Transcription
An Introduction to Business Data Analytics:A Business Analysis Viewpoint
BEHIND EFFECTIVE DECISION MAKING,THERE IS A PROFUSION OF DATA AND METRICS,BUT ABOVE ALL, THERE IS GREAT ANALYSIS2
Predicted Need of CorporatesPredicted needof Corporates
What We Will Cover What is Business DataAnalytics 5 Domains of Business DataAnalytics Opportunity for BusinessAnalysts How IIBA is SupportingOrganizations and Individualsin analytics4
Driving Change Move from IT centric reporting to business analyticswith self-service BI Gartner – “Citizen data scientist” coming to reality Business Intelligence – more than system of recordwith less data modeling required (data lakes) Big Data Analytics of Customers and Partners
What is BusinessData Analytics?6
BUSINESS DATA ANALYTICSIIBA Introduction to Business Data Analytics: A Practitioner’s View (2019)7
BUSINESS DATA ANALYTICS “a practice by which a specific set of techniques,competencies, and procedures are applied to performcontinuous exploration, iteration, and investigation ofpast and current business data for the purposes ofobtaining insights about a business that can lead toimproved decision-making.”IIBA Introduction to Business Data Analytics: A Practitioner’s View (2019)8
Identify ResearchQuestionsFraming the researchquestion that businessanalytics will be used toanswer. Align to businessimperatives.Interpret and ReportResultsUsing the results from dataanalytics to glean insightsand determine how best tocommunicate theoutcomes.Source DataDetermining what data isneeded to answer theresearch question, andassessing its quality.Solve the right problem!Use Results to InfluenceDecision MakingAnalyze DataDetermining how dataanalysis will beperformed includingwhich models andmathmatical techniqueswill be used. Make senseof the data!Use results from analytics to helpthe business make informeddecisions.9
IDENTIFY THE RESEARCH QUESTIONS10
IDENTIFY THE RESEARCH QUESTIONSACTIVITIESDefining theBusinessProblem orOpportunityAssessingthe CurrentStateIdentify theResearchQuestionDefining theFuture StateFraming theResearchQuestion11
SOURCE THE DATA12
SOURCE THE DATA ACTIVITIESDeterminewhatdatais neededto answerquestionDeterminewhatdatais neededto answerthethequestionData Needed? Identify what data is already collected?Identify what data is collected and which is still neededData Exists?Timing?Makedecisionson how/whentocollectdata & what to scrubWhoa!That’sa big number,aren’tproud?Makedecisionson how/whentoyoucollectdataQuality?Adjust Approach? Make decisions on how/when to collect dataAssess the quality of the data collected – explore the dataMake changes to the acquisition approach as needed13 13
ANALYZE THE DATA14
3: Analyze DataANALYZE THEDomainDATA ACTIVITIESPrepare dataPerformdata analysisResultshelpful?MakeadjustmentsWhoa! That’s a big number, aren’t you proud?Consider creating a hypothesis and experimenting with data1515
INTERPRET AND REPORT RESULTS16
INTERPRET AND REPORT RESULTS BA ACTIVITIES12 dersstakeholders cation3 eeds4 DeriveDeriveinsightsinsightsfromfromdatadata5 Document/communicate findings from completed analysisCommunicate insights in business context1717
DomainStorytelling withData 3: Analyze Data3 U’s of Data StorytellingData Storytelling Tips & Tricks Understand Your Data Simplicity Understand Your Business ConnectionWhoa!That’sabignumber,aren’t you proud?.Question or Need Understand Your Audience Visualizations Context1818
StoryTelling with Visualizations1 Whatis therightgraphforforthethestoryandsituationWhatis therightgraphstoryandsituation2 What does the audience need to know3 Avoid Clutter- Keep it simple4 Focus the Audience attention with visual perception5 Derive insights from data – highlight important stuff6 End with a ‘call to action’ of what audience is to do1919
USE RESULTS TO INFLUENCE DECISIONMAKING20
USE RESULTS TO INFLUENCE DECISION MAKINGACTIVITIESRecommendImplementDecision Maker Perspectives to Consider –- Intuition vs. Data- Data Instinct Data InformedStorytelling is the KEY to influence andaction outcomesWhoa! That’s a big number, aren’t you proud?Visualizations help tell the StoryManage ChangeFocus on INSIGHTS- It is about new discovery or novel viewpoint- It is NOT about aggregated data or asummary of findings.2121
TheOpportunityfor BusinessAnalysts22
Top Business DataAnalytics Roadblocks Lack ofmanagement/financialsupport Failure to create aclear question toanswer Inability to explainand communicatethe results of theresearch Decision-makers notusing the results ofanalyticsKaggle - 2017 State of Data Science23
Evolving role of BA inthe data science ageThe new-age BA or BTANot just a ‘requirement guru’Draws insights from dataStoryteller – Builds narratives inclusive of dataAdept at visualizationDrives evidence-based decision makingTakes a human-centric approachAn industry and business expert
How BAs can drive insight-driven decision makingBusinessRequirementsYour RoleData ScientistAnalysis andValidation ofBusiness ModelApply eImprovementAnalytics FindingsBusinessInsightsDecisionsResultsAdapted from: CGMA (2013), “From Insight to Impact: Unlocking Opportunities in Big Data”25
The Value of the Business AnalystData ScienceContextBA RolePurposeObtain DataDataBusiness ContextBusiness ImperativeWhat is the rightquestion? What dataneeded?Scrub DataInformationAccurate picture ofbusiness problemIs data valuable andreliable?Explore and ModelKnowledgeWhat insights are alignedto business?Makes Sense. Resolveintuition vs. datasupported insight.Interpret DataUnderstandingStorytelling &Visualization from InsightsInsight that is fit for thebusiness ionsChange ManagementActionable Insights –Decision Input2626
How IIBA WillSupportOrganizations andIndividuals With thePractice ofBusiness DataAnalyticsFuFuture Plans:1. Full ‘Guide’2. Digital Tools, Templates3. More use case scenarios4. More exam prep info5. More linking to ‘digital’27
BUSINESS DATAANALYTICS ExplainerVideos Infographics Introductions SupportingPapers Webinars CBDACertificationPaperIntroductions to Business Data AnalyticsExplainer Video28White papers
Questions?For product related questions . Laura.Paton@iiba.org Jas.Phul@iiba.org Ken.Fulmer@iiba.orgLet’s connect Learn more about datahttps://thedataliteracyproject.org29
question that business analytics will be used to answer. Align to business imperatives. Source Data Determining what data is needed to answer the research question, and assessing its quality. Solve the right problem! Analyze Data Determining how data analysis will be performed including which
