Data Analytics: An On-Ramp to a Better Understanding of Your Business
•Download as PPTX, PDF•
1 like•82 views
Data analytics is a hot topic in business today. But is it right for your business? What does it do for you, and most importantly, how do you get started? This executive overview explores the business implications of data analytics, while leaving the technicalities to the side.
Recommended
Recommended
More Related Content
What's hot
What's hot (20)
Similar to Data Analytics: An On-Ramp to a Better Understanding of Your Business
Similar to Data Analytics: An On-Ramp to a Better Understanding of Your Business (20)
More from Skoda Minotti
More from Skoda Minotti (20)
Recently uploaded
Recently uploaded (20)
Data Analytics: An On-Ramp to a Better Understanding of Your Business
- 1. Data Analytics: An On-Ramp to a Better Understanding of Your Business David R. Mustin, MBA October 25, 2018
- 2. 2 Learning Objectives After completing the session, participants will … • Understand how to get started • Understand the business case of data analytics • Understand the stages of a data-ready organization • Understand better story telling with data analytics “In the long run, men hit only what they aim at.” – Henry David Thoreau
- 3. 3 David R. Mustin, MBA Partner, Advisory – Cleveland • 25+ years of professional management consulting • Business and IT growth and transformation, and post-merger integration • Experience in manufacturing, distribution, high tech, health care, and life sciences among other industries Introductions
- 6. 6 Data • Data is a collection of raw facts and figures • It must be processed to be turned into information Information • Data organized into a sequence or context • E.g.: • Red = Stop • Green = Go Context Knowledge • Information acquired about a situation • Familiarity or awareness of facts or information Insight • Deep intuitive understanding of a situation or thing Transforming Data into Insight
- 7. 7 Data Sources • External Unstructured • Internal Unstructured • External Structured • Internal Structured Internal External UnstructuredStructured • Geolocation • Weather • Supply Chain • MSA/Census • CRM • ERP • Finance • Customer Satisfaction • Twitter/Facebook • Videos • Blogposts • Webpages • Office Docs • PDFs • Surveys
- 8. 8 How to Begin? • Internal vs External • Structured vs Unstructured Acquire Data • Cleaning • Linking Internal & External • Managing Unstructured Clean & Link • Business Case • Business Need Ask Questions • Datasets / Database • Refresh Develop Model • Visualization Tools • Updating Present Answer
- 9. 9 Analytics Are No Longer a Nice to HaveVALUE DIFFICULTY What Happened? Why Did It Happen? What Will Happen? How Can We Make It Happen? Descriptive Analytics Diagnostic Analytics Predictive Analytics Prescriptive Analytics Gartner Group
- 10. 10 The Five Vs of Big Data Analytics VALUE Volume Variety Veracity Velocity
- 11. 11 Data Growth is Explosive Source: Patrick Cheesman Source: Lauro Rizzatti SI Prefix Scientific Notation Name Yotta (Y) 1024 1 septillion Zetta (Z) 1021 1 sextillion Exa (E) 1018 1 quintillion Peta (P) 1015 1 quadrillion Tera (T) 1012 1 trillion Giga (G) 109 1 billion Mega (M) 106 1 million Kilo (K) 103 1 thousand
- 12. 12 Decreasing Expenses and Growing Innovation Yield Best Successes SOURCE: NEWVANTAGE VENTURE PARTNERS, BIG DATA EXECUTIVE SURVEY 2017 (PDF, 16 PP.)
- 13. 13 Analytics Comes of Age, McKinsey & Co., January 2018 Where to Get Started?
- 15. 15 Stages of Organizational Evolution Resistant Exploring Engaged Mastering Strategic Organization actively resists data use and engagement Organization starts to explore active use and value of data Organization starts to use data actively in many processes and decision- making situations Organization focuses on value creation opportunities and expands use of data and data- supported decision making throughout the organization Organization utilizes data to drive strategic decision- making
- 16. 16 Roles in the Data-Ready Organization https://medium.com/@vegi/data-scientist-vs-data-analyst-vs-data-engineer-using-word-cloud-902ab83d0879 Note: Salaries are from Glassdoor.com and represent the Cleveland, Ohio region. $113,000$103,000$69,000
- 17. 17 Selected Excel Data Analysis Features • Enables other tool-sets to be “added-in” to Microsoft Excel to extend functionality Add- Ins • Enables data to be formatted based on certain conditions/rules • Allows for validating data on input to forms • Allows the test for certain “what-if” scenarios and validation of the result • Pivot table: Data consolidation and summarization • Powerful functions and formulas to simplify calculations • PowerPivot: Shifts the worksheet to functionality similar to a database
- 18. 18 External Tools & Data Sources Analytics Mapping / GeolocationCensus / Demographic
- 19. 19 Tools for Data Visualization
- 20. “Storytelling is about connecting to other people and helping other people to see what you see.” – Michael Margolis
- 21. 21 Principles of Good Storytelling • Have clear intent • Visuals breakthrough • Simplify • Eliminate the non- essential • Focus the reader • Words make a graph accessible • Know your audience!
