We have an amazing success story on today’s episode. We are bringing you a free data masterclass on how you can actually make your data strategies succeed in 90 days or less. Today I am joined by my amazing co-host Lillian Pierson and one of her successful students, Vincent Lee, who is going to share how he navigated the ‘people problem’ and laid out a successful data strategy in his organization.
Vincent Lee is the Senior Data Analyst and Data Scientist for the Central Bank of Malaysia. Currently, he’s pursuing his master’s degree in analytics at the University of Chicago on a full scholarship. He is passionate about creating predictive, classification, and clustering solutions to solve business problems.
You don’t want to miss Vincent share the three steps he took after he left Lillian’s class that led to his success in 90 days. He discussed how he chose the right problem to solve, and the challenges he faced while setting expectations, and most importantly how he measures success! Tune in and be sure to share with others that struggle with their data strategy. Knowledge bombs galore!
“We have to really narrow down the problem because there are so many problems you can solve with data.” -Vincent Lee
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3 Knowledge Bombs
- [17:03] Vincent's takeaways from Lillian's course: “What I learned from the workshop really inspired me and was really insightful. We have a lot of data in our company. We have to ask: ‘What can we do with that data? How can we monetize it better? How we can drive revenue from the data?’”
- [23:06] Vincent on understanding the data you have: “Once you understand your data you can move on to implement the right models and generate the right insights.”
- [41:43] Vincent on what is most important: “What is most important is actually transforming your data into relevant insights. Don’t jump quickly into the solution. Sit down, narrow down your problem, find the real cost, and seek out different solutions. Only then you can find the most effective solution.”
In this episode, you'll learn:
- [00:48] - This episode is all about how you can actually make your data strategy succeed.
- [01:21] - First amazing takeaway: Vincent three steps he took after he left Lillian's class in 90 days. Second takeaway: Vincent dives into determining which problem to tackle.
- [02:01] - Third takeaways: Vincent goes into some of his challenges around setting expectations.
- [04:32] - Reminder: Check out the BI Data Storytelling Accelerator 3-Day Online Workshop coming up on Oct 20-22, 2020!
- [05:36] - Topic: How to put your data strategy into action and actually get results within 90 days.
- [06:38] - Lillian met Vincent at a 5-day workshop on data strategy in Malaysia.
- [09:17] - He learned all about how he could implement a data strategy from end to end at Lillian's course.
- [09:54] - Vincent's background included a bachelor's degree in economics.
- [11:51] - Something that most people don't know about Vincent.
- [12:33] - He likes martial arts and working in data. He has been married to his wife for a year.
- [14:37] - He only has nine months left until he graduates from college with his master's degree.
- [16:58] - Vincent shares the exact steps he took to put what he learned at Lillian's class into action.
- [17:47] - He looked at how they could monetize the data and drive revenue from the data. Then they set up the entire infrastructure so they could begin implementation right away.
- [18:51] - It is important to choose the problem that will have the biggest impact on the company.
- [21:25] - Vincent worked through a small problem with his team so he could show them the proof that it really works. Once they had a quick win they were on board.
- [22:49] - One of the biggest obstacles is whether we have enough of the right quality data. Start by understanding what quality data you have.
- [23:58] - Start with the data you have and if you want to improve then you have to find more data than what you have.
- [25:54] - Often what is going on in the data space is shiny object syndrome. It is important to make best use of the data value your company already has.
- [27:46] - Vincent's team went back to the basics to see what data and what holes they had. Then they could narrow down their problem and draw their pipeline of implementation.
- [28:54] - In the modeling framework they tied the solution to the right model they needed to use. They also had to think about how to roll the prototype into production and make it friendly to all the users.
- [30:54] - They looked at the strengths of the team and filled in any gaps of knowledge to help the team be successful.
- [31:32] - Vincent realized that their strategy was successful when he received the evaluation of his project, especially peer reviews.
- [34:01] - Setting expectations was one of the biggest challenges because this was a very new process for their company and we all like to have immediate results.
- [35:35] - When faced naysayers they would try to be more inclusive and engage them in the group to get them on board.
- [37:41] - They selected the proof of concept, built it out, and it exceeded their expectations within 90 days. This was a huge win in such a short time.
- [39:54] - The bank actually used their team proposal as a use case for a bigger project. When they saw their success they started to develop a policy for the entire company.
- [40:04] - If you want to be a data-drive company you have to have a full-blown framework for the entire organization.
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[41:37] - His advice to himself would be not to look for the most popular tool, but instead turn your data into the most valuable insights. Don't jump quickly into the solution.
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[42:58] - It is not just about technical skills in data science, it is also about designing a project.
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[43:35] - A big takeaway is taking the knowledge and inspiration and actually putting it into action.
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[46:01] - Vincent would love to connect with listeners through LinkedIn or you can email him any questions at [email protected].
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[46:29] - Right now Vincent is excited about data and moving forward with data.
- Right-click here and save-as to download this episode to your computer.
“If you want to be a data-driven company you have to have a full-blown framework for the entire organization.” -Vincent Lee
Links and Resources mentioned in this episode:
- Connect to Vincent Lee at LinkedIn
- Vincent's favorite resources
- Lillian's website: Data Mania
- Monetizing Your Data: A Guide to Turning Data into Profit-Driving Strategies and Solutions by Andrew Roman Wells and Kathy Williams Chiang
- Download our FREE 50-Page Analytics Design Guide Template
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