The 6-Steps HIF Method
Study Business Strategy and Goals
The HIF team will partner with business leaders to understand their business goals and key performance indicators stakeholders use to drive strategic outcomes. This stage will help capture the key drivers unique to the business and help discover the inputs essential to estimating ROI in step 5 of the HIF Method.
Identify Data Science Goals
Develop hypotheses that underpin the identified business problem. Evaluate a set of modeling options and identify modeling methods that can provide a range of solutions to the problem.
Mathematical, statistical, and machine learning methods considered would include linear and multinomial regression algorithms, complex classification algorithms, optimization methods, structured causal modeling, among others.
Evaluate Data Maturity
Evaluate data maturity within the scope of the developed hypotheses. The business must own the necessary data, aka the sources of their truth, and/or be willing to invest in new sources of data that reflect the developed hypotheses. The HIF team will help the stakeholders identify key sources of data that may be necessary for the solution, if needed.
Prototype Model
With the available data, the HIF team will develop a model prototype, capture and share with the stakeholders the deep insights and a set of early predictions and/or prescriptions the model produces. Model outputs produced in this step will be used as inputs in estimating ROI.
Estimate ROI from Business Goal Inputs and Model Output
The HIF team partners with the stakeholders to record the cost components for the use case. Using the unique and complex HIF Formula, the HIF team calculates and estimates the return on investments.
Develop Recommendations for Decisions
Develop recommendations for the business use case along with Hindsight, Insights, and Foresights the stakeholders need to make intimately informed business decisions.