Data analytics

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Dataanalysisframework.pdf

Data-driven Decision Making

Data and analytics framework

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Data-driven Decision Making

T

Putting the framework into action

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Define the problem • What is the key

opportunity? • Engage stakeholders for

perspective and concerns

Develop Hypotheses • Answer ‘what is likely to

happen’? • Use information from

stakeholders and other knowledge to refine hypotheses

• Choose the hypothesis for which the best data exists

Collect Data • Collect relevant internal

and external data sets • Validate the accuracy of

the data

Discovery

T

Explore Data • Explore data sets to

understand how they would help in accepting or refuting the hypotheses

Analyze Data • Use Qualitative and

Quantitative analysis techniques to use data to validate the hypotheses

• Convert outputs into user- friendly formats and visualizations that will help different stakeholders understand the analysis

Insights

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Link Insights • Use actionable data

insights to explain past outcomes and predict the future landscape

• Link insights to financial and operational metrics to specify impact and aid decision making

Provide Recommendations • Prioritize insights to build

actionable plans • Provide solutions that

help business to address future challenges

Actions

T

Execute Plan • Develop clear pathways

of how insights will be delivered to the right stakeholders at the right time

• Ensure the plans meet long term business objectives and help refine solutions in the future

Outcomes