September 2021CIOAPPLICATIONS.COM8CIO InsightsCXO InsightsIn My ViewC-level executive, let's call him Chuck, needs to better understand the market performance of his business and poses a question to his team to seek answers based on the abundance of data collected and regularly reported. The team fans out and spends the next couple of weeks integrating, analyzing and massaging data from different sources using a variety of different analytical tools. A meeting is being scheduled to discuss their findings. In preparation, a PowerPoint deck is being created by compiling any insights the team identified, supporting data, additional contextual information as well as data that the team anticipates might also be useful for the meeting ­ just to be on the safe side. To increase credibility and comprehensibility of the presented results, snapshots from the different analytical tools are added to the narrative of the slides: graphs and charts for easier consumption as well as tables due to their familiarity and focus on details. The PowerPoint report, which has grown by now to an impressive 65 pages, is being distributed in advance so that attendees can prepare appropriately.At the meeting, the presenter makes it to slide 5 before Chuck interjects. He grows impatient because the process has already taken so long, and he hasn't gotten an answer to his initial question yet. Another high-level executive is wondering whether a certain KPI on slide 37 is accurate, and yet another one wants to take the opportunity of the meeting to discuss another high-priority question that has come up during the weeks that the analytical team has spent preparing the presentation. The meeting adjourns without much progress but with a new, additional request to the analytical team to answer more questions.Despite the fact that enterprises around the world continue to invest heavily in infrastructures and resources for data analysis and AI, effective decision making based on such data is still hampered by barriers to translate the resulting data and information into actionable, just-in-time insights. This is especially true the more strategic the need for insights is. In fact, a 2021 NewVantage Partners survey of large U.S. firms found that while 99 percent of the surveyed corporations reported investments in data and AI, only 27 percent of their executives AVisual Analysis and Communication: The Yin and Yang of Data-driven Decision Making Visual Analysis and Communication: The Yin and Yang of Data-driven Decision MakingL. MIGUEL ENCARNAÇÃO, SVP, ENTERPRISE DATA AND ANALYTICS, HEAD OF DATA VISUALIZATION, REGIONS FINANCIAL CORPORATION
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