The speaker Sheshank Kumar, a lead strategist in Data Insights in Google, on 8th October spoke about ‘Storytelling and Analytics in the Industry’. He briefed on how analytics is a driver of each and every industry.
He spoke about the important aspect of capturing the attention of the client through storytelling. Storytelling is important for the decision-makers to understand the most complex things in a simple way. It’s important to capture the attention, as people lose interest in seconds and then it is difficult to get the task done. In the real world, managers need to convince stakeholders so storytelling with numbers is something in huge demand. If the interest of people is lost it is really difficult to get in good books and get them to do what you want them to do.
The speaker emphasized on problems to solve in the pharmaceutical industry. He informed how vaccines need to be stored and transported at a certain temperature. The common problem faced is that initially the product is patented but after some time there are replicas of the product. The pharmaceutical companies are spending thousands of dollars for the research and development. In the transition from generic to branded, the pharmaceutical companies are using analytics to understand what would be the best methods to create vaccines at the right cost for the right disease and get back all of their revenue spent on R&D. At the same time, they should be able to sell drugs in the new market. The supply chain cost is going to be high as the cost of inventory management, training of the people administering the drug will be added to the cost of the drug. This in turn will be costly for people consuming the medicine. So, the analysts can come up with statistical theories or heuristics to come up with more effective drug delivery systems.
He next discussed operational routing problems which involves trying to find the most optimal salesman delivery route where least resources are used to deliver the product.
Analytics can also be used to accelerate drug discovery and development for clinical trials set up. It can help to have better insight into patient behavior to improve drug delivery, its effectiveness and healthcare outcomes. Also, to gain improved insights for marketing and sales performance.
Many companies are using design thinking to get in the shoes of the customers to understand what they actually want. They use multivariate analysis that expands into things which look into multi-perspectives.
All concepts used related to different movies as he related to how everybody is a character in the process. It was indeed a fun and engaging session.