Data Innovation Summit 2017

Author: Alex Hutchings
Posting date: 4/24/2017 12:48 PM

Harnham recently had the pleasure of sponsoring and exhibiting at the annual Nordic Data Innovation Summit, alongside companies ranging from start-ups to blue-chips. 

Despite each being at different stages of data transformation, one common theme amongst us all was an eagerness to share knowledge and to learn from each other in a collaborative fashion. The summit presented a great platform to discuss barriers all companies face in their data innovation journeys.

There is a mutual understanding between exhibitors and delegates that data innovation is a necessity, rather than a ‘one day soon’ activity; not only to remain competitive but more so due to the benefits being fully data-driven offers.

The Era of Change

From our 2016 Salary Guide, we can see that the Nordic market is maturing to catch up with the big data hubs of The UK and USA. So we decided to conduct a poll at the summit, to see just how far the market and attitudes have come over the last 12 months. 

Results show, that the reason data-driven innovation is important to the majority (63%) of poll participants, is to aid in the development of new products, and to identify new business areas. Only 11% claim that identifying internal inefficiencies is their driver for data innovation, supporting the idea that the perceived value of business analytics is shifting in the Nordics. Increasingly, data driven decision making is replacing intuition and gut-feel. 

Presenters at the summit offered inspirational examples to those at the beginning of their data transformation, alongside technical talks detailing best practice and methodologies to reach desired business objectives in a data team. 

Carl Svärd presented the transformation of Schibsted as an example of a company who was somewhat forced to transform due to the decline in print. Management recognised the need and took tech to their core rather than solely adding tech as an extension to their business model. This investment may have seemed risky at the time, but it is an example of excellent management. 

As a community, we are becoming better at recognising the value of data, however poll results show that the most prevalent barrier to data innovation is still senior stakeholder buy-in and budget. 

The Data Driven Mind-set

Results also show that 80% of participants will be expanding their teams in 2017. However, 60% of poll takers identified the lack of qualified talent as their biggest hiring challenge for data innovation. With a “lack of skilled staff” the second most significant barrier to innovation. 

This mirrors well the trends we see at Harnham as we increasingly are retained to build multidisciplinary teams from scratch, or to help them grow during the next phase of their data innovation. 

Indeed, there is no textbook answer to building the perfect data team, as each should be built to facilitate individual business objectives. We know that one size does not fit all. 

At the Summit, between vigorous Zelda sessions and presentations we had the pleasure of consulting with many of you on an individual basis whilst taking our poll, giving us the opportunity to hear about your experiences and help solve some of your hiring issues. 

We look forward to the next Nordic Data Innovation Summit, and are excited to see what may change in a year. 

Related blog & news

With over 10 years experience working solely in the Data & Analytics sector our consultants are able to offer detailed insights into the industry.

Visit our Blogs & News portal or check out the related posts below.

Weekly News Digest: 10th - 14th May 2021

This is Harnham’s weekly news digest, the place to come for a quick breakdown of the week’s top news stories from the world of Data & Analytics.       Personnel Today: Mental Health Awareness Week: Concerns up 24% from last year It was Mental Health Awareness week this week, and this year, the focus was on the theme of nature. Personnel Today revealed some worrying statistics on the back of research from Close Brothers into the state of the population’s wellbeing in 2021.  Reports of mental ill-health has increased by nearly a quarter since this time last year as a direct consequence of the stresses and strains of COVID-19. From yo-yoing in and out of lockdowns to extended periods of isolation, job uncertainty and illness, this year has been like no other and it’s most certainly taken its toll.  63 per cent of 16–34-year-olds report mental health worries, up a seventh from last year.For those who are 55+, this worry has risen by a third. In this piece, it is made clear that the underlying issue lies not only with COVID-19, but the lack of support given by employers. The research revealed that 70 per cent of employers don’t have a wellbeing budget in place, and only 8 per cent of firms invest more than £126 per employee each year in health and wellbeing.  To read the full research, visit Personnel Today here.  Towards Data Science: 5 unique skills every Data Scientist should know We know that career tip articles for Data Scientists can all feel pretty ‘samey’. But this article in Towards Data Science mixes up the usual advice, looking at how those in, or aiming to be in, the industry need to brush-up on their softer skills if they are to be successful.  Tips include: Cutting down the jargon in order to communicate effectively with stakeholders. Don’t be hasty to overpromise, or you’re at risk of seriously under-delivering. Become friendly with your team’s software engineer, they’ll only be able to help you be more efficient and effective in your role.  Of course, there has to be some mention of coding in there – it wouldn’t be a data-based article without it. Make sure you’re mastering your SQL Optimisation. Don’t leave your Git out in the cold, become familiar with the practice to ensure you can update your model code quickly.  To read the full article, click here.  Analytics India Mag: What SMBs can learn from Big Tech’s AI playbook? AI has come on leaps and bounds in a short space of time, and its popularity has boomed. For the monster-sized companies, where budget is of no question and innovation can happen overnight if need be - embracing AI has been a total no-brainer. Workflows become more efficient, technology becomes smarter, and the scope of growth seems infinite.  However, despite all the benefits of AI that are so regularly shouted about, it’s been clear since the birth of the technology that there’s a huge divide in those who can and those who cannot afford to implement this innovation.  Up until now.  In this piece from Analytics India Mag, author Ritka Sagar, highlights how SMEs are finally finding ways to become ‘inventive’ with how they implement and use AI systems without breaking the bank.  To read how SMEs are managing this, click here. Silicon Republic: For smart cities to work, they need to be neutral and objective The concept of a smart city seems like something out of a futuristic, sci-fi film but, in fact, they are closer to becoming a reality than we may think.  The idea being that urban areas use sensors and other electronic methods to collect data. From citizens to traffic, water supply networks to crime detection, all of these assets of life, and more, are monitored, data collected, and insights given to make ‘life’ more efficient.  On the surface, it’s all very cool, but there are, of course, worries that come with it. In this Silicon Republic article, Computer Scientist, Larissa Suzuki, discusses the importance of ‘neutral and objective’ smart cities if they are to work.  She says; “Data and services in smart cities must be neutral and objective when reporting information about the city environment. They should encompass the entire population and respect data licences, regulation and privacy laws,” she said. “In a similar fashion, the digital services and the backbone technology – including algorithms – should be free from any ideology or influence in their conception, operation, integration and dissemination.” To read more on the future of smart cities, visit Silicon Republic here. We've loved seeing all the news from Data & Analytics in the past week, it’s a market full of exciting and dynamic opportunities. To learn more about our work in this space, get in touch with us at info@harnham.com.     

