Latest news with #dataDriven
Forbes
13 hours ago
- Business
- Forbes
Four Strategies To Outsmart Data Pitfalls In Product Innovation
Ramalakshmi Murugan leads product strategy and operations for the Google Play Analytics team at Google. In the age of "data is the new oil," product teams are increasingly leveraging vast amounts of data to fuel innovation. However, many product initiatives, irrespective of having enough data, fail. The truth is, the very data meant to illuminate the path can become a labyrinth of pitfalls if not navigated with caution and a clear strategy. In the journey of moving from "data-driven" to "data-informed," it is imperative that product leaders understand the data pitfalls that might impede their efforts. Here, I will provide four decisive strategies to circumvent the most common blunders and ensure that your data is indeed guiding you toward groundbreaking innovation. 1. Beyond The 'North Star Metric': Embracing A Holistic Data Ecosystem The Pitfall: Many teams are obsessed with the "North Star Metric," fixating on a single KPI to the exclusion of all else. While a North Star can provide focus, an overreliance on one metric often leads to a myopic view. Optimizing for a single metric can also lead to "local maxima"—perfecting an existing solution but missing out on truly disruptive opportunities. The Strategy: Instead of solely chasing a single North Star, cultivate a holistic data ecosystem. • Balance quantitative and qualitative data. Quantitative data tells you what is happening (e.g., conversion rates, CTRs), but qualitative data tells you why (e.g., usability studies, user feedback). Combining both provides a richer, more nuanced understanding of user needs and pain points. • Track a balanced scorecard of metrics. Beyond the North Star, define a set of complementary metrics (e.g., customer churn, ARR) that cover different aspects of product health and provide a more comprehensive picture. • Contextualize data with market and competitive insights. Your internal product data is only part of the story. Data should be interpreted within a larger context, such as market trends and competitor movements, to inform strategic innovation. 2. Beware The Bias Beast: Actively Combating Cognitive Traps The Pitfall: Human beings are inherently biased, which can affect data collection, analysis and interpretation, leading to misguided product decisions. Some examples of bias that I frequently see teams struggling with are: confirmation bias (seeking data that confirms existing beliefs), survivorship bias (focusing only on successful outcomes) and selection bias (skewed samples). The Strategy: To tame the "bias beast," implement these active combat strategies: • Formulate clear hypotheses (and be ready to disprove them). Before diving into data, define specific, testable hypotheses. This forces you to consider what data would disprove your assumptions, rather than just confirm them. • Diversify your data sources. Relying on a narrow set of data increases the risk of blind spots. Seek out diverse data sources (e.g., surveys, customer support logs, social listening, A/B tests), and foster diverse teams with different perspectives and backgrounds to challenge assumptions. • Prioritize "why" over "what." When analyzing data, constantly ask "why." Why are users behaving this way? Why did this metric change? Don't just report the numbers; dig into the underlying reasons. • Implement structured experimentation (A/B testing with rigor). A/B testing is a powerful tool, but only if done correctly. Ensure proper randomization, sufficient sample sizes and clear control groups to minimize bias and truly understand the causal impact of changes. 3. Turning Data Overload Into Actionable Product Insights: Prioritizing 'Need To Know' The Pitfall: In the quest for data-driven glory, companies often fall into the trap of data hoarding: collecting data without clear objectives or a structured plan for its potential applications. I think this is the main cause of "analysis paralysis," an overload of information that makes it difficult to retrieve valuable insights. The Strategy: Shift from data hoarding to a "need to know" mindset, prioritizing actionable insights. • Define clear objectives first. Prior to data collection, set clearly defined business goals you would like to achieve, along with the questions that need to be answered to accomplish those goals. This will direct your effort in data collection and analysis. • Prioritize data quality over quantity. Wrong, incomplete and inconsistent data is more dangerous than having no data because it can lead to making very bad decisions. Establish policies around data governance, and perform periodic audits on the data to ensure integrity and trustworthiness. • Democratize access (with guardrails) and foster data literacy. Empower product teams to access and analyze data, but provide the necessary training and tools to do so effectively. This includes understanding data definitions, limitations and ethical considerations. Self-service analytics, when properly governed, can accelerate insight generation. 