Finals M2 Flashcards
Analytics is not an Integral Part of the Decision-Making Ecosystem
False
Analytics as an Integral Part of the Decision-Making Ecosystem
True
Critical key components for a successful analytics solution:
D
I
A
H
Data collection
Integration with multiple data sources
Ability to create and manage single source of truth (unique identifiers)
Hardware sizing, performance considerations, and scalability
Provides information about the past state or performance of a business and its environment.
Descriptive Analytics
Provides regular reports for events that already happened and ad hoc reports to help examine facts about what happened, where, how often, and with how many.
Descriptive Analytics
Helps predict (based on data and statistical techniques) with confidence what will happen next so that you can make well-informed decisions and improve business outcomes.
Predictive Analytics
Uses simulation models to suggest what could happen.
Predictive Analytics
Recommends high-value alternative actions or decisions given a complex set of targets, limits, and choices.
Prescriptive Analysis
Predicts future outcomes and suggests courses of actions to take so that you can benefit from those predictions.
Prescriptive Analysis
Two Fundamental Approaches to Finding Business Opportunities
Outside-In Thinking
Inside-Out Thinking
Keeping tabs on what others in your industry are doing
Outside-In Thinking
Keeping a systematic inventory of the key business processes
Inside-Out Thinking
What makes the business tick?
Where does the next breakthrough await?
Outside-In Thinking
How are key decisions made within?
What are the key business decisions?
How can they be made more process-oriented?
Inside-out Thinking
Increase market share (customer acquisition)
Increase customer intimacy
Increase customer satisfaction and retention
Increase customer wallet share growth
Increase customer profitability
Increase traffic and conversion.
Increase employee productivity and performance.
Reduce cost.
Most Common Business Challenges
Analytics Solution Life Cycle
DASI
Define -> Assess -> Select -> Implement
the sum total of a series of individual attributes and behaviors that get repeated over time. People in an analytical culture demonstrate a set of common attributes
Analytical Culture
Analytics Framework Pillars
B
D
A
I
E
D
I
Business challenges
Data foundation
Analytics implementation
Insight
Execution and measurement
Distributed knowledge
Innovation
Align business analytics initiatives to the most pressing business problems your organization needs to address.
Business challenges
The ___________ that will support the business analytics process must be strong in terms of reliability, validity, and governance.
Data foundation
Ensuring that business analytics solutions are developed and provided to the enterprise with the end goals in mind is crucial for success.
Analytics implementation
Business analytics must transform data from information into intelligence and insight for the organization.
Insight
Business analytics must be put to work and must lead to organizational action, as well as provide guidance on how to track the results of the actions taken.
Execution and measurement
Business analytics must be communicated in an effective and efficient manner, as well as made available to as broad a group of stakeholders as is appropriate.
Distributed knowledge
