WHAT IS BUSINESS DATA ANALYTICS?
- Business Data Analytics as a Movement
- Business Data Analytics as a Capability
- Business Data Analytics as a Data-centric Activity Set
- Business Data Analytics as a Decision-making Paradigm
- Business Data Analytics as a Set of Practices and Technologies
- Business Analysis and Business Data Analytics
BUSINESS DATA ANALYTICS METHODS
- Descriptive
- Diagnostic
- Predictive
- Prescriptive
BUSINESS DATA ANALYTICS DOMAINS AND TASKS
- Identify the Research Questions
- Define Business Problem or Opportunity
- Assess Current State
- Define Future State
- Formulate Research Question
- Plan Business Data Analytics Approach
- Source Data
- Plan Data Collection
- Determine the Data Sets
- Collect Data
- Validate Data
BUSINESS DATA ANALYTICS DOMAINS AND TASKS (CONTINUED)
- Analyze Data
- Develop Analysis Plan
- Prepare Data
- Explore Data
- Perform Data Analysis
- Assess the Analytics and System Approach Taken
- Interpret and Report Results
- Identify and Understand the Stakeholders
- Plan Stakeholder Communication
- Determine Communication Needs of Stakeholders
- Derive Insights from Data
- Document and Communicate Findings from Completed Analysis
- Use Results to Influence Business Decision-Making
- Recommend Action
- Develop Implementation Plan
- Manage Change
DATA CHARACTERISTICS
- Accuracy
- Completeness
- Consistency
- Uniqueness
- Timeliness
THE BUSINESS DATA ANALYTICS CYCLE
TEAM STRUCTURE AND REQUIRED SKILLS
- Subject Matter Experts (SMEs)
- Data architect
- Data engineer
- Data scientist
- Data analyst
- Data journalist
- Business analyst
STRATEGY FOR BUSINESS DATA ANALYTICS
- Building a Business Data Analytics Team
- Establishing Best Practices
- Curating Data
- Performing Data Management Functions
- Developing a Data Strategy
- Challenges for Business Data Analytics
DATA ANALYTICS TECHNIQUES
- Balanced Scorecard
- Benchmarking and Market Analysis
- Business Model Canvas
- 5 Forces analysis
- Metrics and Key Performance Indicators (KPIs)
- SWOT
- Value chain analysis