4. Beyond The Numbers: Cultivating Intuition And Storytelling The Pitfall: Some teams become so fixated on data that they lose sight of the bigger picture, neglecting human intuition, creative vision and the ability to tell a compelling story with their findings. This can stifle truly innovative ideas that don't immediately show up in current data. The Strategy: Remember that data is a tool, not a dictator. Enhance its power with the following strategies. • Harness the power of informed intuition. While data is crucial, it doesn't replace the insights gained from years of experience, empathy for users and a deep understanding of the market. Use data to inform and validate your intuition, not to replace it entirely. • Leverage strategic storytelling. Learn to weave compelling narratives around your data, highlighting the problem, the insight, the proposed solution and the expected impact. Visualizations, clear explanations and a focus on the "so what" are key. • Embrace "no data" scenarios with calculated risk. For truly novel innovations, there might be no existing data to guide you. In these cases, lean on expert judgment, strategic partnerships and carefully designed, low-risk experiments (e.g., MVPs, pilot programs) to gather initial feedback and iterate. By proactively identifying and mitigating potential data pitfalls and by diligently implementing these four key strategies, product strategy teams can transition from having a superficial reliance on data to a deep and comprehensive mastery of it. This profound understanding and skillful application of data will empower them to move beyond conventional approaches and unlock their inherent capacity to fuel the creation of truly exceptional products. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
Yahoo
14 hours ago
- Business
- Yahoo
SF Fire Credit Union Launches Alkami's New Out-of-the-Box Campaigns That Simplify and Accelerate Targeted Marketing for Financial Institutions
New, prebuilt, data-driven campaigns empower marketers to increase engagement, prove return on investment, and execute faster, with minimal setup and built-in performance tracking PLANO, Texas, June 20, 2025 /PRNewswire/ -- Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., announced the release of Out-of-the-Box Campaigns, a new feature within its Data & Marketing Solution. Designed specifically for banks and credit unions, Alkami's Out-of-the-Box Campaigns streamline the campaign audience segmentation process for financial marketers to launch targeted, high-impact, multi-channel engagements in just minutes. Built on proven, data-driven use cases, these prebuilt campaigns eliminate the complexity of traditional marketing execution. Financial institutions can quickly identify their goal, select the right media channels, and go live without advanced setup, technical expertise, or lengthy planning cycles. "The ability to launch data-driven campaigns quickly—without starting from scratch—has the potential to enhance our marketing efficiency and deepen engagement across key member segments," said Olivia Rothschild, marketing manager at SF Fire Credit Union. "One of the biggest challenges marketers face is moving from strategy to execution quickly," said Mazen Letayf, vice president, customer lifecycle management and data solutions at Alkami. "Our Out-of-the-Box Campaigns empower financial institutions to launch successful, targeted campaigns confidently and quickly, that drive results and demonstrate measurable success." Each campaign is designed to address key marketing objectives, such as deposit growth, loan engagement, account holder activation, and recurring revenue. Marketers can easily act on opportunities like identifying personal account holders who may need a business account, or prompting users to enroll in recurring payments, all while tracking performance automatically. Key features of Alkami's Out-of-the-Box Campaigns include: Prebuilt, ready-to-use campaigns, aligned with specific financial institution growth goals Strategic guidance and best practices to support high-performing targeting and messaging Automated performance tracking for real-time insight into campaign effectiveness Alkami's Data & Marketing Solution is a key component to its Digital Sales & Service Platform, where Anticipatory Banking - moving beyond personalization to anticipate the needs of account holders - is foundational for financial institutions to deliver intentional campaigns at the right time. The Solution provides full funnel capabilities to grow deposits, drive lending, expand commercial opportunities, and deepen account holder engagement. To learn more, click here. Alkami has been certified by J.D. Power in 2024 and 2025 for providing "An Outstanding Mobile Banking Platform Experience."1 About AlkamiAlkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly, and build thriving digital communities. Alkami helps clients transform through retail and business banking, onboarding and account opening, payment security, and data and marketing solutions. To learn more, visit About SF Fire Credit UnionSF Fire Credit Union is a not-for-profit credit union owned by its members. As an open charter credit union, SF Fire Credit Union is open to anyone who lives, works, or attends school in San Francisco, San Mateo or Marin County. The credit union is committed to giving its members the financial tools they need to thrive. For more information, visit SF Fire Credit Union is proud to be named to Newsweek's America's Best Regional Banks and Credit Unions in 2024. Media Relations ContactsVestedalkami@ Marla ____________________1 J.D. Power 2025 Mobile App Platform Certification Program℠ recognition is based on successful completion of an audit and exceeding a customer experience benchmark through a survey of recent servicing interactions. For more information, visit original content to download multimedia: SOURCE Alkami Technology, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
