data-driven decisions Flashcards
business analytics
about discovery, interpretation, and communication of meaningful patterns in data
BA helps
- competitive advantage
- resource allocation
- efficient asset usage
- insight into what product should be offered
- minimise business and financial risk
- inform future decisions
main purpose of BA
- analyse data
- find patterns and trends
- communicate them with stakeholders
- develop strategies to achieve expectations of stakeholders
expectations of stakeholders
- employees - better working environment
- consumers - better products
- company - profit and competitive advantage
- government - compliance
BA provides insight into pressures eg
- low workers satisfaction
- issues in society
- suppliers and consumers leaving the company
data can be compared..
against benchmarks to determine standing among competitors
analytics provides
- reasons and justifications for issues
- enables informed decision of strategies to minimise pressures and align operations with expectations of stakeholders
types of data analysis
- descriptive
- diagnostics
- predictive
- prescriptive
descriptive
- using historical data to provide insight
- answers ‘what happened’
descriptive disadvantages
- lack of prediction
- data distortion
- timeliness
descriptive characteristics
- easy to execute
- explains variance/identifies trends in data
- applies historical data to measure performance and take corrective actions
- stepping stone to more sophisticated analytical techniques
- hypothesis generation
descriptive advantages
- simplicity
- foundation for hypothesis generation
- benchmarking
- widely accepted
- ease of access to data
diagnostic
- determines cause of deviations for failures within a process
- answers ‘why did it happen’
diagnostic in business management
- improve business processes
- enhance customer satisfaction
- manage operational risk
diagnostic in marketing
- understanding consumer behaviour
- effectiveness of marketing campaigns
- strategies for improvement
steps of diagnostic
- gather team for diverse perspectives
- identify factors; SWOT
- analyse and prioritise factors
- develop strategies
- implement and monitor
predictive
- uses historical and current data to forecast future outcomes
- answers ‘what will happen’
predictive advantages
- informed decisionmaking
- resource optimisation
- improved planning
- consumer preparedness
- competitive advantage
- risk management
BA skills
- data analysis
- data visualisation
- problem solving
- business acumen (understanding)
- communication
- machine learning/AI
- data management
- collaboration/teamwork
analytic project phases
1) hypothesis development
2) situational analysis
3) current state analysis
4) blueprint and design
5) build and test
6) deploy and operationalise
1) hypothesis development
- if i change this, it will have this effect
- measurable and testable
1) analyse documentation
2) brainstorm affected parties
3) list of affected parties
2) situational analysis
- responsible
- accountable
- consulted
- informed
3) current state analysis
- performance metrics
- capability maturity/best practise assessment
solution targeting/future state assessment
benefits case roadmap/socialisation
4) blueprint and design
- desired future state and necessary steps to get there
- which software
- know audience and stakeholders
5) build and test
- validates and sign-off benefits and business case estimates of project
- checkpoints of activities
6) deploy and operationalise
- further critical success factors discussed
use of data visualisation
- clarity and efficiency
- decision making
- trends and relationships
- interactive elements
- variety of forma
types of data visualisation
- histogram
- bar chart
- pie chart
- line graph
