (03:06) Tom provides his definition of what data products are and some opinions on other industry definitions (04:22) How Tom views the rise of taking a product approach to data roles and why data products must be tied to value (07:55) Tom explains why he feels top down executive support is needed to drive a product orientation (11:51) Brian and Tom discuss how they feel companies should prioritize true data products versus more informal AI efforts (16:26) The trends Tom sees in the companies and teams that are implementing a data product orientation (19:18) Brian and Tom discuss the models they typically see for data teams and their key components (23:18) Tom explains the value and necessity of data product management (34:49) Tom describes his three new books (39:00) Quotes from Today’s Episode “Data science in general, I think has been focused heavily on motivation to fit lines and curves to data points, and that particular motivation certainly isn’t enough in that even if you create a good model that fits the data, it doesn’t mean at all that is going to produce any economic value.” – Tom Davenport (03:05) “If data scientists don’t worry about deployment, then they’re not going to be in their jobs for terribly long because they’re not providing any value to their organizations.” – Tom Davenport (13:25) “Product also means you got to market this thing if it’s going to be successful. You just can’t assume because it’s a brilliant algorithm with capturing a lot of area under the curve that it’s somehow going to be great for your company.” – Tom Davenport (19:04) “[PM is] a hard thing, even for people in non-technical roles, because product management has always been a sort of ‘minister without portfolio’ sort of job, and you know, influence without formal authority, where you are responsible for a lot of things happening, but the people don’t report to you, generally.” – Tom Davenport (22:03) “This collaboration between a human being making a decision and an AI system that might in some cases come up with a different decision but can’t explain itself, that’s a really tough thing to do [well].” – Tom Davenport (28:04) “This idea that we’re going to use externally-sourced systems for ML is not likely to succeed in many cases because, you know, those vendors didn’t work closely with everybody in your organization” – Tom Davenport (30:21) “I think it’s unlikely that [organizational gaps] are going to be successfully addressed by merging everybody together in one organization. I think that’s what product managers do is they try to address those gaps in the organization and develop a process that makes coordination at least possible, if not true, all the time.” – Tom Davenport (36:49) Links Tom’s LinkedIn: https://www.linkedin.com/in/davenporttom/ Tom’s Twitter: https://twitter.com/tdav All-in On AI by Thomas Davenport & Nitin Mittal, 2023 Working With AI by Thomas Davenport & Stephen Miller, 2022 Advanced Introduction to AI in Healthcare by Thomas Davenport, John Glaser, & Elizabeth Gardner, 2022 Competing On Analytics by Thomas Davenport & Jeanne G. Harris, 2007 |
Experiencing Data w/ Brian T. O’Neill (AI & data product management leadership—powered by UX design) |
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Analytics at Work
2010-02-12
Most companies have massive amounts of data at their disposal, yet fail to utilize it in any meaningful way. But a powerful new business tool - analytics - is enabling many firms to aggressively leverage their data in key business decisions and processes, with impressive results. In their previous book, Competing on Analytics, Thomas Davenport and Jeanne Harris showed how pioneering firms were building their entire strategies around their analytical capabilities. Rather than "going with the gut" when pricing products, maintaining inventory, or hiring talent, managers in these firms use data, analysis, and systematic reasoning to make decisions that improve efficiency, risk-management, and profits. Now, in Analytics at Work, Davenport, Harris, and coauthor Robert Morison reveal how any manager can effectively deploy analytics in day-to-day operationsone business decision at a time. They show how many types of analytical tools, from statistical analysis to qualitative measures like systematic behavior coding, can improve decisions about everything from what new product offering might interest customers to whether marketing dollars are being most effectively deployed. Based on all-new research and illustrated with examples from companies including Humana, Best Buy, Progressive Insurance, and Hotels.com, this implementation-focused guide outlines the five-step DELTA model for deploying and succeeding with analytical initiatives. You'll learn how to: · Use data more effectively and glean valuable analytical insights · Manage and coordinate data, people, and technology at an enterprise level · Understand and support what analytical leaders do · Evaluate and choose realistic targets for analytical activity · Recruit, hire, and manage analysts Combining the science of quantitative analysis with the art of sound reasoning, Analytics at Work provides a road map and tools for unleashing the potential buried in your company's data. |
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Jeanne G. Harris
– author
,
Thomas H. Davenport
– author
You have more information at hand about your business environment than ever before. But are you using it to “out-think” your rivals? If not, you may be missing out on a potent competitive tool. In Competing on Analytics: The New Science of Winning, Thomas H. Davenport and Jeanne G. Harris argue that the frontier for using data to make decisions has shifted dramatically. Certain high-performing enterprises are now building their competitive strategies around data-driven insights that in turn generate impressive business results. Their secret weapon? Analytics: sophisticated quantitative and statistical analysis and predictive modeling. Exemplars of analytics are using new tools to identify their most profitable customers and offer them the right price, to accelerate product innovation, to optimize supply chains, and to identify the true drivers of financial performance. A wealth of examples—from organizations as diverse as Amazon, Barclay’s, Capital One, Harrah’s, Procter & Gamble, Wachovia, and the Boston Red Sox—illuminate how to leverage the power of analytics. |
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