This session was focused on covering three trends: big data, impact investing, and pay-for-success tools (e.g. impact bonds). The panelists provided insights related to these innovations, but also provided some interesting pitfalls and things for the audience to consider moving forward. The following three insights are three pitfalls to big data, as shared by Victoria Vrana.
Food for thought from this session:
- Even with lots of data we run the risk of it adding up to nothing. We must focus on insight – making connections between islands of data. There is also a need for infrastructure leadership and for all users in mind.
- Data can lead us to the wrong insights. This can either happen when you have the wrong people collecting and/or analyzing the data or when there are clear disincentives for accurate sharing of data between organizations.
- Lastly, we can put too much emphasis on data. This is less of an issue than the previous two, however it could result in programs that work not being funded. It can also lead to only focusing on what we can measure.
- Special Post from SOCAP13 Volunteer Nikita T. Mitchell