3 days ago
- Health
- Forbes
Data-Led Healthcare Transformation Depends On More Than Just Numbers
Asif Mujahid, Chief Data and Analytics Officer at Quartz Health Solutions. There is a saying that data alone doesn't change outcomes—trust does. As health plans and provider systems strive to modernize care delivery, improve population health and manage cost trends, the success of these efforts increasingly hinges on something less technical and more human: whether people trust the data they're given. We have seen the pattern too often: We deliver a thoughtfully designed dashboard. The metrics are right. The logic is sound. However, the reaction in the room isn't action—it's doubt. "Are these numbers right?" "That's not what we're seeing on the ground." "Can we trust this data?" This challenge isn't about technology. It's about trust. Until we solve for the trust factor, data-driven transformation will continue to underdeliver on its promise. The erosion of trust in data doesn't happen all at once—it accumulates slowly across multiple factors: • Data Quality: Inconsistent values, missing fields or outdated records fuel skepticism. • Interpretability By Audience: Technical teams may understand what an "impactable opportunity" or "risk-adjusted cost ratio" means, but front-line teams often don't. Thus, you are disenfranchising a segment of the audience from partaking in the benefits of using data. • Competing Truths: Health plans and providers frequently work from different systems and coding standards. When a physician's panel doesn't match the health plan's attribution list, both sides dig in—and mutual confidence erodes. • Lack Of Co-Ownership: When analytics are delivered to operational or clinical teams rather than built with them, people treat the outputs like surveillance rather than support. Now that we have established the problem statement, what does it take to rebuild trust in data? 1. Co-create the narrative. Involve clinicians, case managers, finance leads and operations to define which insights matter. Let them shape the use case, not just review the output. The more they help build the story, the more likely they are to believe it. 2. Validate in the open. Make data validation a collaborative process. Invite stakeholders to compare datasets, surface mismatches and resolve discrepancies together. 3. Explain, then recommend. Don't assume everyone understands PMPM, MLR, RAF or any other acronym we've come to normalize. Use plain language, and always connect the insight to an operational decision. ("What should we do differently because of this?") 4. Embed data in the workflow. Insights need to show up where decisions happen—not just in a dashboard but inside clinical notes, staffing huddles or care management prioritization. When data becomes part of daily operations, it gains legitimacy. 5. Measure trust as a metric. Start tracking how often reports are used, whether action plans stem from analytics and how confident your stakeholders feel in the data. Treat trust like a KPI, not an assumption. How do we know we've reached the promised land? We know we are doing something right when the conversation turns from whether something is right to what we can do about it. Health plan and provider teams align more easily on shared goals. Innovation takes root—not because the technology is better but because the belief in its value is stronger. In healthcare, data will never be perfect, but it can be trusted if we build that trust deliberately. That's the work ahead of us. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
Yahoo
3 days ago
- Business
- Yahoo
Octave® unveiled: Hexagon reveals name for potential 2026 company spin-off
Hexagon has announced that the spin-off of its Asset Lifecyle Intelligence and Safety, Infrastructure & Geospatial divisions, and related businesses, will operate as Octave. Octave will be a pureplay software and SaaS company focused on helping customers make smarter, more data-driven decisions across their organisation. If approved by relevant stakeholders, it is the Hexagon Board's current expectation that the separation and listing process will be completed in the first half of 2026 STOCKHOLM, June 17, 2025 /PRNewswire/ -- As Hexagon AB prepares for the potential spin-off of Hexagon's Asset Lifecycle Intelligence and Safety, Infrastructure & Geospatial divisions and related businesses, the company has announced that the new business will operate as Octave. This new name communicates the company's intent to increase, accelerate, and optimise customer outcomes. As previously announced, in addition to Hexagon's existing Asset Lifecycle Intelligence and Safety, Infrastructure and Geospatial divisions, Octave will also include