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An Introduction to Business Data Analytics: A Business ...

An Introduction to Business Data analytics : A Business Analysis Viewpoint2 BEHIND EFFECTIVE DECISION MAKING,THERE IS A PROFUSION OF DATA AND METRICS, BUT ABOVE ALL, THERE IS GREAT ANALYSISP redicted Need of CorporatesPredicted need of Corporates What is Business Data analytics 5 Domains of Business Data analytics Opportunity for Business Analysts How IIBA is Supporting Organizations and Individuals in analytics4 What We Will Cover Move from IT centric reporting to Business analytics with self-service BI Gartner Citizen data scientist coming to reality Business Intelligence more than system of record with less data modeling required (data lakes)

Move from IT centric reporting to business analytics with self-service BI Gartner –“Citizen data scientist” coming to reality Business Intelligence –more than system of record with less data modeling required (data lakes) Big Data Analytics of Customers and Partners Driving Change

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Transcription of An Introduction to Business Data Analytics: A Business ...

1 An Introduction to Business Data analytics : A Business Analysis Viewpoint2 BEHIND EFFECTIVE DECISION MAKING,THERE IS A PROFUSION OF DATA AND METRICS, BUT ABOVE ALL, THERE IS GREAT ANALYSISP redicted Need of CorporatesPredicted need of Corporates What is Business Data analytics 5 Domains of Business Data analytics Opportunity for Business Analysts How IIBA is Supporting Organizations and Individuals in analytics4 What We Will Cover Move from IT centric reporting to Business analytics with self-service BI Gartner Citizen data scientist coming to reality Business Intelligence more than system of record with less data modeling required (data lakes)

2 Big Data analytics of Customers and PartnersDriving Change6 What is Business Data analytics ?7 IIBA Introduction to Business Data analytics : A Practitioner s View (2019) Business DATA analytics a practice by which a specific set of techniques, competencies, and procedures are applied to perform continuous exploration, iteration, and investigation of past and current Business data for the purposes of obtaining insights about a Business that can lead to improved decision-making. 8 IIBA Introduction to Business Data analytics : A Practitioner s View (2019) Business DATA ANALYTICSI dentify Research QuestionsFraming the research question that Business analytics will be used to answer.

3 Align to Business imperatives. Source DataDetermining what data is needed to answer the research question, and assessing its quality. Solve the right problem! Analyze DataDetermining how data analysis will be performed including which models and mathmatical techniques will be used. Make sense of the data! 9 Interpret and Report ResultsUsing the results from data analytics to glean insights and determine how best to communicate the Results to Influence Decision MakingUse results from analytics to help the Business make informed THE RESEARCH QUESTIONSA ssessing the Current StateDefining the Business Problem or OpportunityDefining the Future StateFraming the Research QuestionIdentify the Research Question11 IDENTIFY THE RESEARCH QUESTIONS ACTIVITIES12 SOURCE THE DATAWhoa!

4 That s a big number, aren t you proud?13 Data Needed?Determine what data is needed to answer the questionData Exists? Identify what data is already collected?Make decisions on how/when to collect dataTiming? Make decisions on how/when to collect dataQuality?Adjust Approach?Assess the quality of the data collected explore the dataMake changes to the acquisition approach as neededIdentify what data is collected and which is still neededDetermine what data is needed to answer the questionMake decisions on how/when to collect data & what to scrubSOURCE THE DATA ACTIVITIES1314 ANALYZE THE DATAWhoa!

5 That s a big number, aren t you proud?15 Domain 3: Analyze DataPrepare dataPerform data analysisResults helpful?Make adjustments ANALYZE THE DATA ACTIVITIES15 Consider creating a hypothesis and experimenting with data16 INTERPRET AND REPORT RESULTS171 Identify and understand stakeholders2 Plan stakeholder communication3 Determine communication needs4 Derive insights from data5 Document/communicate findings from completed analysis Plan stakeholder communication Identify and understand stakeholders Determine communication needs Derive insights from data Communicate insights in Business context INTERPRET AND REPORT RESULTS

6 BA ACTIVITIES17 Whoa! That s a big number, aren t you proud?18 Domain 3: Analyze DataStorytelling with Data 183 U s of Data Storytelling Understand Your Data Understand Your Business . Question or Need Understand Your AudienceData Storytelling Tips & Tricks Simplicity Connection Visualizations Context 191 What is the right graph for the story and situation2 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 do What is the right graph for the story and situationStoryTellingwith Visualizations1920 USE RESULTS

7 TO INFLUENCE DECISION MAKINGWhoa! That s a big number, aren t you proud?21 Manage ChangeImplementRecommendUSE RESULTS TO INFLUENCE DECISION MAKING ACTIVITIES21 Decision Maker Perspectives to Consider -Intuition vs. Data -Data + Instinct = Data InformedStorytellingis the KEY to influence and action outcomes Visualizationshelp tell the Story Focus on INSIGHTS-It is about new discovery or novel viewpoint-It is NOT about aggregated data or a summary of findings. The Opportunity for Business Analysts2223 Lack of management/financial supportKaggle -2017 State of Data ScienceTop Business Data analytics Roadblocks Failure to create a clear question to answer Inability to explain and communicate the results of the research Decision-makers not using the results of analyticsEvolving role of BA in the data science ageNot just a requirement guru Draws insights from data Storyteller Builds narratives inclusiveof data Adept at visualization Drives evidence-based decision

8 MakingTakes a human-centric approach An industry and Business expert The new-age BA or BTA25 How BAs can drive insight-driven decision makingForecastingDecision-MakingPerforma nce ImprovementAnalysis and Validation of Business ModelApply analytics ToolsAnalytics FindingsBusiness RequirementsYour RoleData ScientistBusinessInsightsDecisionsResult sAdapted from: CGMA (2013), From Insight to Impact: Unlocking Opportunities in Big Data 26 The Value of the Business Analyst26 Data ScienceContextBA RolePurposeObtain DataDataBusiness ContextBusiness ImperativeWhat is the right question?

9 What data needed?Scrub DataInformationAccurate picture of Business problemIs data valuable and reliable?Explore and ModelKnowledgeWhat insights are aligned to Business ?Makes Sense. Resolve intuition vs. data supported DataUnderstandingStorytelling & Visualization from InsightsInsight that is fit for the Business outcome needed. -------WisdomConsultative recommendations Change ManagementActionable Insights Decision InputFuHow IIBA Will Support Organizationsand Individuals With the Practice of Business Data Analytics27 Future Plans:1.

10 Full Guide 2. Digital Tools, Templates3. More use case scenarios4. More exam prep info5. More linking to digital Explainer VideoIntroductions to Business Data AnalyticsPaperWhite papersBUSINESS DATA analytics Explainer Videos Infographics Introductions Supporting Papers Webinars CBDA Certification 28 Questions? more about data product related s


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