6 - Repeat and learn Flashcards
What is a results-driven data and analytics strategy?
A strategy that is more effective if outcomes can be repeated over and over.
What accelerates learning in a data strategy?
Data experimentation.
What is the consequence of starting every project from scratch?
The second win is delayed, momentum dies, and hard-won status dissipates.
What is a key benefit of having already cleaned data for a project?
The second quick win can occur within a week, even if results are negative.
What can the method discovered in the Singaporean photocopying problem be applied to?
Chargebacks for various services across the company.
Why is it important to build a repeat-and-learn culture?
To encourage organizational change rather than positioning the data team as mere fixers.
How does repetition give context to data processes?
It helps explain why the process is being done, rather than relying on abstract strategies.
What is a common issue with one-off data projects?
They drain resources and lack repeatable processes.
What is essential for documenting a successful project?
Capturing purpose, scope, input, flow, output, measurement, and risks.
What does good documentation allow in a data project?
It allows others to replicate the project independently.
What should businesses avoid after a data success?
Jumping straight into large-scale IT projects without proper evaluation.
What should be evaluated before implementing a new IT solution?
The data and business processes generating that data.
What is a data process?
A defined way to achieve value from data for the business.
What should the focus be when creating a data process?
Maximizing the value of the available data.
What is a business change process?
A way to realize value from data for the business, focusing on user actions.
What should be the intention when linking insight to a repeatable data process?
To adjust a business process for value realization.
What is the challenge faced by the entertainment company in the case study?
Reducing customer churn.
What was achieved as a quick win in the entertainment company case study?
Identifying customers who reported problems for timely resolution.
What was the analysis outcome regarding customer incentives?
Targeting incentives based on calculated customer lifetime value.
What was a key action taken to reduce customer churn?
Timely contact with unhappy customers offering incentives.
What was necessary to maintain customer retention?
Evaluation of value, reuse of data, and tactical changes in business processes.
What is the main outcome of the process described for customer retention?
A process for customer retention
The process involved quick contact and offers to customers who had significant losses.
What are the three steps necessary for improving customer retention?
- Evaluation of the value provided to the customer
- Reuse of data
- Tactical changes in business processes
What significant impact did the implemented process have on churn and gambling controls?
Churn fell dramatically and safer gambling controls were improved
What is the purpose of running experiments in a data-driven culture?
To learn and innovate through experimentation
What is an A/B test?
Simple tests to establish which of two products or strategies is preferred by customers
In an A/B test, what does group A represent?
The control group, representing business as usual
What is the significance of a large difference in outcome in an A/B test?
It is attributable to the innovation
True or False: A negative result in an A/B test is not valuable.
False
Who argued that experiments were the key to progress at Amazon?
Greg Linden
What can be learned from each failed test according to Greg Linden?
Something that helps you find something that will work
What is a potential risk when applying an intervention to all customers at once?
Confounding factors may affect the results
What should you do before acting on quick wins in business processes?
Talk to the people who generate and use the data
What is a benefit of demonstrating the use of data across the business?
It helps break down silos and creates a consistent way of dealing with customers
What is the focus of Wave 2 in the context of sustaining success?
The definition of ‘better’ data and how to achieve it
Fill in the blank: Repetition makes the most of your limited resources and helps you learn about the _______.
[business]
What should you consider when looking at which projects to take on at an early stage?
How to reuse the data and methods, and standardize and document your approach
What is a key takeaway regarding A/B tests when working with consistent data?
They deliver quick results
