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March 17, 2021 03:27 AM UTC

Bo Parfet’s Tips on Improving Organizational Results by Democratizing Data Science

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  • by: Phoner

Throughout his journey as a successful real estate professional, entrepreneur, and philanthropist, Bo Parfet has learned the importance of studying data science as a proactive business practice that helps deliver results.

According to the Data Science Association, data science is an interdisciplinary field that uses scientific methods, processes, algorithms, and systems to extract knowledge and insights from structured and unstructured data in applying knowledge and actionable insights from data across a broad range of application domains.

Often, data analysts are hired to analyze specific organizational data and find results that align with business operations. However, many businesses have gone a step further and have begun hiring data scientists to build comprehensive algorithms to organize data and drive organizational strategy. A data scientist uncovers the questions that need answering and identifies how the data will be gathered, organized, and presented. Data scientists typically have a strong background in operations management.

While hiring a data scientist may be necessary for driving strategy and gaining results, Parfet explains that this process requires more than one professional or a team of dedicated professionals.

Gathering and analyzing data should be shared across an organization, says Parfet. Those working on the front lines understand certain aspects of the data more than the scientists who must be taught the process. Similarly, the middle managers and top-level executives also have a certain subset of knowledge that the frontline workers and scientists may not.

How to Democratize Data Science Within Your Organization

According to Parfet, democratizing data science can improve organizational results and build a cohesive workplace and profitable business. Companies are beginning to understand the benefits of educating individuals within their organization to compile and analyze the data specific to their role.

As mentioned, having a data scientist on staff is beneficial, but providing tools to those already performing certain job functions can improve their performance and overall job satisfaction. Tasking employees with obtaining and analyzing their own data gives the data scientist a broader role in developing the company’s strategic growth.

Utilizing Data Science to Improve Strategic Growth

Organizations tend to utilize data science for areas with the most data. However, Parfet explains that two key areas are generally overlooked: strategic importance and project success.

Considering an opportunity’s strategic importance is crucial for overall profitability. Leveraging your data scientist to weigh various options in pursuing certain opportunities can demonstrate the difference in time, effort, and money that should be spent on each.

Data science can also help determine a project’s probability of success. Evaluating a project by developing new insight and algorithms—or building it into existing systems—can share valuable data on whether the project is a viable option to pursue.

Assigning data scientists to develop and analyze strategic opportunities is the best way for an organization to improve and build results. From large financial organizations to professional sports teams, data science is being used strategically to drive data toward long-term results. Bringing the organization’s people together with the data can forge a clearer path for the future.

About Bo Parfet

Bo Parfet is a philanthropist, real estate professional, naturalist, mountaineer, and author. He is co-founder and CEO of Denali Venture Philanthropy, an impact investment organization promoting positive global change. Parfet also serves as Chief Growth Officer at DLP Real Estate Capital.

He holds a Bachelor of Arts in Economics from Colorado State University, a Masters in Applied Economics from the University of Michigan, and a Master of Business Administration from the Kellogg School of Management at Northwestern University.

Parfet is an explorer and mountaineer. He is one of 127 people to climb all Seven Summits, the highest mountains on each continent. His harrowing tales can be found in his two published two books: Die Trying: One Man’s Quest to Conquer the Seven Summits and They Lived to Tell the Tale: True Stories of Mountain Adventure from the Legendary Explorers Club (chapter author).

Parfet is an active volunteer, board member, and has been recognized for his global civic engagement. He developed the Seven Summits Award Program offering grants to outstanding students performing healthcare-related field research. He was also presented with the Presidential Volunteer Service Award for completing 4,000 hours or more of global volunteer service.

He is a member of both the Explorer’s Club and Young Presidents’ Organization, and he is an advisory board member for the non-profit Adventure Scientists. Parfet lives in Colorado and Florida with his family.

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