- 22. 22 Median Home Values From Wednesday, Sept. 5th, 2018 Cleveland.com article on home values in Cuyahoga County.
- 23. 23 History & Present 1930s Redlining Map of Cleveland 2005 – 2009 Literacy Map of Cleveland
- 24. 24 Median Home Values From Wednesday, Sept. 5th, 2018 Cleveland.com article on home values in Cuyahoga County.
- 25. 25 Dashboards vs Stories 25 “Dashboards tell you what’s happening, but stories explain why.” – Jock Mackinlay, PhD, Robert Kosara, PhD, Michelle Wallace Tableau Software Research
- 26. 26 Summary • Start with the right questions • Convert data into information to create value • Data growth is explosive: focus on high-impact areas • Move your organization gracefully through multiple stages • Use the right tools • Tell stories
- 27. 27 Questions David R. Mustin, MBA Partner 440-449-6800 dmustin@skodaminotti.com
Editor's Notes
- Ken
- Ken
- What happens if you are driving down the street and your cars dashboard blanks out?
- Screen goes black. You lose all of your input. How do you decide? What do you do?
- https://www.youtube.com/watch?v=F20qEwXBQaE
- https://www.forbes.com/sites/louiscolumbus/2018/05/23/10-charts-that-will-change-your-perspective-of-big-datas-growth/#173d97ef2926 Source: Analytics Comes of Age, published in January 2018 – McKinsey Analytics survey
- No frogs were harmed in the making of this presentation.
- https://howtoadult.com/importance-parent-reading-child-speech-delay-26437.html http://www.storytellingwithdata.com/blog/2017/8/9/my-guiding-principles
- https://www.cleveland.com/expo/news/erry-2018/09/39f428cbca3965/see-home-values-by-neighborhoo.html#incart_target2box_default_#incart_target2box_targeted_
- Entry Level 1 is equivalent to literacy levels at age 5-7. Adults below Entry Level 1 may not be able to write short messages to family or read a road sign. Entry Level 2 is equivalent to literacy levels at age 7-9. Adults with below Entry Level 2 may not be able to describe a child’s symptoms to a doctor or read a label on a medicine bottle. Entry Level 3 is equivalent to literacy levels at age 9-11. Adults with skills below Entry Level 3 may not be able to understand labels on pre-packaged food or understand household bills. Level 1 is equivalent to GCSE grades D-G. Adults with skills below Level 1 may not be able to read bus or train timetables or understand their pay slip. Level 2 is equivalent to GCSE grades A*-C. Adults with skills below Level 2 may not have the skills to spot fake news or bias in the media. _____ Example 5: Levels of literacy Five levels of literacy are defined: Level 1 indicates persons with very poor skills, where the individual may, for example, be unable to determine the correct amount of medicine to give a child from information printed on the package. Level 2 respondents can deal only with material that is simple, clearly laid out, and in which the tasks involved are not too complex. It denotes a weak level of skills, but more hidden than Level 1. It identifies people who can read, but test poorly. They may have developed coping skills to manage everyday literacy demands, but their low level of proficiency makes it difficult for them to face novel demands, such as learning new job skills. Level 3 is considered a suitable minimum for coping with the demands of everyday life and work in a complex, advanced society. It denotes roughly the skill level required for successful secondary school completion and college entry. Like higher levels, it requires the ability to integrate several sources of information and solve more complex problems. Level 4 and level 5 describe respondents who demonstrate command of higher-order information processing skills. The Home Owners' Loan Corporation was a government-sponsored corporation created as part of the New Deal. The corporation was established in 1933 by the Home Owners' Loan Corporation Act under the leadership of President Franklin D. Roosevelt. Its purpose was to refinance home mortgages currently in default to prevent foreclosure.
- https://www.cleveland.com/expo/news/erry-2018/09/39f428cbca3965/see-home-values-by-neighborhoo.html#incart_target2box_default_#incart_target2box_targeted_
- Ken