Advertisers, executives and now eDiscovery lawyers look to the promise of predictive analytics to fulfill an innate desire to predict and influence the future though would learn much more from Chanel No5, the mother of predictive analytics tools. Let’s look at Predictive Analytics first and Chanel later.
Predictive analytics is an outcome delivered by the application of tools and techniques that link numbers and stories and provide insight today to what might happen tomorrow, much like the gypsy in a tent.
The attraction of predictive analytics story to executives is quite high as they struggle to align future products to constantly changing customer needs or for lawyers that lead E-Discovery teams as they look for a way to predict which numbers and stories embedded in data will help them prevail in their stewardship of typically high cost, low value eDiscovery projects.
Link Numbers to Stories to Predict Future Events
As a fully recovered accountant I learned how stories magnified the value of analytics as I delivered services with Microsoft, Cognos, Business Objects or other technologies to global corporations.
These are the tools that I used;
1. ‘Story or Perspective Lens’.
Stories align People, Content & Purpose
Tell a story twice and it becomes a Process.
Tell a story three times and software is made to speed up Processes.
Tell a story four times and you create a Brand value.
Tell a story five times and someone creates a KPI to measure.
Anyone can point a Perspective Lens at a corporate value chain to obtain a clear understanding of what is happening there today and what will happen in the next 6 to 12 months.
Two simple tools to magnify the value of a story lens:
Predictive Analytics, Personae & Scenarios
Identify the Personae across a corporation’s global value chain and use predictive analytics to determine how their behaviours may change over the next 6 to 12 months.
Target and understand the relationships of key stories embedded in the corporation’s financial forecast.
Modify some original stories according to anticipated changes in Persona behaviours or add new stories to reflect unforeseen events such as Barrack Obama being elected as the next US President.
Label the first story cluster Scenario1 and the new cluster of stories Scenario2.
Scenarios & Future-Proofing
Future-proofing is a concept that uses scenarios to avoid disaster or exploit opportunities in the future.
Consider how you would manage and align the business if the world unfolds according to the stories in Scenario1 or what might be done if the world unfolds according the Scenario2.
Predictive analytics, Perspective lenses, Personae and Scenario analysis help us deal with the future now.
Chanel No5, Stories and Numbers
All storytellers intuitively understand that numbers and stories are complementary and as a storyteller I must point out that at one time stories and numbers were one and indeed even today a number evokes many stories–the numbers 7 or 4 in the Chinese culture or even the number 5 in our own.
Chanel No5 and the African link to Predictive Analytics
In the Yoruba tradition of Nigeria the deity of love, sexuality and finance is OSHUN and her number is 5.
Coco Chanel must have known about the mythical connection or was extremely lucky to have named her iconic scent No5 though either way the connection of stories and numbers is important.
Numbers, Stories & Behaviours
Studying Jung’s protégé Marie-Louise von Franz offers researchers more resources in the exploration of the links between numbers and stories though I suggest starting with;
On Divination and Synchronicity: The Psychology of Meaningful Chance. Originally Presented As Lectures at the C.G. Jung Institute, Zurich (Studies in Jungian Psychology) (Paperback) by Marie-Louise von Franz
Stories are the core of what we are and what we do, and for those with an unclear understanding of the expertise offered by a storyteller means let me offer this view—Storytellers perceives by measuring differently and has the ability to magnify any Predictive Analytics project, though it is important to note that there are five levels of experience that storytellers traverse;
- Hear a story
- Repeat a story
- Tune a story
- Create a story
- Live a story
Join us to explore the application of Predictive Analytics to Advertising or E-Discovery.