DATA DRIVEN MINDSET & DEPLOYING BUSINESS ANALYTICS

• Why does an organization need a robust business analytic program?

  To effectively analyze data and make informed decisions
• What are the three dimensions of Business Analytics?

  • What’s happening right now?
  • What will happen next?
  • What should we do?
• What does the Business Analysis Layer focus on?

  Business Results (KPIs)
• What does the Data Analytics Layer focus on?

  Descriptive Analytics
• What is the purpose of Descriptive Analytics?

  To provide answers about what has happened
• What is the purpose of Predictive Analytics?

  To forecast what will happen next
• What does Prescriptive Analytics help with?

  It provides strategies and plans for action
• What are the drivers of data quality in an organization?

  Talent, Technology, Infrastructure, Process, and Strategy
• Why is it impossible to audit every aspect of data quality?

  Due to the complexity and granularity of data processes
• What is a Digital Mindset?

  • A personal capability to imagine better, technology-enabled ways of working
  • Involves using data and technology to streamline workflows and innovate
  • Integrates data quality and asking the right questions into daily behavior
• What personal skills are required to thrive in a digital environment?

  • Information and digital literacy
  • Digital content creation
  • Problem solving
  • Data strategy and planning
  • Data analytics
  • Data visualization
• Why is digital and information literacy crucial in business analytics?

  It underpins the ability to gather, analyze, and interpret data effectively
• How does digital literacy apply to business analytics?

  • Data Access, Collection, and Transformation
  • Proficiency in Analytics Tools and Software
  • Understanding Data Security, Privacy, and Governance
  • Encouraging Continuous Learning
  • Enhancing Automation and Efficiency
  • Fostering Critical Thinking
  • Aligning Business Strategy with Digital Tools
• What is digitization?

  It is the process of converting analog information into a digital format
• What is the purpose of digitization?

  To preserve and archive analog information in a digital form
• What is digitalization?

  It is the use of digital technologies to transform business processes
• What is the purpose of digitalization?

  To drive innovation and efficiency in business processes
• What does digital spending refer to?

  The allocation of financial resources for digital technologies
• What are digital transactions?

  Exchanges of value or information conducted electronically
• What are digital interactions?

  Any form of communication that takes place electronically
• What are digital business processes?

  Workflows that leverage digital technologies to improve efficiency
• What is digital market making?

  The use of electronic systems to facilitate buying and selling
• What is digital capital deepening?

  The increase of digital assets in an organization's capital base
• What does the digitization of work involve?

  The transformation of traditional work processes into digital formats
• What are the benefits of digital transformation in problem-solving?

  • Data Availability for insights
  • Real-time Analytics for quick responses
  • Improved Data Quality through automation
  • Enhanced Customer Insights
  • Personalization of products and services
  • Cost Efficiency through automation
  • Competitive Advantage through analytics
  • Scalability of analytics infrastructure
  • Data Integration for a holistic view
  • Predictive Analytics for forecasting
  • Process Optimization for efficiency
  • Risk Management for identifying threats
  • Strategic Decision-Making with valuable insights
  • Enhanced Customer Experience
  • Innovation through data-driven insights
  • Supply Chain Optimization
  • Improved Employee Productivity
  • Regulatory Compliance support
  • Market Responsiveness
• What does digital transformation create in terms of data?

  A digital footprint generating vast amounts of data
• How does digital transformation improve data quality?

  Through data cleansing and validation
• How does digital transformation enhance customer insights?

  By collecting and analyzing customer data
• What is the role of analytics in personalization?

  To tailor products and services to customer preferences
• How does digital transformation contribute to cost efficiency?

  By automating data collection and processing
• What competitive advantage does digital transformation provide?

  It allows businesses to identify trends and optimize operations
• How does digital transformation facilitate scalability?

  By enabling organizations to handle large volumes of data
• What is the significance of data integration in digital transformation?

  It provides a holistic view of the business
• How does digital transformation support predictive analytics?

  By enabling forecasting of future trends
• What is the impact of data analytics on process optimization?

  It identifies bottlenecks and inefficiencies
• How does advanced analytics assist in risk management?

  By identifying and mitigating risks in real-time
• What role does digital transformation play in strategic decision-making?

  It provides insights that align actions with long-term goals
• How can analytics enhance customer experience?

  By uncovering opportunities for improvement
• How does data-driven insight fuel innovation?

  By identifying emerging market trends and customer demands
• What is the effect of digital analytics on supply chain operations?

  It optimizes operations and improves product availability