Using Data Visualisation To Bring Data & Analytics To Life

The majority of the human population are visual learners. Our brains are wired in such a way where we can register 36,000 visual messages per hour, and visuals are processed 60,000 times faster than text. In short, one of the best ways to truly assimilate and understand new-found knowledge is through clear and digestible imagery.  Because of this valuable insight, we are now witnessing the fast-growing trend of Data Visualisation. Over the next six years, the value of Data Visualisation tools is expected to reach $19.2 billion, over double what it was in 2019.  Data & Analytics is one key area where data visualisation is used continuously. The raw data collected on a daily basis by Data Analysts can be incredibly time-consuming to sift through, not forgetting near-impossible to form palatable findings from. However, through the use of data visualisation tools such as graphs, heat maps, charts and infographics, confusing, text-based data can be transformed and brought to life. So, how can Data Visualisation help your business? Greater understanding of your data As Lydia, our Senior Recruitment Consultant, stated in her most recent article – data insights have the capability of not only improving decision-making, but also allow you to spot key trends, errors and predict future challenges. Nevertheless, all of these brilliant capabilities of data insights can only occur when teams can garner an in-depth understanding of the data being presented to them.  Without a background in statistics, which very few members of any team would possess, the raw data simply wouldn’t mean anything, and key insights could be missed. Utilising data visualisations not only makes data more tangible, but it also allows every team member to understand the data, make decisions and implement changes more efficiently. Standing out from the competition The effectiveness of Data Visualisation is no secret, and time and time again it’s been proved that this way of presenting data is far more likely to produce results than simply reviewing text.  Research within Analytics Insight reported that businesses using data discovery tools are 28 per cent more likely to find timely information compared to their dashboard-using counterparts, and 48 per cent of business intelligence users at companies with visualisation tools are able to find the information they need without the help of a specialist team.  Nevertheless, despite the incredible benefits, only 26 per cent of businesses globally are using data visualisation tools.  While the reasons for this slow uptake are varied, it’s clear that those companies who are willing to invest in Data Visualisation are far more likely to stand a head above their competitors. It can improve customer experience 98 per cent of companies will use data to help drive a better customer experience, but it doesn’t always mean that this data is collected, managed or presented well.  Data is, and should be, used as a way to back up what brands are saying, especially if they’re shouting from the rooftops about how fantastic they are.  When a business or brand uses accurate Data Visualisation to tell this story – for example, the percentage of consumers who report high levels of customer satisfaction, or the amount of money donated to CSR projects – audiences will respond much better than if the claim appears to be empty words without any evidence.  Data Visualisation is undoubtedly one of the most effective ways to communicate data, both internally and externally. The comprehensible formats available enables information to be processed with ease, and for learnings and understandings to be absorbed and implemented with much more efficiency than text-based raw data. It’s clear that this trend is only going to grow in popularity as businesses begin to put more investment behind it in order to reap the benefits and watch the positive impact on their bottom lines prosper.  For examples of how Harnham uses Data Visualisation, head over to our recent research reports.  If you're looking to take the next step in your career or build out your Data & Analytics team, we can help. Take a look at our latest opportunities or get in touch with one of our expert consultants to find out more. 

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