Business Analytics Implementation Plan Part 2

Table of Contents

Introduction ------------------------------------------------------------------------------------------ 3

a. Business and scenario description------------------------------------------------ 3

b. Advantages and disadvantages of BA ------------------------------------------- 4

c. Challenges facing BA -------------------------------------------------------------- 6

d. BA techniques comparison, benefits and drawbacks--------------------------- 7

Implementation plan

a. Isotech Implementation plan ----------------------------------------------------- 8

b. Backup plan ------------------------------------------------------------------------- 10

Conclusion ---------------------------------------------------------------------------------- 13

References ----------------------------------------------------------------------------------- 14

Business Analytics Implementation Plan Part 1

INTRODUCTION

Business and scenario description

Isotech is a well-known design firm that offers different design services to its diverse clients. The business designs websites for clients creates interior designs, and graphics among many other design related tasks which results in a wide and varied customer base. Since the company was established, it has embraced use of technology in many of its operations. This is the reason why the company has been able to grow and achieve short-term and some of the long-term goals. For instance, the firm makes use of modest technology to create latest and unique designs that make clients contented and satisfied with the firm's services. However, one of the areas that the firm has not embraced technology is in the decision making. The latter is in the sense that the company makes use of roundtable negotiations and discussions that lead to decision making and most of ideas are observations and experience gained by the decision-making team.

Decision making is a crucial business undertaking that requires the application of caution for quality decisions to be made. The reason is that the decisions made determine the actions and practices that the company will embrace and make use of. The higher the quality of the decision, the better and positively impacting actions and practices that the business will apply hence leading to the growth of the business. It is a fact that the Isotech firm is a company that heavily relies on data to know its levels of performance. It is for this reason that the company should embrace data-driven business analytics in the decision-making process to help in making accurate and effective decisions (Madsen, 2014). This is an applicable style of decision making that would enable the decision makers to base their arguments on company facts and not assumptions hence leading to higher quality decisions and effective strategic planning for the business.

For instance, presently, the firm despite having technology in place, there are no connecting systems, and the databases are separate from each other though they utilize a client/server environment. Additionally, the firm has a single location, and it is looking for a second location to support the one location though the firm is not sure of whether the action will be of benefit to the firm or not. The situation is delicate and calls for cautious actions to be taken. In this case, data-driven decision making can be used to make the most accurate decision that will help in strategic business planning about establishing the second location in another part of the state. The reason is that the business will use its data to determine whether it can support the project and analyses the population with the help of statistics to determine the location (s) with ample potential to support business operations.

Advantages and disadvantages of business analytics

Advantages

1. Through the application of business analytics, a firm can quantify its value. This is possible because the firm has a mission and the employees have been trained on how to achieve the mission to lead towards company's desired success. Nevertheless, how to quantify company values is something that many companies fail to do. With business analytics, it becomes possible to strategize on how the company values will be translated into numbers (Madsen, 2014). The reason is that it is only data that can help the business to remain in focus with all its processes that also keep in alignment with set company values.

2. Business analytics helps a business to keep progressing and changing with time hence saving the business from being left behind (Molyneaux, 2014). The reason is that business analytics enables the business to remain updated on different market changes like clients' needs and competition's new ideas hence keeping the firm on top of the competition.

3. Business analytics helps a business to make accurate and reliable decisions and actions. The reason is that the information used is fact and hence the business will make decisions that align with the business's position. Because of accurate and well-thought-out information, the business can determine its weak areas and improve on and put in place accurate strategies that will help the business to achieve the set short and long-term goals.

Disadvantages

1. Agility is one of the disadvantages of BA which means the business ability to adapt to the new ideas in a cost-effective manner. The reason is that BA leads to constant changes in the market that are intended to achieve business success. However, there is a possibility that the business may approach the ideas from a wrong point of view hence leading to high costs being incurred thus compromising the desired goals achievement.

2. The second disadvantage is that business analytics requires massive considerations and making changes to initial company strategies, policies, and practices. The reason is that if they do not support business analytics adjustments are required, and this requires massive time and attention. If caution is not taken during adjustment, it might compromise employees working morale.

3. For effective decisions to be made, business analytics heavily relies on the volume of information available as well as the accuracy of the information. When the data is in the system, it is hard to determine its accuracy, and hence it must be used as it is. In the case the information is not accurate, it leads to misleading decisions

However, the BA disadvantages can be addressed by the company to make BA a reliable strategy that the business can depend on and achieve the desired growth and success. One of the ways that the company can use is making sure that the information being entered in the system is accurate and adequate to make sure that decision-makers access quality information that is informing enough (Kiron, Kane, & Ransbotham, 2015). Secondly, the company should review its culture and practices, and in case any adjustments are required, the change process should be applied to avoid adverse consequences of change resistance. Lastly, the company should make sure that the decision being reached out is well-thought out, reviewed, and analyzed before being implemented into the company’s operations.

