Fail Fast, Learn Faster

Foreword
Thomas H. Davenport

Preface

Introduction: Fail Fast, Learn Faster

1. A Little History of Big Data

2. Think Different: Becoming Data-Driven

3. Insight and Knowledge: Data, Science, and Facts

4. The State of Data in the Corporate World Today

5. The Great Challenge: Establishing a Data Culture

6. The Rise of the Chief Data Officer

7. Data Responsibility: A Word on Data Ethics

8. Data, Disruption, and Innovation

9. A Glimpse of the Future: Data-Driven AI

10. Data-Driven Leadership: One Company's Odyssey

Conclusion: The Data Journey

Acknowledgments

About the Author

Index

Praise for Fail Fast, Learn Faster

"The lessons of this book are delivered in clear language and without technical jargon. I've worked with Randy Bean for almost twenty years, and I've read a lot of his writing. He prides himself on his ability to communicate about technical subjects to people with no technical backgrounds. If you are someone in a business role who has heard about such topics as big data, artificial intelligence, and digitization, and you want to know what all the fuss is about without getting lost in technical detail, you have come to the right place."
--Thomas H. Davenport, Author of Competing on Analytics

"Big Data is indeed crossing the chasm that separates early adopters from the mainstream of enterprise customers. As Randy Bean makes abundantly clear in Fail Fast, Learn Faster, this crossing is by no means smooth. Through a wonderful hoard of business anecdotes, he shows over and over again that the challenge of becoming a data-driven business has little to do with the Big Data itself, and is only marginally about mastering the technology needed to harness it. Rather, it is primarily about leadership teams finding forcing functions that can drive massive change in the roles, processes, and systems that make up their enterprise. For some the forcing function will be regulatory demands, for others a global market demanding draconian cost reductions, for others an emerging competitive threat from digital disrupters, and for still others, a mission to solve customer problems that cannot be addressed by conventional means. As a reader of Randy's book, it is your job to determine the forcing function that will drive change through your organization and to draw upon his wealth of examples to navigate your way forward."
--Geoffrey Moore, Author of Crossing the Chasm and Zone to Win

"Randy Bean's book Fail Fast, Learn Faster takes the reader past the hype of "big data" and AI to the core business lesson: being data-driven is at its heart the art of basing business decisions on a continual cycle of experiment and assessment. Randy's excellent book will help the reader understand this simple-sounding idea and helps them take the steps required to create a data-driven organization."
--Alex Pentland, Author of Social Physics; Toshiba Professor at MIT; Director at MIT Media Lab

"Inspiring, terrifying, but always usefully instructive, Randy Bean even-handedly lays out the indisputable case for why every organization needs a "big data strategy," and what it takes to build and act on it. Filled with great first-hand examples, "profiles in courage," and learning about what has succeeded and failed, the book is true to its title as it takes you through the tough lessons, worthy risks, and core imperatives of life competing in the big data future. This is a book that should be required reading across C-suites and boards, because if they don't read it, they will be overrun by those who did."
--Dave Edelman, Former Chief Marketing Officer, Aetna; Former Lead, McKinsey's Digital Marketing Practice

"In a whirlwind tour of real-world business cases, Randy Bean gives us an ironclad set of lessons: To benefit from the increasing deluge of data now available, businesses must first have a rational strategy for what they are trying to do, along with a practical plan for architecting the data management function, as well as a set of standards and practices for how they deal with the data. But most important, they must also be prepared to steer an often-resistant enterprise in what can be an entirely new direction, and this is where the learn fast/fail faster discipline is vital. If you want to learn fast yourself, then start with this book."
--Don Peppers and Martha Rogers, Ph.D., Authors of The One to One Future: Building Relationships One Customer at a Time

"In his new book Fail Fast, Learn Faster Randy Bean has delivered a compelling summary of the why, what and how companies must become data driven to compete in the coming decades. Randy's mix of strategic perspective and pragmatic know how is truly unique and clearly articulated in Fail Fast. I consider Randy's new book to be required reading for all of my employees, customers and partners that are working hard to become data driven."
--Andy Palmer, Co-Founder & CEO, TAMR; Investor and Founding Board Member, Vertica, VoltDB, CloudSwitch

