Define business analytics - Answers Science of applying structures method to solve a business
problem using data and analysis to drive impact
____ at the point of _____ - Answers Insight at the point of impact
Drivers for BA - Answers Data: more than ever to analyze
Technology: more user friendly
Self-sufficient: demand for self serve
Drivers: need to optimize drivers of perf
Competition: ever increasing pressure
Strategic role of BA (& 3 areas) - Answers Support for achieving organizational goals
Strategic:
Tactical: tactics made after strategy
Operational: day to day planning
Analytics for impact = ___+ ___ - Answers Data science (technical) + decision science (business
track)
Hypothesis-Driven Analytics Process - Answers 1. Ask simple questions
2. Develop hypotheses
3. Test hypotheses using analysis
4. Test and learn
5. Implement data driven action
3 types of BA and their questions - Answers Prescriptive (most complex): what is the best
action/ what should we prescribe?
Predictive: what could happen in future, what trends?
, Descriptive: what happened? What's happening now?
Levels of BA and it's factors - Answers Past, present, future
Factors: timeframe, innovation
BI vs BA - Answers Bi: measure and monitor w goals
- IT centric
- data collection, storage, governance
- performance mgmt reports
- dashboards and scorecards
BA: investigate, explore, discover
- business centric
- data discovery, visualization
- analysis and insights that drive Dec.
Types of users of BI and BA - Answers Business users
Business analyst
Data scientist
IT & data specialists
Need all 4 groups to develop analytical maturity
Analytical capability (delta) - Answers Data
Enterprise orientation
Analytical Leadership
Strategic Target
Team of Analysts
Path to analytical maturity - Answers Stage :