How to make data actionable for business

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This workshop was conducted at AdTech Bangalore where the speaker walked through how data can be made actionable for business.

Transcript of How to make data actionable for business

  • 1. How to make data actionable for business? Workshop Sponsored bySpeaker: Ravi Padaki

2. How to make data actionable for business?Torture the numbers until they confess! 3. Agenda Who is this for? What is this about and not about? Planning for Data Actionable Data for Business Framework Hands-on examples Key Takeaways 4. What do I mean by Data?Data {noun}: reporting and analytical products, services or solutions 5. Who is this for? Creators of DataConsumers of Data products/servicesproducts/servicesData {noun}: reporting and analytical products, services or solutions 6. What you will get out of this?Creators Consumers Skilled in providing Skilled in articulating better insightsneeds for analytics Skilled in designing Skilled in sponsoring data that is contextualanalytical capabilities to the userin your organization 7. What is this about?Structure to develop Structure to consume Data Strategydata Alignment For faster decision Differentiationmaking ROI Data Planning Data Design 8. What is this not about? Data Mining and Warehousing Technology Evaluation of Statistical and analytical models Exploratory data analysis 9. When do you start planning for data? ProactiveStart early! ReactiveProductProduct Launch SupportStrategyRoadmap 10. Why is this topic important? Analytics ResearchPeople What Storage & Compute percentage ofrevenue isdriven fromdata and analytics? Value for Business? 11. The Data Pyramid Analytics (Intelligence) Value Reporting (Information)Raw Data 12. General Observations Give me all theRaw Datametrics you have(because I dont knowwhat I am looking Reportsfor!)Analytics So much data and yetno insights! Great Insight, sowhat? 13. Path to Data Driven Business Decisions DECISION DECISIONHow quickly can you collapse the path to decision? 14. The Actionable Data for Business Framework Business GoalDecisionsTask 1 Data Set 1Task 2 Data Set 2Task 3 Data Set 3Task 4 Data Set 4What if we ask the Question:What data do you need? to complete your business task? to achieve your business goal? 15. Map Data to Business DecisionsWhat data do youneed? Data to complete yourBusiness business task? Task to achieve yourBusinessbusiness goal?Goal 16. Example Imagine youre a BMW car dealerIncrease sales Decisions Manage PricingData Set 1Target buyer Data Set 2 Analyze demand by inventory Data Set 3 Manage inventoryData Set 4 17. Example Imagine youre a BMW car dealer Increase salesAnalyze ManageManage pricing Target buyer demand byInventory inventory How are myWho has beenWhat haveHow much iscurrent offers buying from mecustomers beenremaining/sold? doing?so far? buying? How much How is BMWWhich series is How much do Idiscounts willfaring in mypoised to sellneed? spur sales?demog?fast? Who are my most valued personas? 18. Creators of DataIncrease sales DecisionsDesign data for quick Manage PricingData Set 1insightsTarget buyer Data Set 2 Provide right data to theright user at the right time Analyze demand by inventory Data Set 3 Study gaps in analyticalcapabilities to deliversuperior insights Manage inventoryData Set 4 19. Consumers of DataIncrease sales Decisions Manage PricingData Set 1 Get to decisions faster Articulate questions toTarget buyer Data Set 2 empower decision making Sponsor/champion for Analyze demand by inventory Data Set 3 closing gaps in analyticalcapabilities Manage inventoryData Set 4 20. Business Goals TasksGoal 1 Goal 2Goal 3Task 1Task 3Task 5Task 2Task 4Task 6 21. Business Goals can have Overlapping TasksGoal 1 Goal 2 Goal 3Task 1 Task 1 Task 2Task 2 Task 3 Task 4 22. Benefits of this framework Data is Meaningful and Actionable Data is Relevant and Contextual Decision Making is Easier and Faster 23. Analytical Capabilities Past PresentFutureInformationWhat happened? What isWhat is going tohappening? happen?Analytics Features ReportsAlerts ForecastsInsightHow and why didWhy is itWhat might it happen? happening? happen?Analytics Features Modeling RecommendationsPrediction and OptimizationSource: Thomas Davenport, Jeanne Harris, Robert Morison from the book Analytics at Work 24. Analytical Capabilities Predictions Recommendations Forecasts Performance ReportsRaw data 25. Hands on assignment 26. Your Key Takeaways! Plan Data Early Make data work for you! Map data needs to business tasks and goals 27. Thank you!