"The Information Age is upon us and changing the ways that we live and work. Fail Fast, Lean Faster is a journey into this Big Data revolution. Randy Bean's cogent narrative and insightful storytelling deliver practical lessons in how to avoid the pitfalls that come with creating a data-driven organization. Most importantly, Fail Fast, Learn Faster shines a light on the human and cultural challenges that organizations face. Information is power, and now more than ever, those who ignore data do so at their peril."
--Richard Mucci, Former President, Group Protection Business, Lincoln Financial Group; Former Chairman and CEO, New York Life International

"People, machines, and pathways, from healthcare to commerce, are generating data at a rate unparalleled in history. Fail Fast, Learn Faster is the story of how organizations must adapt to this proliferation of data or face inevitable disruption. Randy Bean draws upon his experience as a participant in the rise of Big Data and his role in helping companies learn to think differently and adopt new approaches to grow and compete in a data-driven world. Fail Fast, Learn Faster is an illuminating tale about the power of data, the cultural impediments to data success, the need for data responsibility and ethics, and lessons in data-driven leadership. Highly recommended for business executives and general readers seeking to understand the data phenomenon and why we must embrace data, science, and facts, to achieve and sustain success in this new era."
--Michael Skok, Founding Partner, Underscore VC; Entrepreneur-in-Residence, Harvard Business School

"Randy Bean has been an intimate witness to the explosion of data use in business--first as a data geek, and then as a chronicler for the Wall Street Journal and other business publications. In this lively book, he explores how data has become an essential element of business strategy in the 21st century. He teaches how to make effective use of the modern role of Chief Data Officer and to think about data not as a source of revenue but as a driver of successful business outcomes."
--Cameron F. Kerry, Ann R. & Andrew H. Tisch Distinguished Visiting Fellow; The Brookings Institution

"A great read, chock full of insights! Randy Bean transcends the bits and bytes and digs in on what it really takes to manage and lead in the age of Big Data."
--George Overholser, Vice Chancellor, Northeastern University; Founding Team Member, Capital One

"Randy Bean is the pre-eminent writer on the modern data revolution. In this book, he explains in straight-talking business terms why data is foundational to success and how to develop a strategy to seize vale from data. The data journey is continuous, full of twists and turns as he outlines in his case studies. Ultimately companies who understand the value of data and work purposefully, collaboratively, and iteratively to sharpen their capabilities will reap outsized rewards. As Randy shows, you have to take the steps to make the leap, and he gives actionable examples to accelerate your journey."
--Allison Sagraves, 2020 Global Top 100 Innovators in Data and Analytics; CDO Magazine 2020 Global Data Power Women

"Randy Bean has written the quintessential book for organizations striving to become data-driven. While many books often cover the technology aspects of Big Data and AI, Bean uniquely strikes at the heart of why so few have been able to capitalize on their investments in data: culture and people. Bean covers the complex but critical topic of data and AI ethics. Fail Fast, Learn Faster is both inspiring and cautionary, weaving case studies, data, and best practices, making it a must read for CEOs, CDOs, and all data and analytics leaders."
--Cindi Howson, Chief Data Strategy Officer, ThoughtSpot; Host of The Data Chief podcast

"In Fail Fast, Learn Faster, Randy Bean brings to life, the rise of the Chief Data Officer and the importance of data management in today's economy. The CDO has gone from humble beginnings to a dominant C-suite executive. Randy chronicles this journey in a way that the importance of this role is easy to understand and necessary to appreciate."
--John Bottega, President, EDM Council; Former Chief Data Officer, CitiGroup, Bank of America, Federal Reserve Bank of NY

"Among the data and analytics strategists who can capture and articulate the essence and lessons of enterprise initiatives, Randy Bean stands alone. His new book, Fail Fast, Learn Faster, not only gives us sage guidance but also hope for the future of data's preeminence as a corporate asset."
--Douglas Laney, Author of Infonomics; Innovation Fellow, West Monroe

"A terrific guide that tells the compelling story of the first generation of data management practices and how a range of skills are needed to realize data's powerful future."
--JoAnn C. Stonier, CDO Magazine 2020 Global Data Power Woman; Co-chair World Economic Forum Data Policy Council of the Future

RANDY BEAN is CEO of NewVantage Partners, a strategic advisory and management consulting firm. He is a frequent contributor to Forbes, Harvard Business Review, MIT Sloan Management Review, and The Wall Street Journal.