How can data scientists create large-scale data sets while providing valuable business insights to stakeholders?

 

 

  • Introduction
  • Convert Requests to Dialogues
  • It’s okay to say ‘No’ – Be Transparent.
  • Manage Expectations
  • Own the Execution
  • Provide a Minimum Viable Analysis (MVA)
  • Communicate Often and Clearly
  • Takeaway

 

 

Introduction

The handling of big data may be complex. Data scientists must store and process massive amounts of data, which might sometimes be a problem. Furthermore, keep the gathered data usable for other company activities alike.

Data scientists have learned how to get around these barriers. They can extract value from vast data and convey it to stakeholders in an easy-to-use interface. It is a significant step forward for companies to advance their business.

Data scientists employ a wide range of technologies to manage big data. They need massive amounts of data to develop hypotheses, draw conclusions, and analyse customer and market trends. The three most important tasks are graphing, tabulating, and reporting data. Analysing big data sets using a range of analytical techniques and reporting tools to identify patterns, trends, and connections is another.

While data scientists must deal with massive data sets, one of the most crucial abilities they must have is working well with stakeholders. The outcomes will be determined by their capacity to collaborate with engineers and executives.

Here are some ideas on how data scientists may provide crucial business insights to executives while dealing with big data.

 

Convert Requests to Dialogues

A stakeholder often asks you for a given output to help them achieve another objective. Consider turning the request into a conversation about their primary aim and how to accomplish it.

Consider a situation where the product manager asks you to test removing the requirement that users submit their mailing address at signup, for example. If your main objective is to increase conversion, you may decide that starting with a thorough funnel analysis could assist you in identifying even more significant possibilities.

Interest-based negotiation relies on the concept that negotiating parties should look at their deeper interests rather than their more immediate demands. Rather than just focusing on your stakeholders’ initial position (their first demand), as a data scientist, explore the interests that underpin it.

 

It’s okay to say ‘No’ – Be Transparent.

Another approach is, to be honest about reasons for not prioritising a project. Saying no isn’t a political or emotional issue- it’s a logical reaction to a promise. Remember that a well-organised backlog of tasks can aid in the transformation of potentially tense debates into reasonable discussions about where to spend your time, even when priorities are unclear.

Having a genuine discussion on how to utilise your time best may help you be more successful because sometimes “no” might be the incorrect response.

 

Manage Expectations

When a coworker asks how long they’ll have to wait for something important, it’s natural to tell them what you think they want to hear or at the very least put a good spin on things. Resist this urge!

We systematically undervalue how long tasks will take because we concentrate on what’s in front of us and ignore the “unknown unknowns” — for example, a bug in your experiment that you didn’t anticipate. According to expectancy-disconfirmation theory, the disparity between people’s expectations and the outcomes they perceive has an essential role in determining their happiness.

One method to aid with this- imagine that the project goes wrong and create a postmortem essay. If you believe a full premortem is too time-consuming, at least consider the numerous ways things might go wrong. Taking the time to consider potential hazards will assist you in both minimising your overconfidence and detecting problems before they occur.

 

Own the Execution

It’s critical to understand the situation and take charge as a data scientist because you need to collaborate on projects.

When working with larger groups on projects, don’t bury your head in the numbers. Deeply comprehending the context of the problem will aid you in doing better work. It’s also critical when interacting with stakeholders as your authority could be questioned if you cannot give answers to questions about the project.

Own the execution once you’ve started a project. You will likely discover issues before they occur. The outcome of a project will have a far more significant influence than who performed what, so claim responsibility for projects that exceed your job description.

 

Provide a Minimum Viable Analysis (MVA)

To get started, create a minimal viable analysis: the quickest analysis that will enable you to begin testing your project’s viability. Then iterate and improve on your initial efforts. For example, if you’re constructing a predictive model, start with a basic model and a few promising features.

There are two benefits to starting with the most basic analysis of working with stakeholders. First, you’ll either have something to show for your efforts or can fail fast if the project doesn’t pan out. You don’t want to be stuck three weeks into creating a sophisticated model for your first project with nothing to share and no assurance that it will help you achieve your goals.

Second, beginning with a simple analysis allows you to get feedback as you iterate. The goal of the minimum viable product is to start with the most minimal version of a product that may be used for a complete cycle of creation, testing, and learning.

The iterative approach is not the only way to structure a data science project, but it is an effective and low-risk technique for your first projects on a team.

 

Communicate Often and Clearly

As a data scientist, you’ll have to work on project management. Frequent communication becomes even more critical with delayed projects as it isn’t easy to avoid. Regular messaging keeps stakeholders informed on the progress of the work and lets them know that you’re working on the problem.

Expert data scientists place a premium on clarity when it comes to sharing insights. You must ensure that your findings can be readily understood and correctly interpreted. If your findings are specific to a particular group of users, make it clear that individuals should exercise caution when extrapolating the results to a larger demographic.

It would help if you also made efforts to convey yourself clearly in writing. Making mistakes is an essential aspect of writing well as a data scientist. If your report contains typos, people will doubt your attention to detail. Always double-check for mistakes before sending emails or documents out.

 

Takeaway

There are several techniques for handling enormous data sets while providing stakeholders with business insights. Continue to discuss your project with them on an ongoing basis. Document your project and share updates on email (be sure to include a summary of your key points). Create FAQs, documentation, and other resources that people can use or exhibit your findings internally or at external events.

 

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