Connecting Data Analytics with Business Analysis

Understanding the role of business data analytics is essential to business success. Bridging your business analysis skills to the area of data analytics can help your organization leverage data collected [customer preferences, location, etc.] and apply insights based on that [data] analysis to solve specific business-related opportunities.

Machine learning and artificial intelligence are raising the profile of data science but there is still a gap in marrying how to communicate that data to your organizations decision makers, to tell a story to the business with data, and use the results to support business change. “Imagine the current process for buying insurance. It involves paperwork and intermediaries and is time-consuming. The claims process is another lengthy and unpleasant journey for customers. But, customers voluntarily ‘succumb’ to it, because they did not have any other option. The best that the incumbents are doing is bringing ‘automation’ to reduce the process time. But there is no real ‘change’ to the customer’s experience”.¹

 

 

Instead of just following the data to solve customer service issues by looking at historical data and identifying patterns, the business looked at the data through a completely unique lens to implement a claims management process that reimagined their customer relationship. “Lemonade reimagined the insurance space. They asked the questions that customers were not even thinking about. Lemonade designed business processes around the customer. Lemonade has zero-paperwork and they settle claims in a matter of seconds”.¹

Data science provides you with the customer preferences information to offer a 360-degree view of your customer, as a business analyst take it one step further and look at the problem differently. Lemonade went beyond agile and speedy customer service to completely change the way they processed claims and truly deepened their customer relationships.

Rather than just using the data to develop a quick fix, through business data analytics one looks at the customer experience. Based on the data and your knowledge of the market and your customer’s expectations, follow the lesson of organizations, like Lemonade, and implement a unique experience that could revolutionize your business.

Take a closer look at the current state of data analytics with the Introduction to Business Data Analytics paper to learn how to leverage your organization’s data.

Also, check out the additional IIBA® resources available to help BA professionals capture the opportunities provided by business data analytics and be sure to listen to the latest IIBA webinar on Business Data Analytics. You can tune into IIBA’s podcast with senior business analysis consultant Laura Paton to learn more about data analytics and IIBA’s new Certification in Business Data Analytics.

 

 

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References:

1. Digital Business Analysis – Crossing the Chasm from Traditional to Digital World. March 2018.