Leveraging Data for Business Success: Insights from Keryn Gold
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Chapter 1: Understanding Data’s Role in Business
In our ongoing series focused on leveraging data for enhanced business performance, I had the opportunity to speak with Keryn Gold, Ph.D., a recognized leader in data science and business strategy. Keryn has a remarkable background, having served in leadership roles at both startups and Fortune 50 companies, where she has consistently driven significant returns on investment for her clients.
Keryn's expertise lies in helping organizations achieve their long-term goals efficiently while fostering a healthier work-life balance for employees. Throughout her career, she has generated over 50 times the first-year ROI for various clients, including nonprofits and major corporations. Her approach not only reduces costs but also encourages innovation and engagement among employees.
"I appreciate the chance to participate in this discussion. My journey has been quite unique; I dropped out of high school but later earned a Ph.D. in biomedicine and statistics. I began my career in consulting, which eventually led me to various leadership roles in data science," Keryn shared.
Section 1.1: Keryn's Journey
Keryn's journey into the world of data began with a twist of fate. After an injury halted her sports ambitions in high school, she redirected her focus toward academics and was invited to college at the young age of 14. She graduated summa cum laude by 17, driven by a desire to understand complex systems and help others.
She initially worked for free to gain experience, ultimately leading to job offers that propelled her into senior roles in consulting and data science. Keryn’s passion for empowerment and problem-solving has been a consistent theme throughout her career.
Subsection 1.1.1: The Importance of Clarity
Keryn emphasizes the importance of clarity regarding the questions organizations want their data to answer. Without a clear goal, businesses risk developing products or strategies without a solid foundation, leading to potential inefficiencies.
Section 1.2: Learning from Mistakes
When discussing early career challenges, Keryn recounted a humorous yet pivotal mistake involving data backups. The oversight of an outsourced partner led to a significant loss of work just before a major product launch. This incident taught her invaluable lessons about the necessity of clear communication and thorough verification of processes.
Chapter 2: The Power of Data-Driven Decision-Making
Keryn advocates for a data-driven culture, which involves using data to derive actionable insights for informed decision-making. This approach leads to prescriptive analytics, identifying the best actions to maximize ROI.
Understanding the entire data ecosystem is crucial for effective analysis and predictions. Keryn likens this process to the old parable of the blind men and the elephant, illustrating how lacking a unified view of data can lead to misinterpretations and incorrect conclusions.
Section 2.1: Real-World Applications
Keryn has seen firsthand how data-driven strategies can optimize operations. For example, empowering sales teams with actionable insights can significantly reduce time spent on prospecting, while understanding user journeys can enhance customer experiences.
She also noted how analyzing vendor contracts can lead to substantial cost savings without compromising quality. Through data, organizations can identify inefficiencies and implement solutions that improve overall performance.
Section 2.2: Overcoming Cultural Challenges
Despite the advantages of becoming data-driven, Keryn acknowledges that some organizations struggle with this transition. Cultural resistance, reliance on outdated data, and poor data management practices can hinder progress. She advises fostering a proactive culture that encourages exploration and innovation rather than reactive problem-solving.
Keryn's insights highlight the need for organizations to create robust data models, maintain a single source of truth, and establish clear roles to facilitate effective data utilization.
In summary, Keryn Gold's expertise offers a roadmap for businesses looking to harness the power of data to drive success. By establishing clarity, building a comprehensive data model, and fostering a data-driven culture, organizations can unlock hidden potential and achieve their goals.