Big data and analytics are the new celebrated gold standard for business decisions – the data and analytics market is supposed to reach $125 billion worldwide in 2015. However, is “analytics just crap”, as shouted out by former NBA star Charles Barkley on TV?
Unfortunately, given some scandals around falsified numbers and misleading conclusions of consultancies, agencies, and even academics, one is left to wonder: how much should managers and companies really trust data science and analytics?
In this talk, we will walk through some real-world case studies and discuss the challenges and pitfalls of analytical solutions, with a special focus on business problems and marketing. We will explore what makes up best practices for data-science providers as well as their clients. In particular, Nico will share some tips and recommendations for managers who may have little or no analytical background but would like to minimise the risk of falling for the “smoke and mirrors” of potential black sheep among analytics providers.
Dr Nico Neumann, Senior Research Analyst, University of South Australia