Harnessing Data to Fuel Employee Empowerment
Introduction
It is widely believed that the first ever Data Scientist who created the T-Test was employed by Guinness. The mathematician was brought into Guinness to test the barley in order to evaluate its quality for brewing purposes. He was given the pseudonym ‘the Student’ to avoid competitors doing the same. The T-Test is a statistical tool which is used to evaluate and compare the means of one or more groups against drawing upon a hypothesis. The T-Test allowed Guinness to make well informed decisions surrounding their methods which contributed to informed decision making and led them to produce high quality beer. Today, the T-Test is widely employed across various industries to identify significant differences between groups.
Data Collection
Analysing data such as customer satisfaction scores has been increasingly embraced with more old school metrics such as exit interviews becoming less common. By analysing and examining key metrics such as customer satisfaction scores and revenue, organisations can make more informed decisions on product development and resource allocation.
Coca Cola use data to optimise and improve their supply chain design and customer satisfaction. They introduced a freestyle drink dispensers which allowed customers to access all flavours from interactive touch screens. Drawing the data from these machines Coca Cola was able to understand what flavours were most popular and based on this crowdsourced information create products tailored to this data.
Similarly, Starbucks analyse their reward programme data as it provides insights into the popularity of specific items as a way to inform them on the most popular items on the menu and provide an insight into customer needs. The collection of information and data ultimately allows organisations to use this knowledge as power.
Big Data
Big data refers to large diverse data collections that grow exponentially over time. US company Walmart is a primary example of a significantly beneficial use of Big Data. Walmart provides its staff with access to company data in a controlled simple manner that makes it accessible and interpretable to everyone. It provides a quick solution for simple issues for example employees in one shop in North America found that the sales for a specific product were dropping, it meant that they were able to access data sets which would indicate any potential reasoning for this.
A Fresh Take on Statistical Testing
In the age of Big Data, methods like the T-Test have empowered employees to harness these tools, yielding practical insights for evidence-based decision-making. In today’s dynamic work environment, many find the idea of using statistics daunting and tend to avoid it. Statistics, while useful for mathematical equations, can also prove invaluable when tackling real-world difficulties by serving as a practical problem-solving aid. By leveraging data to uncover patterns and similarities, you can develop a rationale and foundation upon which to reflect and generate ideas and arguments.
Sources
http://dln.jaipuria.ac.in:8080/jspui/bitstream/123456789/14265/1/mgi_big_data_full_report.pdf
https://www.forbes.com/sites/bernardmarr/2018/04/13/why-data-is-hrs-most-important-asset/
https://www.linkedin.com/pulse/how-statistical-analysis-contribute-towards-business-growth-chhabra/
https://bernardmarr.com/how-does-big-data-help-companies/
https://online.hbs.edu/blog/post/data-driven-decision-making
https://www.jmp.com/en_ch/statistics-knowledge-portal/t-test.html
https://cloud.google.com/learn/what-is-big-data
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