ETQ (currently operating under the Manufacturing Intelligence division) and Bricsys (currently operating under the Geosystems division). This new business will be a pureplay software and SaaS company focused on helping customers make smarter, more data-driven decisions across their organisation. Octave's portfolio will help customers design, build, operate and protect assets more effectively, enabling clearer insights and better incident response. "As we prepare for the potential separation from Hexagon AB, Octave will be a powerful identity to reflect the significant growth opportunity," said Mattias Stenberg, current President of Hexagon's Asset Lifecycle Intelligence and Safety, Infrastructure & Geospatial divisions and incoming Octave Chief Executive Officer. "As a separate, stand-alone company Octave will have the depth, scale, and expertise necessary to capitalise on software and services opportunities across the industrial and public sector spaces and deliver intelligence at scale." Collectively, Octave had approximately 7,200 employees as of December 31, 2024, and revenues of approximately EUR 1,448 million with an adjusted operating margin (EBIT1) of approximately 31% for the year ended December 31, 2024, before consideration of standalone costs and using IFRS accounting standards.[1] If approved by relevant stakeholders, it is the Hexagon Board's current expectation that the separation and listing process will be completed in the first half of 2026. Hexagon will provide additional information on the cost of the separation process and other key matters in due course. The separation, spin-off and listing remain subject to this ongoing process and final approval of the Hexagon Board and shareholders, as well as being subject to other conditions, consents and regulatory approvals. There can be no assurances that a separation, spin-off or listing will occur. For more information, visit FOR MORE INFORMATION, CONTACT: Keri Tomsic, Director Corporate Communications, Hexagon, +1 404.725.3964, media@ Hull, Head of Investor Relations, Hexagon, +44 7442 678 437, ir@ Important information:This communication does not constitute an offer to exchange, sell or buy securities. There shall not be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This communication contains forward-looking statements. When used in this communication, words such as "anticipate", "believe", "estimate", "expect", "intend", "plan" and "project" are intended to identify forward-looking statements. They may involve risks and uncertainties, including technological advances in the measurement field, product demand and market acceptance, the effect of economic conditions, the impact of competitive products and pricing, foreign currency exchange rates and other risks. These forward-looking statements reflect the views of Hexagon's management as of the date made with respect to future events and are subject to risks and uncertainties. All of these forward-looking statements are based on estimates and assumptions made by Hexagon's management and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results or experience could differ materially from the forward-looking statements. Hexagon disclaims any intention or obligation to update these forward-looking statements. Forward-looking statements are not guarantees of future performance and the actual results of Hexagon's operations and the development of the markets and the industry in which Hexagon operates or other outcomes suggested by such forward-looking statements (including any outcomes of a separation, a spin-off or a listing and any related business, financial, tax, regulatory or other implications, or differences between the existing ALI division and any separated business) may differ materially from those described in, or suggested by, the forward-looking statements contained in this communication. [1] As all details about Octave are subject to change as preparation for the potential spin-off progresses, the actual results of Octave, and Hexagon excluding Octave, may vary from the figures reflected herein, for reasons including but not limited to potential changes in accounting standards and the inclusion of stand-alone costs. This information was brought to you by Cision The following files are available for download: Octave® unveiled Hexagon reveals name for potential 2026 company spin-off View original content: SOURCE Hexagon Sign in to access your portfolio
Forbes
13-06-2025
- Business
- Forbes
Why Maximizing Data Insights Can Drive Decisions That Yield Growth
