Exam 1 - Chapter 3 Flashcards
Our definition of business strategy
Our definition of business strategy How it looks today How we want it to look tomorrow How we move between these two points Objectives KPI
Business function must figure out how to meet objectives
Business function must figure out how to meet objectives
Critical Success Factors
Lead and Lag Information
Tactics:
Employing available means to accomplish a task
Developing specific plans for accomplishing a strategic goal
Tactical Business Analytics - Identify the data needed to: [3] Data can come from [2]
Tactical Business Analytics Identify the data needed to: Develop Implement Monitor Data can come from Data Warehouse External / Competitive data
What is our status?
Where are we in relation to the effort that we have put in so far?
What is the trend?
How quickly are we accomplishing our objectives
Is the rate increasing, decreasing, or constant?
What are our projections?
Given our status and trend when will we reach the goal?
Decision makers
Decision makers
Dashboards
Reports
Short / Long-term projections
Monitoring and projection systems
Event Notifications
Data tables
Line of business managers and workers
Status reports
Short-term projections
Lead Information
- A priori data :
A priori data (data we have in advance of an event)
Lead Information
- _____ _____ can be used to make projections
Leading data can be used to make projections
Lead Information
- ______ can be used to find leading indicators that you may not have been aware of
Analytics can be used to find leading indicators that you may not have been aware of
Lead Information
- Allows the company to
Boost activity related to positive projections
Take corrective action to minimize negative projections
Lag Information
- Retrospective in nature
Looks at what happened in the past
Lag Information
- Generally available in company databases
[2]
Generally available in company databases
Might be in transactional tables
Mature company would have this data in a data warehouse
Lag Information
- KPI are generally lags (but not always)
[2]
The represent what happened
Use to monitor current status
Lag Information
- Analytical companies use analytics with lagging data to
Analytical companies use analytics with lagging data to figure out WHY something happened.
ASKING THE “WHY” QUESTION WITH ANALYTICS
- We need to find out why
[2]
We need to find out why
We don’t meet KPI
Leading or lagging data indicates trouble
ASKING THE “WHY” QUESTION WITH ANALYTICS
- Potential issues can be
[4]
Potential issues can be Wrong tactics for intended objectives Lack of strategic focus at functional level Tactics executed incorrectly Lack of resources to execute plan
ASKING THE “WHY” QUESTION WITH ANALYTICS
- Analytics at functional level becomes organizational memory\
[2]
Analytics at functional level becomes organizational memory
We tried that once, don’t do it again
We tried that once, but the environment is different now. It might work this time
look at the role of THE ROLE OF ANALYTICS IN LEAD AND LAG INFORMATION chart on slide 11
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LEAD INFORMATION - PREDICTIVE ANALYTICS
- Used to ____ what will happen based on leading data
LEAD INFORMATION - PREDICTIVE ANALYTICS
- Used to predict what will happen based on leading data
LEAD INFORMATION - PREDICTIVE ANALYTICS
- Can use statistical techniques such as
[2]
Can use statistical techniques such as
Regression
Factor Analysis
