Analysis Factory

"Business executives may not be able to do statistical analysis all by themselves, but of the vast experience they have, they understand certain crucial parameters well, sometimes better than you do."

Top 10 Undesirable Data Science Skills That Will not Reflect on Your Salary As data takes control over the decision-making process, Data science has become the foundation for many emerging technologies. Depending on the wrong skills may not help the data scientist in achieving the right goals.

"Companies in the financial services and insurance industries use big data to detect fraudulent transactions and insurance fraud by finding anomalies. Banks and credit card processors can also use big data to spot fraudulent payments, sometimes even before the cardholder knows that their card has been compromised. Big data analysis can also reduce the incidence of false positives in fraud detection, whereas previously, the financial institution would have frozen the merchant’s account and it might have turned out to be a false alarm."

10 Ways Big Data Is Changing Business What is big data, and how can you use it to increase your business's success?

"Citizen analysts need to be trained to both interpret data and infer from its characteristics and lineage how useful it will be. Essentially, a citizen analyst needs to develop risk assessment skills on top of understanding the data itself. Citizen analysts who understand the risk profile of their data and the sensitivity of the business to risk and data variations are well poised to leverage that data appropriately."

Data Science Reskilling Challenges: Four Key Considerations This is part of Solutions Review’s Premium Content Series, a collection of contributed columns written by industry experts in maturing software categories. In this submission, Talend Senior Directo…

"Joining Pivot Point is the continuation of a journey that started seven years ago at Seattle Children's. I remember thinking of all the wonderful things we could do for patients and families if we could only leverage what other industries have done to accelerate their data innovation journey.

The question was whether we could leverage the digital operating model within a traditional health system....

More important, we implemented dozens of products that improved the quality of care, enhanced the patient experience, streamlined operations, improved replenishment, accelerated research, promoted clinical research integration, and much more."

How the consumer data and analytics model works for healthcare The exec who led Seattle Children's to achieve Stage 7 in the HIMSS Adoption Model for Analytics Maturity explains methods of applying the consumer model to healthcare.

"Fascinatingly, business intelligence (BI) implementations are only half as likely to succeed as missions to the moon! Although 41 of the 111 missions to the moon have been unsuccessful in the last six decades, studies estimate the failure rates for BI implementations to be up to 80%. "

Council Post: How To Lead A Successful Business Intelligence Implementation There will be many nuanced calls and compromises that your organization will face in its BI journey. But it's a journey well worth it.

-Key performance indicators (KPIs) measure a company's success versus a set of targets, objectives, or industry peers.
-KPIs can be financial, including net profit (or the bottom line, gross profit margin), revenues minus certain expenses, or the current ratio (liquidity and cash availability).
-Customer-focused KPIs generally center on per-customer efficiency, customer satisfaction, and customer retention.
-Process-focused KPIs aim to measure and monitor operational performance across the organization.
-Generally speaking, businesses measure and track KPIs through business analytics software and reporting tools.

What Are KPIs? Key performance indicators (KPIs) are quantifiable measures that gauge a company's performance against a set of targets, objectives, or industry peers.

"With business intelligence and data analytics applied to their supply chain, businesses can monitor each stage. Available insights for the supply chain include:

Inventory levels
Orders placed
Orders fulfilled
Orders shipped
Customer data
Third-party suppliers or partners
Schedules"

The Role of Business Intelligence in Supply Chain Management Explore how business intelligence is changing the way professionals in the supply chain make calculated decisions.

"Among the most popular uses of AI include automation, data analytics, and natural language processing (NLP). How do these three domains improve operational efficiency and streamline processes? They have the following effects on a variety of businesses:
-Automation: As a result of automation, people no longer necessary to do monotonous tasks. By doing tedious or mistake-prone activities, it gives employees more time to concentrate on work of higher value.
-Data analytics: Identifying novel patterns and connections in data enable organizations to uncover previously unreachable insights.
-Natural Language Processing (NLP): NLP improves accessibility for people with disabilities, such as hearing impairments, and gives search engines the ability to be smarter, chatbots more helpful."

Role of artificial intelligence in business: Examples, benefits, and disadvantages (2022) - Dataconomy Explore the importance of artificial intelligence in business, how AI is used, what benefits and disadvantages it brings, examples, use cases and more...

