Keynote - Do you Know or do you Think you Know? Incorporating Business Experiments Into Strategy Development
Director of Analytics, State Farm Insurance
Designed experiments are slowly becoming more common in business settings. Many firms are recognizing the broad applications, including initial product design, marketing, operations, customer retention, profitability analysis, risk mitigation, strategy optimization, and website design, just to name a few. Surprisingly, many more still resist fully integrating designed experiments into their strategies. As with any analytic change, driving an organization to adopt strategic testing can be difficult.
The presenter will explain what business testing is, how wise companies are leveraging it, and how State Farm has been moving from minimal business experimentation to a more ambitious culture of testing, as well as provide a step-by-step guide for changing, creating, or improving a testing culture. He will share State Farm and external examples that demonstrate the business value of multivariate testing, from simple to complex. He will also discuss incorporating test results into strategy optimization, as well as how to address common barriers. The presentation provides some tangible takeaways for business leaders desiring to improve their own data-driven decisions through designed experiments and is beneficial to both experienced experimenters and those newcomers who want to champion testing in their companies but are unsure how to get started.