Business leader reviewing data insights Nearly everyone in an organization feels the pressure to act decisively. From the individual contributors helping internal users with technical issues to top leadership, all must make decisions that impact critical outcomes. Going down the wrong path may have consequences ranging from a minor mishap to an unrecoverable catastrophe. In my experience, whether situations call for split-second choices or drawn-out analyses, having data-driven insights to rely on can steer the team in the right direction. Nonetheless, sometimes access to facts, figures and stats isn't enough. Maximizing data insights not only ensures a higher degree of accuracy but also results in growth. Discover the main reasons below. Many business leaders have experienced working for an organization that lacked clear strategic direction. Even worse, its initiatives might have frequently shifted abruptly—from crucial decisions about brand identity to determining who would oversee the company's website redesign. While inconsistent decision-making sometimes stems from conflicting viewpoints, it most often signals a fundamental failure to harness data effectively. The challenge isn't always a lack of research or information. More often, not using data effectively can be linked to disorganization, or to models or datasets that need fine-tuning. This is particularly true in the age of LLMs and Machine Learning, where high-quality data is more critical than ever. In other words, the organization lacks the proper tools to consolidate its data. This prevents the information from sufficiently synchronizing to yield clear, actionable insights that ensure everyone is on the same page. Some of my portfolio companies have used tools like that allow companies to build datasets, evaluate or fine-tune models and collaborate with multiple stakeholders. Rather than making decisions based on disparate data, marketing and customer service directors can access the same, unified information. This approach leads to cleaner datasets that are synthesized across departments, ensuring greater consistency. When critical stakeholders contribute to data models, it reduces surprises and disjointed decisions. This allows the company to maintain its trajectory, enhancing growth aligned with data-driven insights. With improved consistency, employees gain greater clarity, enabling them to achieve their growth goals. Analytics reveal insights beyond just current market trends. These tools also provide predictive capabilities, which are crucial for enhancing a company's competitiveness. By fully leveraging data analytics insights, organizations can stay ahead of the curve. Remaining ahead of the competition translates to delivering solutions before competitors do or offering superior versions that improve the customer experience. This competitive advantage may be magnified by what's often called a 'data flywheel'—a virtuous cycle where insights drive better products and services, which in turn generate richer data for even further optimization and differentiation. For example, Helix Wireless was able to help client Genesee & Wyoming, a short-line railroad holding company, do this through data-driven insights. Train passengers naturally want to stay connected while they're traveling. However, the nature of train travel means railroad cars are passing through tunnels, remote landscapes and long distances. Different wireless carriers own and operate the towers that enable mobile data and, consequently, mobile Wi-Fi networks. When service constantly switches between these carriers, it can result in dropped and unstable connections. Leveraging data insights, Helix knew its client was juggling multiple relationships with different carriers across various countries. This led to a less-than-seamless experience for the railroad operator's customers. So, Helix's used their SmartSIM to eliminate challenges with connectivity, roaming expenses and service restrictions could be overcome. Costs related to purchasing and logistics decreased by 25%, and customers got a better experience. When service and product solutions become more competitive, market growth typically follows. Anytime you see a user experience that has disruptions like this, try and find a solution that can eliminate frustrations for your customer. Consider any major decision, personal or professional. The inherent uncertainty often leads to agonizing over 'what-ifs' —the potential risks and downsides of choosing a particular path, sometimes even the worst possible outcomes. In business, when teams and leaders rely on intuition rather than insight, risks can be greater. Decisions become susceptible to real-time impulses or are hindered by incomplete data. Assumptions may also arise from a lack of proper tools to interpret information correctly. Regardless, failing to maximize data insights often leads to poorly informed choices. It's similar to looking at a picture from a single angle. Acting on this limited perspective, an organization may proceed down a misleading path, taking on unnecessary risks and dealing with the ensuing fallout. Getting a complete data picture eliminates most of the guesswork. Instead of choosing a direction based on assumptions, decisions are backed by comprehensive data. The broader the perspective, the greater the accuracy. Consequently, more informed teams and leaders face a reduced chance of undesirable outcomes. Mitigating risks means fewer costs that can stifle growth, including qualitative expenses like the erosion of brand trust. A company's growth is often synonymous with success. But behind the numbers are well-made decisions, ranging from strategic product launches to everyday interactions with clients. Without data-driven insights, those choices can derail an organization's growth trajectory. Acquiring the tools and resources needed to get the most out of the information you gather will enhance consistency, competitiveness and risk reduction.
