Show the Value, Not Algo

All about Business Value

Show value, not algorithm

One important skill a data scientist or analyst should have is to be able to communicate the insights and what is the business value it can translate into. If I were to make it more straightforward it is about three things, more revenue, reduce costs, and increase profits.

Business folks do not care what (sophisticated) tools you use or what (complex) algorithm you use. Most important is the BUSINESS VALUE. (Side Note: their career advancement also depends on your insights too!) To turn your numbers into business value, requires two ingredients, business/domain knowledge, and communication.

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Business knowledge determines the potential size of the business value and communication determines whether you get your stakeholders’ buy-in thus putting insights into actions, translating them to business value.

If you want to have a higher salary as a data scientist, focus on bringing as much value to the organization, be indispensable to your organization by being able to bring immense value through data.

Here are a few steps that can kickstart your value-adding journey!

1. Learn visual analysis and visual vocabulary. Improve on your ability to put data into suitable visuals. Check out visual vocabulary here. It shares on what visuals is suitable for which business questions.
   

2. Learn about business communication! Business communication is important and needs a lot of practice. There are some storytelling component to it and thus planning is needed. What you learned in Step 1 can be used to build into a story that is aiming to influence business decision for the better. And always remember to have a summary in your presentation, where it states down the insights you are presenting and how it can relate to more revenue, reduce costs, and increase profits.

Your data career depends on these!

I have also written a few blog posts that you might be interested in:

Tips for Data Insights Presentation

Data Scientist Needs Strategic Thinking

Considering the Impact to Stakeholders

What are your thoughts on improving business communication skills? Please share them in the comments! :)

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