Balancing data, analysis and speed in business decision making
Steven Lehmann is passionate about the impact of data science in business. He is Head of Data Science and Analytics Strategy for Johnson & Johnson in EMEA. He also wrote the book Digital Jackpot on what it really takes to make data driven decisions that matter in business. Hint, the answer often isn’t more data. On this episode of the Health Pulse Podcast, he talks with Alex about the importance of telling the right story with data so that people will listen. He introduces the concept of data elasticity in finding the right balance between enough data and the speed at which you need to make business decisions in order to solve real-world problems. Data elasticity allows data scientists and business leaders to make strong recommendations with imperfect data, knowing that their recommendations would still hold within a reasonable margin of error in the data. When it comes to the explosion of data, AI and advanced analytics, he reminds us that these are excellent tools, but the individuals and organizations who can make the best use of them to drive impact will ultimately succeed.