Challenges facing BA

In the process of BA application, there are possible challenges that the business is likely to face, but the good thing is that there are reliable means that the business can use to address these challenges. One of the challenges is that embracing a BA requires ample finances to put in place quality and effective systems. The cost is determined by whether the system will align with the previous system that the company was having, and if it fails, the company will be forced to place an entirely new system. This can come as a major challenge especially if the budget was inadequate and the company hence should set aside ample resources before embarking on the project.

Another challenge is that BA requires ample skills that if the company has never made use of BA for decision making might not have (Kiron, Kane, & Ransbotham, 2015). Lack of skills would mean that the company would continue making unreliable decisions despite the system being in place. To address this challenge, the company should offer training programs to employees working with the system. These are employees entering data and those making decisions so that they can work as a team and achieve the desired goals.

Additionally, another challenge in on maintaining data quality especially because for the system to work effectively, integrating of data across different systems is a reality. Of importance to note that some crucial data being used for decision making should only be accessed by decision makers and not to other employees to promote data safety. Lack of ample data safety could lead to the sensitive company being leaked out hence subjecting the company to threats. The company should establish a strong security strategy that will make it possible for data to be accessed by the authorized individuals only.

BA techniques comparison, benefits and disadvantages

1. Descriptive analytics

The method entails the use of basic statistics, data analysis and visualization. In this method, data is summarized to help in gaining insights about the business position, progress and what is needed. The tool has benefits because it allows data to be broken down into easier to apply form hence promoting efficiency. Again, it is a tool that describes the situation as it is hence leading to more accurate decisions (Molyneaux, 2014). Nevertheless, the technique requires time for an accurate description to be made, and it is hard to detect on time whether the available data is accurate or not.

2. Predictive analytics

This tool helps business analysts to use the available data to predict the best cause of action that the business should take. The technique helps in invented new ideas through prediction because it promotes creativity and innovation. The technique helps the business to remain focused on the future and achieve long-term goals (Boyer, & Sahni, 2017). However, the prediction can be wrong, and this means any decision emanating from the prediction would be wrong. It is a technique that can only work in some situations hence it is not a general technique especially in cases where accuracy is mandatory.

3. Big Data analytics

This is a business analytics technique that makes it possible for analysts to handle massive data. The technique has benefits in the sense that because it reduces the cost of data analyzing, application and it promotes improved decision (Palem, 2014). The technique has disadvantages like; it requires a lot of time and comprehended, and uncomprehended data do not work effectively. Again, it is a technique involves quality skills to make the method sensible.

IMPLEMENTATION PLAN

Isotech implementation plan

Business analytics is supposed to help the business to be more successful in the making of quality decisions. On the other hand, quality decisions require ample and accurate data which can be in the form of statistics or letters. For the Isotech design firm to have an effective business analytics system in place that will help the company to grow, the implementation strategy used plays an important role. The reason is that it determines whether the analytics being done are of high quality or not. Again, of importance to note is that when the implementation is done in the right way and good results achieved, the business is motivated to keep on using the technique for added advantages (Kiron, Kane, & Ransbotham, 2015). The following implementation plan will help Isotech Design Company to come up with unique, reliable, and accurate business analytics. The implementation plan consists of a series of mandatory steps that must be carried out cautiously because the effectiveness of one step promotes the effectiveness of the other steps that will follow. Hence, if a mistake is done in one step, it will compromise the effectiveness of the other steps that will follow later.

Step 1- recruit and strategically allocate a reactive and proactive team

The recruitment step is a crucial step that must be undertaken in the business analytics implementation process. The reason is that all the information that have been gathered and safely stored has been done ahead of the project. Again, for the project to be a success a real business problem that the business could be facing must be pointed out and this is what helps in laying a strong and reliable foundation. The reason is that the right skills, competence, and attention from people who understand business analytics by far ensure that only the right thing has been done (Palem, 2014). Again, for any project to be executed from beginning to completion without challenges, a business plan is required, and it is these professionals that will help in pre-designing the plan to be followed, set goals and objectives to be achieved, set a timeframe, and allocate a budget. It is also the same team that will point out possible challenges that might be encountered during the implementation process and establish practical and best solutions to these challenges so that they do not paralyze the implementation process.

Step 2- establishment of a data-driven company culture

Company culture dictates how operations are carried out in a firm and how the employees will respond to issues as they arise. Some company cultures do not support data-driven decisions, and business analytics cannot work in a situation where the culture in place in not support fully. To implement business analytics a success, it is necessary to make necessary amendments on the company culture where all firm stakeholders would support policies and practices that support a data-driven decision. This is crucial step that must be carried out cautiously because it might trigger the need for a series of changes before the desired organizational culture is obtained.

Step 3- establishment and introduction of a business analytics project plan

There are different business analytics techniques, and each technique is applied on separate occasions and scenarios. Again, the different methods work differently, and it is for this reason that with the team and favorable organizational culture in place, a specific implementation plan to be designed by the professionals. The plan would show the technique that the implementation would use and how the technique would work. The program would identify the metrics and results that the team would focus on using to achieve the intended goals. In this project plan, the professionals would point out the data to use and strive to verify the accuracy of the data and how the data will be presented.

