Applying Business Data Analytics During Business Change
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Business agility is critical in uncertain times. Being able to translate data into valuable insights is quickly becoming a highly sought-after skill. According to the 2019 IIBA Global Business Analysis Survey, 38% of business analysis professionals are already involved in business data analytics and 60% are actively working in digital initiatives.1
IIBA’s new Guide to Business Data Analytics walks you through an iterative framework along with techniques and applied knowledge to facilitate the right changes to processes and structure to provide invaluable actionable insights necessary to business health during these times of change.
Simply put, Business Data Analytics is a set of techniques, competencies and practices applied to the continuous exploration, iteration, and investigation of business data in order to obtain valuable insights that will support more informed business decision making.
The Age of Analytics report from McKinsey Global Institute found the biggest barriers companies face in extracting value from data and analytics are organizational. Many companies struggle to incorporate data-driven insights into their day-to-day business processes. The report also shared that data and analytics can enable faster and more evidence-based decision making. Interestingly, though the report found most companies are capturing only a fraction of the potential value of data and analytics.2 In the current climate with constant need to re-examine and re-evaluate decision making, data analytics and modelling is critical to identify best practices and drive business results. Business data analytics professionals have the skills to support your decision-makers with key insights, patterns, storytelling and business capability analysis to help business leaders execute this intelligence to address shifting market demand.
Let’s take a closer look at the tasks performed within each of the six domains outlined in the new Guide to Business Data Analytics.
IDENTIFY RESEARCH QUESTIONS
- Define Business Problem or Opportunity
- Formulate Research Questions
- Plan Business Data Analytics Approach
- SOURCE DATA
- Plan Data Collection
- Determine the Data Set
- Collect & Validate Data
- ANALYZE DATA
- Develop Analysis Plan
- Prepare & Explore Data
- Perform Data Analysis
- INTERPRET & REPORT DATA
- Identify and Understand the Stakeholders
- Derive Insights from Data
- Communicate Findings
- USE RESULTS TO INFLUENCE DECISION MAKING
- Recommend Action
- Develop Implementation Plan
- Manage Change
- ORGANIZATION-LEVEL STRATEGY FOR BUSINESS ANALYTICS
- Concepts, Activities, Tools, and Techniques for Establishing BDA Capabilities for the Organization
- 2019 IIBA Global Business Analysis Salary Survey [online] https://www.iiba.org
- McKinsey Global Institute. 2016. The Age of Analytics [online] https://www.mckinsey.com/business-functions/mckinsey-analaytics/our-insights/the-age-of-analytics-competing-in-a-data-driven-world