NEW LOOK AT DECISION DRIVEN DATA ANALYTICS

In this podcast episode Stefano Puntoni, PhD, Wharton Professor in Marketing, Behavioral Scientist, and a renowned, award-winning expert in Data Analytics, Economics, Brand Management, and Consumer Research, reveals his lessons and views on making stronger decisions as humans alone as well as together with AI and technology or data with purpose in an unpredictable world. He deconstructs the decision making process and explains why outcomes alone are irrelevant, providing real world examples from the perspectives of an individual business executive, organization, and a consumer. Most of his ongoing research investigates how new technology is changing consumption and society - a very timely subject today, and he speaks about the role of decision driven science in radically innovative companies as well as an exciting new research initiative at The Wharton School which will stimulate more insights on the relationship between new technology and consumer behaviors. 2:34 Inspiration to study both human behavior through marketing and data analytics 2:43 Early passion for architecture and enjoyment of applying both creativity and analytics using both sides of his brain at work 5:22 How the most innovative companies identify the unspoken needs 5:58 Difference between being market driven or market driving in radical innovation 9:03 Creating the bridge between the person who best understands the problem and one who understands the numbers 12:51 Unilever or Google are companies that are very advanced in combining domain experts with data scientists. Google is using consultative selling to improve their customer experience. 13:42 Ian Brown, Stanford Professor - "You can't judge decisions on outcomes alone" 14:15 How to make the best decisions most quickly and at the right time 17:01 How can we train our intuition to make better decisions? Einstein: "The intuitive mind is a sacred gift and the rational mind is a servant. We have created a society that honors the servant but has forgotten the gift". 21:20 Gird Gigerenzer: Intuition is instinctively knowing what to discard and what is not essential. 22:06 How do you utilize AI or technology to make the right decisions on determining your audience? 22:36 Why very few real advertisers who know how to really do it well and reproduce their results 26:44 Pharma case study of interpreting analytics from Medical Education programs delivered via social media 27:21 Problem-based learning in pharma is very effective - "WhatsApp" case studies in emergency care medicine 28:22 Story of an Ad Campaign with the right SEO algorithm for Health Insurance Marketplace that deceived and misled many patients in the U.S. 29:49 Tips for consumers can to make better decisions 31:36 How objective quality of marketed products relates to consumer reviews and prices 32:43 Stefano Puntoni is Co-Director with Bob Mayer of a new "Impact of Technology" research initiative at The Wharton School to promote and stimulate the impact of behavioral science work on technology across different industries