Step 4- engaging the employees and putting in place a communication plan

This is a crucial step because it entails engaging the firm employees from different levels in dialogue to understand their feelings and opinions about the project implementation. The step would help in effective implementation because the attitude that the employees wear determines how they would respond to issue concerning the initiative whenever they arise. Again, establishing a communication plan would help in maintaining a smooth exchange of information which is crucial for a successful project. It is important to note that with a communication plan in place, it is also possible to keep sharing ideas something that would help in promoting diverse ideas and promoting coordination.

Step 4- taking minimal risks as possible

This is a crucial and last step in the business analytics implementation plan. The reason is that this is the step that states how the plan will be carried out and all considerations in place this making sure that minimal risks have been taken and even possible no risks. This is possible because the team of experts selected and strategically assigned their duties have pointed out possible challenges and developed solutions or ways to avoid the challenges in advance. With minimal risks, the project can be executed as projected from the first to the last step of the project.

Step 5- project evaluation strategies

The main intention of the business analytics project is to make sure that the company embraces a data-driven decision-making strategy that would make the company success guarantee. However, some situations can hinder, or weaknesses develop during project implementation. The only way to determine is by constant project evaluation to determine whether the project is headed in the right direction and that whether the desired goals and objectives are being achieved or not. Different strategies would be established to be sure of the project results and for areas that may require improvement to be identified and rectification done.

Backup proposal

The above-proposed implementation plan is the most effective strategy that is expected to obtain the best results. Never the less, there are chances that the firm's management might fail to approve the initial plan; the following plan can work as a backup strategy (Palem, 2014). This is a precaution measure to make sure the business analytics implementation pushes through and that the company benefits from this great initiative.

Step 1- recruit and strategically allocate a reactive and proactive team

Step 2- explaining to the firm's management team. This is an important step to undertake a backup plan because in most case, the management turns down a proposal for failure to understand the content and benefits to be achieved from the project. During the meeting, the team of professionals would explain the entire project to the management team elaborating all the contents and requires that would make the project a success (Calof, Richards, & Santilli, 2017). Also, different benefits and possible challenges would be elaborated so that the management can understand the importance of supporting the project.

Step 3- making sure that the selected business analytics aligns with the strategic goals. This is an important implementation plan because it will help in making the entire project impactful (Kiron, Kane, & Ransbotham, 2015). It is important to note that a new location is being established and if the data-driven decision is made that would help in identifying the right location of the establishment; the team should first determine how the project would align to strategic business plan.

Step 4- employee training and this would help in making sure that all the company employees are familiar with the tasks and that they have necessary skills. This is also a major motivating factor that will help to perform even better because they will be familiarized with the project hence the fear of unknown uplifted. Moreover, when the employees would start achieving the desired goals because of training, they will feel contented.

Step 5- engaging the employees and establishing a communication plan

Step 6- establishment and introduction of a business analytics project plan

Step 7- taking minimal risks to avoid the project leading the firm from incurring losses and making that the project is more focused on achieving the desired goals and objectives.

Step 8- evaluation of the project to make sure that the plan is working as initially planned and that in case any changes or amendments are required, they are implemented as well.

CONCLUSION

Business analytics is an important business undertaking because it shapes the actions and decisions of business for the better. The application of data-driven decision making helps a business not only to base their decisions on assumptions but instead on facts. Different business analytics techniques can be used for instance; interviews, questionnaires, observation, and focus groups. All these techniques focus on gathering collect and accurate data that helps in decision making. Nevertheless, all the methods have their specific benefits and challenges that would make or even prevent a business from applying them. Hence, it remains the decision of the business analysts to determine the technique (s) to embrace and implement for quality results. It is also vital to note that when a company decides to encompass any business analytics, for instance, data-driven decision making, it is a project that requires being introduced, planned, and implemented. A practical implementation plan should be developed because it determines the results that will be obtained from the embracing the technology.

References

Boyer, J., & Sahni, R. (2017). Cognitive Analytics: Building on Your Legacy IT Foundation. Business Intelligence Journal, 22(4), 45-59.

Calof, J., Richards, G., & Santilli, P. (2017). Integration of business intelligence with corporate strategic management. Journal of Intelligence Studies in Business, 7(3), 62-73.

Kiron, D., Kane, G., & Ransbotham, S. (2015). THREE BIG IDEAS IN BUSINESS RESEARCH: SUSTAINABILITY, SOCIAL BUSINESS, DATA AND ANALYTICS. Proceedings of The Northeast Region Decision Sciences Institute (NEDSI), 1.

Madsen, L. B. (2014). Data-Driven Healthcare: How Analytics and BI Are Transforming the Industry. Hoboken, New Jersey: Wiley.

Molyneaux, D. (2014). Turning Conduct Risk into a Competitive Opportunity. Credit Control, 35(1/2), 47-52.

Palem, G. (2014). Formulating an Executive Strategy for Big Data Analytics. Technology Innovation Management Review, 25-34.