"The need for organizations to quickly create new business models and marketing channels has accelerated AI adoption throughout the past couple of years. This is especially true in healthcare, where data analytics accelerated the development of COVID-19 vaccines. In consumer-packaged goods, Harvard Business Review reported that Frito-Lay created an e-commerce platform, Snacks.com, in just 30 days.

The pandemic also accelerated AI adoption in education, as schools were forced to enable online learning overnight. And wherever possible, the world shifted to “touchless” transactions, completely transforming the banking industry."

Artificial Intelligence: 3 ways the pandemic accelerated its adoption Artificial intelligence (AI) applications are becoming ubiquitous in organizations across industries. Here are three key pandemic-related trends that hastened its adoption

"In an average business context, data literacy generally means being able to:

· Access appropriate data – as in, knowing how and where to access the data needed to do your job and make informed decisions.

· Work with data – which may include creating data, gathering data, managing data to ensure it stays up to date, and of course, keeping data safe.

· Find meaning in the numbers – I’m not talking about being an expert data scientist. Rather, this is all about understanding what the data is telling you, typically by using business analytics tools to uncover insights from the data and identify business opportunities.

· Communicate those insights to others in the business – if you want to turn insights into action, you must be able to communicate key messages from the data to decision-makers within the business."

8 Simple Ways To Enhance Your Data Literacy Skills Data has become the lifeblood of modern organizations, and data-informed decision-making has become the norm in any industry. As a result, data literacy – the basic ability to understand and use data – has become more important than ever. Here we look at simple ways to improve it.

"Knowing each customer allows Schnucks to tailor the shopping experience in a way that meets their needs and results in an enhanced customer shopping experience and relationship over many years. Customer benefits include the ability to earn rewards, organize your shopping list, Clip and Save with personalized coupons, order ahead to avoid lines, browse recipes, and manage health and wellness. For each customer, this translates into shopping with ease, time savings, saving money, and ensuring value."

How Midwest Grocer Schnucks Uses Data To Improve Daily Lives In The Diverse Communities It Serves Schnucks is a living example of using data each and every day to better serve its teammates, customers and the communities in which it operates.

"If you want to make your self-service business intelligence work, you have to enable:

-Technology environment that automates the whole data analytics cycle as much as possible and is suitable for non-technical users.

-Data maturity, which implies that all BI users are well aware of the importance of timely access to corporate information, high quality of information, security of all available data assets, collaboration with colleagues, etc.

-Established processes and practices to monitor and supervise self-service BI workflows."

Self-Service BI: Overcoming Adoption Barriers - RTInsights Self-service BI adoption rates remain low due to reluctance of users to embrace it, hidden overhead, neglected data governance, and more.

"How does one avoid the lure of vanity metrics?
Generally speaking, marketers’ main goals are to move one of two needles: revenue or brand awareness. When evaluating success, however, many marketers may waste time on vanity metrics. These vanity metrics, which often come in the form of seemingly important metrics such as page views and social media followers, can make marketers look good or feel accomplished, but do not help their organization understand the most efficient ways to move those needles.
Marketers need to be crystal clear about why they measure the metrics they do, including knowing what happens to the business when they go up or down, and why they are moving in the direction they’re moving. In most cases, if someone can’t easily define a metric or explain why it matters, it’s likely a vanity metric."

Which Metrics Really Matter to Your Business? How does one avoid the lure of vanity metrics?

"Not every organization begins its journey from the same place. Some companies’ capabilities are well developed while others are rudimentary. Regardless, each company needs to answer three questions as it works to enhance its capabilities: What is our current level of proficiency? In what areas do we need to improve? And what do we need to do to optimize our data and analytics performance?"

How Well Does Your Company Use Analytics? Almost every company is trying to capitalize on the promise of data and analytics, but a large majority of senior leaders don’t feel like their organizations are hitting the mark. What separates leaders from these lagging companies, and how can firms struggling with the analytics mandate catch up ...

"With the help of contemporary business analytics, business analysts were also now equipped with predictive and forecasting skills that were more precise than ever. Businesses only started to realize the value of data analytics at this point. All such technologies were already available, but the industry’s expanding need propelled companies of all sizes to begin integrating data analytics into routine business activities."

Evolution of Business Analytics & Its Future Scope Compared with the past years, now it is much easier for companies to judge their market and understand how their products or services perform compared to substitute products. All this is possible because of the evolution of business...