Maximizing Business Impact through Machine Learning and Goal Setting

Aviral Vaid

Aviral Vaid

Oct 21, 20233 min read

0

Maximizing Business Impact through Machine Learning and Goal Setting

Introduction:

In today's rapidly evolving business landscape, leveraging advanced technologies and setting effective goals are crucial for success. This article explores the potential of machine learning (ML) in transforming businesses and offers insights into setting better product goals using the Narrative-Commitment-Task (NCT) framework.

The Power of Machine Learning in Business Transformation:

Machine learning is a discipline that enables computer programs to make predictions and draw insights from data patterns without explicit human instructions. By harnessing ML, businesses can go beyond using internal data and incorporate external data to drive new and valuable insights. The most common application of ML is mass customization, enabling businesses to quickly and efficiently identify products that are most relevant to their customers.

Understanding the Business Impact of ML:

While ML offers significant potential, it is crucial to determine the specific business impact it aims to drive. ML is a solution, but first, businesses need to define the problem they seek to solve. Collaboration between product managers and data scientists is essential to ensure that the problems being addressed align with the business's most impactful needs.

Actionable Advice:

  • 1. Identify areas where knowledge-based decisions can be automated: Evaluate where employees in your organization apply knowledge to make decisions that could be automated. By automating these processes, you can better leverage their skills in other areas.
  • 2. Automate data collection and extraction processes: Assess the data that employees manually search for, collect, or extract from various repositories. Explore opportunities to automate these processes, saving time and resources.
  • 3. Customize the customer experience: Segment your customers based on preferences, behaviors, and needs. Leverage ML to customize the experience for each segment or even individual customers, creating a more personalized and delightful experience.

The Importance of Effective Goal Setting:

The failure of product strategy often stems from a lack of successful execution on meaningful goals. Goal-setting requires a clear understanding of strategy, thoughtful decision-making, and the ability to create a pragmatic plan. To overcome this challenge, framing goals effectively becomes crucial in identifying the right objectives and ensuring successful execution.

The NCT Framework for Better Goal Setting:

The NCT framework offers a three-part approach to setting better goals: narratives, commitments, and tasks. Narratives provide a qualitative description of what a team or pod aims to achieve in a quarter, mapping the goal back to product and company strategies. Commitments are objectively measurable goals that the team commits to achieve, while tasks outline the necessary work to complete the commitments and achieve the narrative.

Actionable Advice:

  • 1. Ensure alignment with business strategies: Craft narratives that clearly connect goals with overarching strategies, reducing quarter-to-quarter thrash and providing a long-term picture of what matters most.
  • 2. Create a coherent and actionable plan: Define commitments that serve as evidence of progress towards the narrative. Craft tasks that outline milestones and necessary resources, allowing for adaptability and a believable plan.
  • 3. Foster an environment of adaptability and focus: Encourage teams to evaluate their progress without fear of personal failure, enabling them to ask for support when needed. Stay focused on goals that tie back to the business strategy.

Conclusion:

Machine learning and effective goal setting play pivotal roles in driving business growth and transformation. By harnessing the power of ML and adopting the NCT framework, businesses can unlock new insights, save time and resources, and achieve meaningful goals aligned with their strategies. Embracing these practices will position businesses for success in an increasingly competitive landscape.

Resource:

  1. "#1: What Machine Learning Can Do for Your Business and How to Figure It Out", https://medium.com/@yaelg/product-manager-guide-part-1-what-machine-learning-can-do-for-your-business-and-how-to-9f7eb7dced05 (Glasp)
  2. "Set Better Product Goals with NCTs — Reforge", https://www.reforge.com/blog/set-better-goals-with-ncts-not-okrs (Glasp)

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